After the closing of the 10 billion euros deal the vendors will keep a minority of the asset which could attract the co-investment of Canson Capital. Bain Capital and Cinven purchased Stada in 2017 on the ground of a 5.3 billion enterprise value and carried on 25 acquisitions.
CapVest Partners signed an agreement for acquiring a controlling stake of German pharmaceutical company STADA Arzneimittel AG from Bain Capital and Cinven that will retain a minority of the business (press release). In July 2025, press reports said that talks were gaining momentum (see here a previous post by BeBeez).
The closing may take place in 1H26. Jefferies and Rothschild & Co. acted as m&a advisors. Bain and Cinven hired Morgan Stanley, JP Morgan, Deutsche Bank, Goldman Sachs, Kirkland & Ellis, EY, BCG, A&M, and ERM.
CapVest Partners received assistance from Canson Capital Partners which said it could co-invest in Stada through its merchant banking unit (press release) as it already did when it acted as buyout advisor for the deals Refinitiv (the Financial and Risk arm of Thomson Reuters); Kantar (part of WPP); INWIT; Fedrigoni; and Chanelle Pharma.
Previous rumours said that STADA’s enterprise value amounted to 10 billion euros or 11X -13X ebitda. In 2024, The company that ceo Peter Goldschmidt heads generated more than 4.1 billion and an adjusted ebitda of 886 million (up 11% from 2023) (press release). In 1H25 adjusted revenues at constant exchange rates amounted to 2.123 billion (+6% from 1H24) entirely on an organic basis with an adjusted ebitda of 481 million (+5%) (press release).
The Financial Times previously reported that Stada called off a 1.5 billion ipo on Frankfurt Exchange for markets volatility (see here a previous post by BeBeez).
Bloomberg previously said that Stada attracted the interest of Clayton Dubilier & Rice and later of GTCR, but a sale did not concretize.
Bain and Cinven acquired the asset in 2017 through a delisiting worth 5.3 billion (press release).
Since then, the funds supported the company for carrying on more than 25 acquisitions such as Nizoral from Johnson & Johnson; Walmark; a portfolio of consumer health product brands from GlaxoSmithKline and Sanofi.
Goldschmidt said: “Cinven and Bain Capital have been excellent partners in our journey to become a global leader in Consumer Healthcare, Generics and Specialty Pharmaceuticals. Their support and belief in our vision enabled us to accelerate growth, innovate and expand internationally. We are excited to build on this solid foundation as we begin a new chapter with CapVest.”
Michael Siefke, a partner of Bain Capital, added: “Since our initial investment in 2017, Bain Capital has been proud to support STADA’s transformation into one of Europe’s leading pharmaceutical platforms. Working alongside Cinven and the company’s exceptional management team, we helped grow the Consumer Healthcare business, strengthen generics and accelerate the Specialty Medicine business. This successful exit reflects the company’s solid track record of growth and the dedication of its employees.”
Supraj Rajagopalan, a co-managing partner of Cinven, commented: “STADA’s transformation over the past eight years has been exceptional. Together with Bain Capital and the management team, we supported STADA in sharpening its strategic focus on the Consumer Healthcare and Specialty Pharmaceuticals segments. During our management, STADA strengthened its international presence and invested significantly in innovation, digitisation and operational excellence. Above all, we have worked collaboratively to build a strong and agile management team and modern governance structures, positioning STADA as a resilient, high-performing company ready for its next phase of growth.”
