Private equity firm Charterhouse announced the sale of DOC Generici to CVC Capital Partners last Friday March 11th (download here the press release). DOC Generici is the largest independent generic pharmaceutical company in Italy, with a market share of over 15% of which Charterhouse had bought whole control in 2013. CVC Capital Partners is said to have bought Blackstone in the final bids.
DOC Generici’s ceo Gualtiero Pasquarelli is set to keep on managing the company which has been valued in a range of 650-680 millions euros after it had reached about 180 million euros in revenues and 61 millions in ebitda in 2015, MF Milano Finanza wrote last Saturday. The buyout will be financed by Unicredit and Hsbc.
Charterhouse bought DOC Generici from pharmaceutical groups Apotex, Chiesi Farmaceutici and Zambon in the Summer of 2013 when the group was valued in a range of 320-340 million euros or 7-8x FY 2012 ebitda, which had been 43-44 millions after the group had reached 131.8 millions in revenues that year (see here a previous post by BeBeez). This means that Chartehouse Private equity firm is set to realise an internal rate of return of around 40%, or 2.7 times the money it invested (see Reuters).
The deal has been finilazed in just four weeks by Charterhouse’s Italian partner Giuseppe Prestìa and CVC’s Italian partner Giampiero Mazza. Advisors to Charterhouse were Hsbc, Rothschild e Banca Imi. CVC was instead supported by Deutsche Bank and Unicredit.
