Advent International has agreed to acquire the Latin American operations of Perrigo Company, a provider of over-the-counter self-care products. No financial terms were disclosed. The deal is expected to close in the second half of the year.
MEXICO CITY, May 18, 2021 – Advent International, one of the world’s largest and most experienced private equity investors, today announced that it has agreed to acquire the Latin American operations of Perrigo Company, comprising Perrigo Mexico and Perrigo Brazil. With this new transaction, Advent builds on its previous investments in the pharmaceutical sector in Latin America and continues its regional strategy in the industry. The transaction is in the process of being analyzed by the Federal Commission of Economic Competition (COFECE) and is expected to close in the second half of the year.
Perrigo Company plc (NYSE; TASE PRGO) is listed on the New York Stock Exchange and is a leading global provider of over-the-counter (OTC) self-care products. The companies that make up Perrigo Mexico have been operating for 80 years and uphold the highest standards of quality and product safety. They specialize in the manufacture and marketing of generic pharmaceuticals and development of private label products.
Advent International has invested US$6.8 billion in 65 companies across Latin America, including several businesses dedicated to the development and distribution of pharmaceutical products, giving the firm extensive experience in the healthcare sector. Its investments in the sector regionally have included Grupo Farmacéutico Somar, a generic and branded generic drug manufacturer in Mexico; Grupo Biotoscana, Laboratorios LKM, and Fada Pharma.
“This acquisition reinforces Advent’s vision of the importance of the Latin American healthcare industry and specifically underscores our commitment to Mexico and the health and needs of its citizens,” said Enrique Pani, Managing Director of Advent International in Mexico.
“With this investment, we will significantly increase our presence in the generics and branded generics segments, while expanding our technological capabilities,” said Ariel Blumenkranc, Director of Advent International in Mexico. “We believe that these segments continue to have enormous growth potential.”
Following the completion of the transaction, Grupo Farmacéutico Somar and Perrigo Latin America will have combined revenue of over Mx$3,500 million and a portfolio of more than 210 commercialized products in the pain management, respiratory and dermatology therapeutic areas, among others.
Advent International has been present in Mexico since 1996 and has been committed to the economic development of the country and the region for 25 years. During this time, it has invested approximately US$1.5 billion in more than 20 companies with headquarters or operations in Mexico and has helped these businesses accelerate their growth by applying its deep sector expertise, international network and world-class operating resources.
ABOUT ADVENT INTERNATIONAL
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 375 companies in 42 countries, and as of December 31, 2020, had $76 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 240 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services, healthcare, industrial, retail, consumer and leisure, and technology.