French chemicals group Novacap, which is backed by Ardian, has agreed to acquire CU Chemie Uetikon, a Germany-based maker of pharmaceutical substances. The seller is Equistone Partners Europe. No financial terms were disclosed.
May 11, 2015 – Novacap, the International chemical Group headquartered in Lyon (France), and its majority shareholder Ardian, the independent private investment company, today announced that Novacap has signed an agreement with Equistone Partners Europe for the acquisition of CU CHEMIE UETIKON (“Uetikon”). Novacap benefited from the full support of Ardian in this transaction.
Founded in 1991, Uetikon is a medium-sized company with a best-in-class multi-purpose production facility. This cGMP production facility, which was built to a high standard, is located in Lahr, Germany. CU Chemie Uetikon’s core competences are the custom synthesis of fine chemicals and the manufacture of pharmaceutical substances. Uetikon has become the partner of the largest pharmaceutical companies for which it notably provides custom synthesis of complex multi-step intermediates and pharmaceutical ingredients. Uetikon is essentially positioned in the pharmaceutical and health market, with a turnover of 40 million euros in 2014 and around 135 employees.
The acquisition of Uetikon will enlarge the product offering of Novacap’s Pharmaceutical & Cosmetics Division through complementary Active Pharmaceutical Ingredients (“APIs”) and custom synthesis capabilities. It will also bring to the Group strong R&D capabilities and will strengthen its Quality & Regulatory expertise.
“The acquisition of Uetikon fits perfectly into our strategy to reinforce our position in pharmaceutical and health markets. Uetikon has a proven track record in delivering the best products and highest services to its customers through mastering of state-of-the-art proprietary technologies, with an excellent reputation in the industry. We are very happy to welcome the Uetikon Team within Novacap” said Pierre Luzeau, Novacap’s CEO.
“With this acquisition, Novacap makes another important step in the growth strategy drawn with the management since 2011. The size reached by the Group and the management experience in its external growth momentum will allow Novacap to better position itself for future strategic opportunities” added Thibault Basquin, Managing Director at Ardian.
The closing of this acquisition is still subject to the approval of the relevant competition authorities.
Novacap was advised by Ashurst (Legal), PwC TS (Finance & Tax), Advancy (Strategic & Commercial), Latham & Watkins (Structuring) and URS (Environmental).
Novacap is a global diversified chemicals Group that produces and distributes essential chemicals that are used in everyday products and enjoys leading positions in its target growing end-markets of pharmaceutical & healthcare, food & feed, cosmetics & fragrances, home care and environment. The Group is an industry leader across a wide range of products including aspirin, paracetamol, salicylic acid, para-aminophenol, soda ash, sodium bicarbonate, phenol and oxygenated solvents, hydrochloric acid and ferric chloride. With an increasing international footprint fueled by organic growth, acquisitions and solid partnerships, the Group is experiencing sustainable and profitable growth, demonstrating its entrepreneurial spirit and audacious strategy. Novacap is a supplier to more than 650 customers across more than 80 countries and has made sustainable development a key priority, combining economic performance with social responsibility and respect for the environment. With 13 worldwide facilities, 1,420 people and a global commercial network, the Group is organized into three business divisions: Mineral Specialties, Pharmaceutical & Cosmetics and Performance Chemicals. Novacap is headquartered in Lyon (France). For more information: www.novacap.eu.
Ardian, founded in 1996 and led by Dominique Senequier, is an independent private investment company with assets of US$50bn managed or advised in Europe, North America and Asia. The company, which is majority-owned by its employees, keeps entrepreneurship at its heart and delivers investment performance to its global investors while fuelling growth in economies across the world. Ardian’s investment process embodies three values: excellence, loyalty and entrepreneurship.
Ardian maintains a truly global network, with more than 350 employees working through ten offices in Paris, London, New York, Beijing, Frankfurt, Jersey, Luxembourg, Milan, Singapore and Zurich. The company offers its 355 investors a diversified choice of funds covering the full range of asset classes, including Fund of Funds (primary, early secondary and secondary), Direct Funds including Infrastructure, Expansion, Mid Cap Buyout, Ardian Growth, Co-Investment and Private Debt. For more information www.ardian-investment.com.