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Ritedose, owned by AGIC and Humanwell, readies William Blair sale process

Less than four years after buying the pharmaceutical business from Olympus Partners, Ritedose's owners, based in China and Europe, could fetch some $1.5bn in a potential transaction.

AGIC Capital and Humanwell Healthcare are preparing for a sale of Ritedose, a pharmaceutical company specializing in blow-fill-seal manufacturing, according to sources familiar with the owners’ plans.

William Blair was recently hired to run the auction, which is likely to encompass buyout firms, the people said. The process has not launched. 

The Columbia, South Carolina-based business is projecting approximately $75 million in 2021 EBITDA, with expectations it could command 20x-plus in a potential transaction, sources said. That implies a deal could ultimately be valued north of $1.5 billion.  

The company has a 12 percent revenue CAGR, one person added. 

Founded in 1995, Ritedose is a contract development manufacturer focusing on respiratory and ophthalmic products. The pharmaceutical company specializes in blow-fill-seal technology, where a container is formed, filled, and sealed in a continuous, highly automated process inside a sterile enclosed machine in a “clean room” facility. 

As it’s anticipated valuation indicates, the company has grown substantially over the last few years.

AGIC, an Asian-European private equity firm, and Humanwell Healthcare, a China-based healthcare solutions provider, bought the business for $605 million in September 2017 from Olympus Partners.

Olympus, a private equity firm based in Stamford, Connecticut, initially invested and formed the platform through its acquisition of Holopack International in 2009. Blair alongside Baird advised on the previous sale process. 

AGIC, Humanwell, Ritedose and William Blair did not return PE Hub’s requests for comment.