Silverfleet’s Aesica Pharmaceuticals Appoints Non-Exec Chairman

Aesica Pharmaceuticals, a pharmaceutical contract manufacturer backed by European private equity firm Silverfleet Capital has appointed David Greensmith as non-executive chairman. Greensmith’s previous executive roles include managing director of Fujifilm Imaging Colorants and COO of Avecia Group.


One of the fastest growing businesses in the UK, Aesica Pharmaceuticals, the pharmaceutical contract manufacturer backed by Silverfleet Capital, the European private equity firm, today announces the appointment of David Greensmith as non-executive chairman.

David has highly relevant experience from operating in the chemical and pharmaceutical markets, as well as through holding a number of private equity backed non-executive chairmanship positions. David’s previous executive roles include managing director of Fujifilm Imaging Colorants and COO of Avecia Group.

David’s appointment comes on the back of news that Aesica chief executive Robert Hardy has been named CEO of the Year for the North East region in the BVCA (British Venture Capital Association) Management Team Awards.

Headquartered in the North East [of England], Aesica exemplifies a UK manufacturing success story. Over the last four years turnover has quadrupled in size from €25 million in 2005 to a forecast of €180 million this year. In the last 12 months alone, the business has doubled its employee numbers to approximately 1300.

Adrian Yurkwich, the partner at Silverfleet Capital with responsibility for healthcare who is on the board as a non-executive director, commented: “David joins at an exciting time for the business. We have recently strengthened links with the US market after the site at Queenborough in Kent passed its first US FDA inspection. This is a particularly significant development for Aesica and will help it to boost credibility in the US market at a time when the company is expanding its presence outside of Europe.

“David has excellent experience as a chairman of private equity backed businesses and understands the dynamics of the pharmaceutical manufacturing sector well. We look forward to working with him.”

David Greensmith commented: ”Aesica is an excellent business with a first rate management team who have achieved impressive growth. The Company expects to continue to deliver strong growth and further strengthen its international footprint.”

Dr Robert Hardy, CEO of Aesica, added: “We are delighted that David has joined the Aesica team. His insight will put us in an even stronger position to achieve our vision of becoming the number one supplier of Active Pharmaceutical Ingredients and Formulated Products to the pharmaceutical industry. We have already made significant strides towards this goal and will continue our focus on organic growth and strategic acquisitions.”

Aesica has manufacturing and development facilities in the UK, Germany and Italy. The company is able to develop products from the initial clinical stage through to final commercial supply and provides primary and secondary contract manufacturing services to the highest possible regulatory standards.

For further information please contact Equity Dynamics:

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Notes to editors:
Silverfleet Capital
Silverfleet Capital is a mid-market European private equity firm that specialises
in “buy to build” investments. “Buy to build” describes the approach that Silverfleet takes to creating value in its investee companies which includes: accelerating organic growth through investment in new people, new products and new or bigger production facilities; rolling out successful formats in new locations; or driving growth by making follow-on acquisitions, now widely referred to as buy & build.

Silverfleet Capital backed companies have made in excess of 100 add-on acquisitions since 2000.

An active European mid-market private equity investor for more than twenty-five years, Silverfleet Capital has a consistently strong investment track record. Notable exits include TMF, the global independent administrators (6.2x cost), Phadia, the world’s leading allergy diagnostics company (4.8x cost), Histoire d’Or, the European jewellery retailer (3.2x cost), Sterigenics International Inc and European Dental Partners.

Silverfleet Capital’s current €670m fund is now 40% invested and includes the following portfolio companies:
• Aesica, the pharmaceutical contract manufacturing organisation (October 2011)
• Office, the UK footwear business (December 2010)
• Schneider, a leading German catalogue and on-line retailer of fashion, lifestyle and promotional products (October 2010)
• Kalle, a leading global producer of artificial sausage casings (September 2009)

Silverfleet Capital manages approximately €1 billion and has offices in London, Paris, Munich and Chicago. This office network enables Silverfleet Capital to execute complex, multi-jurisdictional investments as well as to support investee companies with both domestic and international buy & build strategies.