Select Page

CVC Capital Partners has acquired Italian pharmaceuticals company DOC Generici from Charterhouse Capital Partners. The transaction is subject to standard regulatory approvals and is expected to close during the summer of 2016. The deal is reportedly valued at between €650 million and €700 million. Founded in 1996, DOC is the largest independent generic pharmaceutical company in Italy, with a market share of over 15% and a portfolio of around 180 generic drug molecules, covering predominantly products in the retail market. The company has a leading brand with a broad product portfolio and particular strength in cardiovascular and gastrointestinal & metabolic conditions. It operates an asset-light model, with a network of over 90 sales agents throughout Italy. DOC was acquired by Charterhouse in a primary buyout valued at €320 million in May 2013, backing the incumbent management team led by CEO Gualtiero Pasquarelli. Charterhouse has supported DOC in a number of initiatives, including diversification into the nutritional supplement sector; improving the supply chain; strengthening the executive and non-executive team; and developing brand awareness. The company has grown significantly during Charterhouse’s ownership, with EBITDA increasing by 36%. “DOC Generici has flourished under Charterhouse’s ownership and their backing was instrumental in helping us accelerate our growth strategy. We now look forward to working with CVC in the next stage of our development,” said Pasquarelli. “In DOC Generici we saw the chance to invest in a highly cash-generative, well-established business led by a best-in-class management team who have driven ongoing penetration of generics in the Italian pharmaceutical market. We are delighted to have contributed to the ongoing success of DOC and wish Gualtiero and his team the best of luck for the future,” said Charterhouse partner Giuseppe Prestia. “DOC Generici is a leader in the Italian generic pharmaceutical industry with strong positions in a wide range of therapeutic areas, a fantastic management team and an excellent brand. We believe there are significant opportunities to continue to grow the business, and we look forward to deploying CVC’s local resources and global network to support management and employees of DOC in achieving their vision for the future,” said Giampiero Mazza, partner at CVC. Charterhouse was advised on the transaction by HSBC, Rothschild, Banca IMI, Chiomenti, LEK and PwC. CVC was advised on the transaction by Deutsche Bank (lead), Unicredit, Gattai, Minoli, Agostinelli, PwC, Bain & Co, Interpharma Link, and Studio Tributario Associato Facchini Rossi & Soci. Unicredit has also committed debt financing. Headquartered in Luxembourg, CVC Capital Partners is one of the world’s leading private equity and investment advisory firms. Founded originally in 1981 as the European arm of Citicorp Venture Capital, the CVC Group today employs some 300 people throughout Europe, Asia and the US. The firm was spun out from Citicorp in 1993, as an independent private equity firm. The CVC team’s local knowledge and extensive contacts underpin a proven track record of over 30 years of investment success. CVC manages capital on behalf of over 300 institutional, governmental and private investors worldwide, having secured commitments of more than US$71 billion in private equity, credit and growth funds. Charterhouse is an independent private equity house with a distinctive approach. As one of the longest established private equity firms operating in Europe, the firm hase invested in buyouts since the early days of the market in the 1980s. The firm is owned by our team and focuses solely on private equity investing. With 140 completed transactions worth an aggregate in excess of €50 billion in value, Charterhouse is considered one of the most successful private equity firms in Europe. Charterhouse is based in London, and was founded in 1982 as the European investment arm of Charterhouse Bank. The firm has approximately €8.4 billion of assets under management.]]>