FSI buys minority stake in biopharma company Kedrion

In addition, FSI will deploy €50m in a capital increase, alongside  existing investor FSI Investimenti – 77% controlled by Italian State-backed Cassa Depositi e Prestiti – which will provide additional €16.7m.

Following the deal, FSI Investimenti will hold a 25.1% stake, while Sestant Internazionale and Sestant – two holding companies controlled by the Marcucci family – will reduce their stakes to a combined 54%.

FSI invested in Kedrion via its FSI I fund, which held a final close on €1.4bn in March 2019. The vehicle invests equity tickets in the €80-200m range to acquire primarily minority stakes in Italy-based companies and is open to co-investments, especially when deploying large equity tickets.

This is the fifth deal inked by the fund, following its investments in packaging specialist Lumson; fashion house Missoni; auto components producer Adler; and fintech business Cedacri.

Company
Established in 2001 and based in Castelvecchio Pascoli, Kedrion is a biopharmaceutical company specialising in the development, production and distribution of plasma-derived therapeutic products used in the treatment of immune system deficiencies and coagulation disorders.

The company has four production facilities, 26 plasma collection centres and a presence in 100 countries worldwide, employing 2,500 people, 1,000 of whom are based in Italy. It generated an EBITDA margin of around 20% from revenues of €687.9m in 2018, of which 75% came from outside Italy.

People
FSI – Maurizio Tamagnini (CEO).

Advisers
Company – Lazard (corporate finance); Carnelutti Law Firm (legal).
Equity – Rothschild (corporate finance); Studio Gattai Minoli Agostinelli & Partners (legal).

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