Charterhouse's Serb bolts on UK-based Veriton Pharma

Veriton founder and chairman Graham March, as well as Veriton's executive team, will become shareholders of the combined group, according to a statement.

Serb has made five bolt-ons and doubled its revenues during Charterhouse's investment period. The combined entity will now have revenues of around €125m and 110 employees, having reported turnover of €65m for 2016, before Charterhouse first invested in the company.

Charterhouse acquired a majority stake in Serb in November 2017, with the management retaining around a 40% stake.

According to Unquote sister publication Debtwire, debt was provided via a senior B tranche arranged by BNP Paribas and ING, also supported by SMBC Capita. Leverage stood at 4.5x EBITDA and the debt funding totalled €103m.

The GP made the initial investment from its 10th fund, which held a final close in November 2016 on €2.3bn. Charterhouse deployed additional equity to finance the acquisiton of Veriton.

Company
Veriton develops licensed medicines for the treatment of conditions including epilepsy and metabolic disorders, as well as unlicensed medicines focused on rare conditions in fields including neurology and paediatrics. Its portfolio comprises 60 specialised formulations.

Founded in 1997, Veriton is based in Weybridge and also has offices in Australia and the Middle East. It has 38 employees.

People
Serb – Jeremie Urbain (CEO).
Veriton Pharma – Steve Jones (CEO).

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• Topics
• Portfolio management
• Benelux
• Healthcare
• Build-up
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• Charterhouse Capital Partners