Ardian acquires Sintetica

The company was said to be sold for a double-digit valuation on the basis of an EBITDA of €22m in 2017, according to Unquote sister publication Mergermarket. The remaining shareholders in the company are the chairman of Sintetica's board, Luca Bolzani, majority shareholder Daphne and one other undisclosed shareholder. These shareholders have reinvested in the new company for a minority stake.

The auction process for the company began in July 2018 and saw Charterhouse and France-based pharmaceuticals company Ethypharm make bids, according to Mergermarket.

Following the transaction, the company plans to internationally expand and improve product quality in line with the management team's current strategy. The management team aims to triple the company's turnover within three years.

A source close to the deal told Unquote that the acquisition is supported by an Italian and Swiss Bank club deal.

In 2018, the company reported revenues of CHF 75m, up from approximately CHF 60m in 2017.

Ardian declined to comment.

Company
Founded in 1921, Sintetica specialises in research, manufacturing and marketing of sterile injectable solutions, mainly in anaesthetics, analgesics and adrenergic agonists. The company has manufacturing plants in Mendrisio and Couvet and employs 280 people.

People
Ardian – Yann Chareton (managing director).
Sintetica – Luca Bolzani (chairman, board of directors); Augusto Mitidieri (CEO).

Advisers
Equity – Iqvia (commercial due diligence); PwC (financial die diligience); Gitti & Partners (tax); Gianni Origoni Grippo Cappelli & Partners (legal); Gattai Minoli Agostinelli & Partners (debt advisory).
Company – PwC (financial due diligence); Rothschild (M&A); GCA Altium (corporate finance) NCTM (legal); Ludovici Piccone & Partners (tax).

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• Topics
• Buyouts
• DACH
• Healthcare
• healthcare
• Switzerland
• Ardian (formerly Axa PE)
• PwC
• GCA Altium