Lindsay Goldberg acquires Bilcare Research

The GP deployed equity from its $3.5bn 2015-vintage vehicle Lindsay Goldberg IV, which was 70% deployed in November 2019.

Lindsay Goldberg plans to pursue a buy-and-build strategy during the investment, building on the company's portfolio of products and services.

Unquote understands that the firm also aims to transfer the PVC material used in Bilcare's sleeves division into a more environmentally friendly material and that it will pursure a growth strategy to make the company an appealing asset to trade buyers at the end of its investment period.

The firm will take a seat on the company's board.

As reported by Unquote sister publication Mergermarket, Bilcare began looking for a buyer for the Swiss subsidiary in February 2019, marketing it based on a €30-35m EBITDA. First reports of the sale to Lindsay Goldberg emerged in September, with a purchase price reportely in the €250-300m range. Unquote understands that the firm paid an entry multiple of 8-12x.

Bilcare, which reported a net loss in Q3 this year, will receive €27m in equity value from the sale. 

The transaction was sourced through the GP's relationships prior to the acquisition process, Unquote understands, but the company's existing lenders decided to sell the business through a structured process.

Debt for the acquisition was provided by UBS, with Credit Suisse as co-underwriter.

Unquote recently covered Lindsay Goldberg's exit from German metal alloy manufacturer VDM Metals to Spanish steel company Acerinox.

Company
Founded in 1962, Bilcare Research was previously a subsidiary of Indian pharmaceutical company Bilcare, after its acquisition by the group in 2010. Bilcare Research produces packaging for pharmaceutical products, as well as coatings for plastic cards.

The company is headquartered in Basel and has approximately 1,000 staff. Bilcare Research also has operations in Germany, Italy, Singapore and the US. It reported turnover of €300m in 2018.

Advisers
Vendor – RW Baird (corporate finance).

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