21 Centrale's Synerlab secures €160m refinancing

21 Centrale acquired Synerlab, a French drug manufacturing and packaging company, from Ardian in a management buyout in 2013. Ardian also reinvested in Synerlab as part of the transaction. Debt was provided by Intermediate Capital Group.

The fresh debt package from ICG and Goldman Sachs was structured across several lines. It will be used to refinance the company's current debt, finance its future investments and continue its external growth strategy. Two cross-border strategic acquisitions are expected to be finalised in the coming months.

Ardian acquired Synerlab in April 2007 from Adlinger & Company. The deal was valued at €100m, according to unquote" data, and saw Ardian take a majority stake in the business, while Natixis underwrote a senior debt package for the deal.

Company
Founded in 2001, Synerlab is headquartered in Erstein and employs 1,000 staff. The group manufactures dry and liquid products for the pharmaceutical industry, such as syrups, capsules, tablets and sachets. The company also creates packaging for medicinal products.

Advisers
Debt – Eight Advisory (financial due diligence); DLA Piper (legal).
Company – CMS Bureau Francis Lefebvre (legal).

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• Topics
• Refinancing
• France
• Industrials
• 21 Centrale Partners
• Refinancing
• Intermediate Capital Group
• Goldman Sachs