Ardian's Unither buys Chinese pharma company NRB

With this acquisition, Unither plans to accelerate the development of its business in China and support both Chinese and international pharmaceutical customers active in the ophthalmology and respiratory markets across China. The company also intends to focus on improving the quality, marketing network and development capabilities of NRB, upgrading its current operational and financial structure.

Ardian, Keensight Capital and Parquest Capital acquired Unither from a consortium led by Equistone Partners Europe in November 2016. Ardian invested in the business via its LBO Fund VI, which closed on its €4bn hard-cap in September 2016.

The deal gave the company an enterprise value of around €675m. Unither's management team, led by Eric Goupil, reinvested around €100m for approximately 25% of the company's shares. The transaction was supported by a B tranche senior debt arranged by BNP Paribas, Natixis and Credit Agricole CIB.

Unither specialises in producing sterile unit-doses, non-sterile liquids, liquid sticks and both solid and semi-solid medications for the pharmaceutical and generic drugs industries. The group operates six manufacturing sites and R&D centres in France, the US and Brazil. It produces approximately 2.6 billion unit-doses per year and generates annual revenues of around €300m.

Previous funding
Societe Generale Capital Europe invested in Unither in 2000, alongside Picardie Investissement and CM-CIC. Subsequently, Parquest, at the time known as ING Parcom, acquired a majority stake in the company in a €75m secondary buyout from SG Capital Europe in November 2006. Previous backers Picardie Investissement and CM-CIC reinvested in the newco and retained a minority stake.

The deal was leveraged with a €38m debt package underwritten by CIC Scalbert Dupont and Capzanine, which arranged a €15m mezzanine facility. The latter syndicated a significant part of the mezzanine credit to Ardian. Under Parquest's ownership, turnover doubled from €72m to €151m.

Equistone bought Unither from Parquest, Picardie Investissement and CM-CIC in 2011. The three vendors reinvested in the transaction and remained as minority shareholders. Ardian provided financing to leverage the acquisition. The deal was valued at around €90m.

Company
Based in Nanjing, Jiangsu province, NBR specialises in producing solid and liquid pharmaceutical unit-doses, primarily tablets, granules, eye drops and capsules.

The company employs 130 staff and generates annual revenues of around €10m.

People
Ardian – Mathieu Antonini (managing director of Ardian Mid Cap Buyout).
Unither – Eric Goupil (CEO).

Advisers
Acquirer – IEG Investment Banking Group (corporate finance).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Portfolio management
• France
• Healthcare
• Ardian (formerly Axa PE)
• Keensight Capital
• Parquest Capital
• France
• Build-up
• Buy-and-build