Ardian exits Unither to GIC, IK-led consortium

GIC and IK Partners are entering the equity for the first time, while Keensight has been invested since Ardian's buyout, and Parquest since 2006 when it became a majority owner.

IK is investing via IK Partnership II, which makes minority investments in European companies worth over EUR 200m.

GIC said that the consortium would leverage the local footprint of their respective international platforms to launch new products, increase penetration in the US, and take advantage of significant growth in China.

The management, led by Eric Goupil, will significantly reinvest its proceeds from the transaction with him transitioning from the role of CEO to executive chairman.

The team has historically held around 25% of the share capital and has been active in finding private equity suitors, rather than falling into the hands of a trade buyer, as reported.

Ardian took ownership of the asset from Equistone in November 2016 via its same-year vintage LBO Fund VI. The transaction was valued at EUR 675m, as reported.

Goupil said in a statement that Ardian's support had allowed it to strengthen its business in the US and move into China, partly via a bolt-on of Nanjing Ruinian Best Pharmaceutical (NRB).

Company
Founded in 1993, Unither is a global player in the development and manufacturing of sterile unit-doses (Blow-Fill-Seal technology) for the pharmaceutical industry addressing the ophthalmology, respiratory and rhinology markets. The company runs seven manufacturing sites in addition to its R&D centre and is present in France, the United States, China and Brazil. Unither has EUR 330m in turnover, according to Parquest's website.

People
Unither - Eric Goupil (CEO).

Ardian - Philippe Poletti (CEO Ardian France).

GIC - Choo Yong Cheen (chief investment officer of private equity).

IK Partners - Magdalena Svensson (partner and advisor to IK Partnership Fund II).

Keensight Capital - Pierre Remy (managing partner).

Parquest - Denis Le Chevallier (managing partner).

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• Topics
• Exits
• Buyouts
• Healthcare
• France
• GPs
• Secondary buyout
• Ardian (formerly Axa PE)
• IK Investment Partners
• GIC
• Parquest Capital
• Keensight Capital