Permira acquires PharmaQ

Permira's investment in PharmaQ is expected to complete at the end of May, subject to regulatory approvals and customary closing conditions.

Permira will back the current management team and will aim to leverage the company's global network to support international growth and new product development.

The deal is the latest in the food value-chain sector for Permira, following previous investments in Arysta LifeScience, iglo Group, Netafim, Provimi and Sushiro.

Company
Established in 1985 and headquartered in Overhalla, Norway, PharmaQ develops, manufactures and markets vaccines and therapeutic products for farmed fish.

PharmaQ's largest division is in aquatic vaccines, which account for approximatdely 70% of sales. The company's key markets are Norway, Chile and the UK.

The business also provides therapeutics and diagnostics services for the fish farming industry. PharmaQ reported double-digit growth over the past three years. Sales were close to €65m for the 2012 financial year.

People
Morten Kr Nordstad is CEO of PharmaQ. Ola Nordquist is head of Nordic activity at Permira. Mubasher Sheikh is head of healthcare at Permira.

Advisers
Equity – Citigroup Global Markets Ltd (Financial due diligence); Clifford Chance (Legal); Advokatfirmaet Grette DA (Legal).
Company – Commerzbank Corporate & Markets (Financial due diligence); Wiersholm (Legal); DLA Piper (Legal).

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