3i reaps 2.3x on Xellia exit

3i and funds managed by 3i originally bought Xellia for £113m, and thus have made a 2.3x money multiple on the sale. 3i Group's proceeds from the transaction stand at £143m. This represents a 44% uplift on the investment's £99m NAV on 31 March 2013.

3i acquired the company in April 2008. During the five-year investment period, 3i invested in excess of $100m in R&D, as well as capacity expansion across Xellia's manufacturing network, including a new plant in Copenhagen.

3i appointed Peter Chambré as non-executive chairman. Andreas Rummelt and Benny Loft were subsequently brought on to the company's board.

Company
Founded in 2008 and based in Oslo, Xellia was established when 3i bought NYSE-listed Alpharma's active pharmaceutical ingredients business. The aim of the acquisition was to transform Xellia from a niche supplier into a speciality pharmaceutical company.

Xellia focuses on the global anti-infective market, with a focus on the supply of fermented and semi-synthetic finished dose products and active pharmaceutical ingredients for life-saving therapies against serious infections.

The company reported sales of $220m in 2012 and employs 900 staff.

People
Tomas Ekman is managing director and partner at 3i. Carl-Åke Carlsson is the chief executive and president of Xellia.

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