Clessidra, Mandarin et al. sell Euticals to Amri for $358m

Amedeo Goria
06 May 2016

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Clessidra Capital Partners, Mandarin Capital Partners, Private Equity Partners (PEP) and Dea Capital have sold Italian pharmaceutical ingredient producer Euticals to US trade buyer Amri.

The GP syndicate sold an 86% stake in the business for $358m. As part of the deal, several several family offices, including Poli, Carinelli and Puricelli, fully exited the business.

US-listed Amri is a global contract research and manufacturing organisation active in the life sciences industry. It financed the transaction through the issuance of 7 million shares, valued at $110m and equal to 19.75% of its common stock, which were acquired by the syndicate of previous Euticals backers.

Moreover, JP Morgan and Barclays provided $63m of debt financing to support the deal, while the remaining amount was paid in cash.

Nomura acted as placement agent for the transaction.

Previous funding
In 2008, Mandarin acquired a 54% stake in the business. In 2011, Mandarin led a €35m funding round alongside Dea and PEP in order to support the acquisition of competitor Archimica.

More recently, Clessidra acquired a 30% stake in the business in 2012. The deal saw Mandarin reducing its stake from 54% to 24% and realising an investment return of 3x, according to unquote" data.

Company
Founded in 1984 and headquartered in Lodi, Italy, Euticals produces active ingredients for the pharmaceutical sector.

The business posted a turnover of $245m and EBITDA of $27m in 2015.

People
Clessidra – Maurizio Bottinelli (CEO).

Adviser
Buyer – Nomura (corporate finance); Goodwin Procter (legal); LCA Studio Legale (legal).
Vendor – Lincoln International (corporate finance); Chiomenti Studio Legale (legal); Debevoise & Plimpton (legal).