Star Capital purchases majority stake in CSO Pharmitalia

According to local press reports, the GP acquired a controlling stake in the business following a dip in the company's performance figures in 2015. In a statement, the company stated it was keen on using the fresh capital to boost its product development and expand its business across the Italian market.

The deal marks the fifth acquisition for the GP's third vehicle, Star III, following the acquisition of a 95% stake in chemicals producer Codyeco in July 2013, the purchase of an 82% stake in Castfutura in October 2013, an 80% stake in plastic products manufacturer Gold Plast in July 2015 and a 70% stake in automotive part producer GLM Group in July 2016.

Company
Founded in 2005 and headquartered in Milan, CSO Pharmitalia has a headcount of 200 people and offers commercial, sales and marketing services to the pharmaceutical sector.

According to local press, the company posted a turnover of €13.8m and a €1.7m EBITDA in 2015, with €800,000 of net debt. As reported, these values marked a dip compared to the previous year, when the business generated €18.6m in revenues with €4.3m of EBITDA.

People
Star Capital – Marco Gazzaniga (CEO).
CSO Pharmitalia – Mario Ceriati (chair); Mario Bianchi (CEO).

Advisers
Equity – Studio Russo De Rosa Associati (legal, tax); Deloitte (commercial due diligence); EY (financial due diligence); Studio De Luca & Partners (other due diligence).
Vendor – Baldi Finance (M&A); Del Guerra Studio Legale (legal); Studio Cicozzi & Associati (tax).

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• Topics
• Buyouts
• Industrials
• Southern Europe
• Italy