Principia backs Trifarma MBO

The GP has acquired a 68% stake in the business from the founding families Volante and Rucano, which will retain a 30% stake. The management team acquired the remaining 2% holding. Following the transaction, the GP aims to add new management to the business and support its expansion internationally.

According to Italian publication Repubblica, the deal saw the GP inject a €30m equity ticket via its healthcare-dedicated vehicle Principia III Health and valued the company at €40m EV.

The deal is the eighth acquisition for the GP's third vehicle, which focuses on the healthcare sector and has raised €206m, according to the GP's website. Launched in December 2014 with a €400-500m target, the GP is believed to have revised the fund's target to €300m. Enpam, a pension fund for doctors and healthcare workers, has made the largest commitment to date, according to unquote" data.

Prior to acquiring Trifarma, the GP backed seven venture capital funding rounds through the vehicle, making the current acquisition the first majority purchase for the fund and the largest capital injection for the GP to date.

With the first and the second fund entirely deployed, Principia III Health is the GP's first vehicle that focuses on venture capital and growth capital investments. More recently, the GP launched its fourth main fund, Principia IV, with a €150m target and a focus on fashion and design.

Company
Headquartered in Milan, Trifarma produces active pharmaceutical ingredients. The company was founded in 1983 and has two production plants in Italy and two in India. In 2016, the business posted €32m in revenues, according to Repubblica.

People
Principia – Antonio Falcone (CEO); Paolo Siviero (health fund director).

Advisers
Equity – EY (financial due diligence, commercial due diligence).
Vendor – GCA Altium (corporate finance).

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• Topics
• Buyouts
• Healthcare
• Southern Europe
• Italy
• Principia