Investindustrial buys Farmaceutici Procemsa

Alessia Argentieri
27 June 2019

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Investindustrial has acquired a 70% stake in Farmaceutici Procemsa, an Italian company specialising in the development, production and packaging of food supplements, medical devices and cosmetics, from the Sertorio family.

Investindustrial intends to work with the company's CEO, Alessandro Sertorio, and its chairperson and financial director, Filippo Sertorio, in achieving Procemsa's growth strategy. Both will continue to lead the company and maintain their current roles.

The GP plans to boost the company's international expansion, bolster its growth both organically and via acquisitions, and further invest in its R&D department.

Investindustrial invested in Procemsa via its Investindustrial Growth fund, which held a final close on its €375m hard-cap in less than three months, in May 2018. The vehicle deploys equity tickets of between €10-50m in European lower-mid-market companies.

This is the sixth acquisition made by the fund, following the purchase of Dispensa Emilia, Benvic, Ginefiv, OKA and Morgan Motor Company.

Company
Founded in 1939 and based in Nichelino, near Turin, Procemsa specialises in the development, production and packaging of food supplements, medical devices and cosmetics. The company sells its products in 50 countries worldwide, employs 110 staff and generated EBITDA of €7m from revenues of €30m in 2018.

People
Investindustrial – Andrea C Bonomi (president).
Farmaceutici Procemsa – Alessandro Sertorio (CEO).

Advisers
Equity – Studio Chiomenti (legal); PwC (tax); Bain & Company (corporate finance).
Company – Studio Pavesio (legal); RSM Studio Palea Lauri Gerla (tax).