Aksia's COC Farmaceutici buys Tubilux

Unquote understands that Aksia supported this bolt-on with new equity, alongside the company's management.

The GP intends to create a platform for the manufacturing and contract development of ophthalmic products. The group will manage 17 production lines, employing 500 staff. It expects to reach revenues in excess of €80m in 2020.

Aksia acquired Italian pharma packaging producer Lameplast, the parent company of COC Farmaceutici, in April 2016 via Aksia Capital IV fund, a €110m vehicle closed in April 2016.

To support the transaction, Italian bank Monte dei Paschi di Siena led a €21.5m syndicated debt package, alongside BPER Banca, Cariparma and GE Capital. Separately, Italian investment firm Equita Sim provided a €5m senior bond over two tranches to Schema, the holding company of Lameplast. The deal marked the first transaction for the GP's maiden vehicle, Equita Private Debt Fund.

Subsequently, the GP sold Lameplast to Genstar Capital-backed Tekni-Plex for €88m, equal to 11.6x the company's 2018 EBITDA, in July 2019. The GP reaped an IRR in excess of 60% with this transaction. The deal did not include Lameplast's subsidiary COC Farmaceutici, which continued to be part of Aksìa Capital IV's portfolio.

COC Farmaceutici specialises in manufacturing medical devices and drugs for the ophthalmic market, serving several major pharmaceutical companies since 1990. 

Under Aksia's ownership, COC Farmaceutici's turnover has grown by 60%, from €26m in 2016 to €42m in 2020.

The company has also increased its production capacity by 70% due to investments in the renewal and expansion of its two manufacturing plants based in Sant'Agata Bolognese (Bologna) and Rovereto sul Secchia (Modena).

Company
Founded in 1941 and headquartered in Pomezia, near Rome, Tubilux Pharma specialises in the research, development and manufacturing of ophthalmic drugs and treatments for international pharmaceutical companies.

The company has a specific focus on R&D and is working on several projects for European and US customers.

Tubilux generated turnover in excess of €30m in 2019.

People
Aksia Group – Nicola Emanuele (managing partner).

Advisers
Equity – Giliberti Triscornia e Associati (legal); Russo De Rosa Associati (tax); KPMG (financial due diligence).
Company – Strategic Finance Partners (corporate finance); CMS Adonnino Ascoli & Cavasola Scamoni (legal).

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• Topics
• Expansion
• Southern Europe
• Healthcare
• Aksia Group
• Italy
• Buy-and-build
• Build-up
• KPMG