Ardian acquires Biofarma from White Bridge

Rachel Lewis
17 January 2022

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Private equity firm Ardian has taken a majority stake in Biofarma Group, an Italian manufacturer of neutraceuticals, from Milan-based sponsor White Bridge Investments.

White Bridge took ownership of Biofarma in 2019 when it merged it with its portfolio company Nutrilinea.

Since 2016, Biofarma has grown from around EUR 30m in sales to more than EUR 230m through double-digit organic growth, as well as consolidation, Ardian said in a statement. Around half of its revenues come from international markets.

The deal was worth around EUR 1.1bn with the debt financing amounting to EUR 345m.

Biofarma has made five acquisitions in four years, including the finished products portfolio of its competitor Giellepi in December 2021.

CEO Maurizio Castorina told Mergermarket in November 2020 that the group was looking for acquisitions to gain competitive advantage in the cosmeceutical or nutraceutical markets.

Ardian says that Biofarma is recognised in the industry for its innovation, particularly in probiotics, thanks to significant investment in R&D and production facilities.

The GP adds that the new investment will facilitate further consolidation and international development, as well as investment in the technology and diversification of new products.

The Scarpa family will retain its current 30% stake in the group in partnership with Ardian. Maurizio Castorina will continue to lead the company as CEO.

Company
Biofarma develops and produces food supplements, medical devices, drugs based on probiotics and cosmetics exclusively for third parties.

Composed of four production sites distributed between Friuli Venezia Giulia, Veneto and Lombardy, Biofarma has a large catalogue of ready-made products, some of which include clinical studies, and out-licensed medical devices, including dossiers, some of which are patented, with the possibility of being marketed all over the world. It also offers custom services.

Advisers
Equity – Nomura (M&A); BNP Paribas (M&A); Mediobanca (M&A); Houlihan Lokey (debt advisroy); Gianni & Origoni (financial due diligence); Weil Gotshal & Manges (financial due diligence); Gattai Minoli Partners (financial due diligence); BCG (commercial due diligence); PwC (financial due diligence); Gitti and Partners (tax); Tauw (ESG due diligence).
Vendor – Canson Capital, Matteo Canonaco (M&A); Ethica Group, Fausto Rinallo (M&A); Giovannelli & Associati, Matteo Delucchi (legal); Gatti Pavesi Bianchi e Ludovici, Paolo Ludovici, Michele Aprile (tax); Deloitte, Marco Bastasin (financial due diligence).
Management – Molaro Pezzetta Romanelli Del Fabbro & Partners (finance due diligence, tax and legal).