Silverfleet offloads Aesica for £230m

The transaction is subject to the approval of Consort's shareholders and clearance by the German competition authorities. Consort is a medical devices company focused predominantly on developing devices for drug delivery.

Previous investment
Silverfleet acquired a majority stake in Aesica in September 2011 from previous backers LDC. According to unquote" data, a debt facility to support the deal was provided by Lloyds, HSBC and Yorkshire Bank. At the time of the deal, Aesica generated turnover of €180m.

During the investment period, Silverfleet supported Aesica through a £30m investment in its Queenborough site, enabling the company to double its manufacturing capability.

LDC acquired Aesica in August 2004 from BASF for £40m. At the time of the transaction, Aesica employed 140 people and generated turnover of £35m, according to unquote" data.

Company
Aesica is a global contract development and manufacturing organisation, offering active pharmaceutical ingredient development, formulation and clinical trial supply. It is also a supplier of finished dose manufacturing and packaging services.

Founded in 2004 and headquartered in Newcastle upon Tyne, Aesica today employs 1,250 people. Aesica generated revenues of £179m (€230m) and adjusted EBITDA of £20m in 2013.

The company operates from six pharmaceutical development and manufacturing sites across Europe, including Queenborough and Nottingham in the UK; Zwickau and Monheim in Germany; and Pienezza in Italy.

People
Adrian Yurkwich is partner at Silverfleet. Robert Hardy is the founding CEO of Aesica.

Advisers
Vendor – PwC, Paul Mankin (Corporate finance); Travers Smith, Helen Croke (Legal).

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• Topics
• UK / Ireland
• Exits
• Healthcare
• Silverfleet Capital
• LDC
• Lloyds
• HSBC
• United Kingdom