BC Partners has big plans for Germany's Aenova Group. The private equity firm snapped up Aenova for a reported €500 million-plus (about $620 million, according to XE currency converter), and now it wants Aenova to make more deals of its own.
BC is buying the company from Bridgepoint, another private equity firm, which hired Morgan Stanley to solicit offers earlier this year. Bridgepoint was looking for more than €400 million ($495.4 million) from the deal. Private equity investors have been active buyers--and sellers--in the pharma world; just last month, generics maker Par Pharmaceutical ($PRX) agreed to a $1.9 billion buyout by TPG.
Aenova, itself the product of a merger between Swiss Caps and Dragenopharm, now makes solid-dosage drugs and supplements at 9 production facilities in 5 countries: its home country, plus Switzerland, France, Romania and the U.S. The company has annual sales of about €250 million ($309.7 million), Reuters notes.
"Aenova is superbly positioned," BC Managing Partner Stefan Zuchke said in a statement. "In addition to continued organic growth, we are also planning further acquisitions to broaden the company's range and to additionally enhance its competitive position in the international markets."
- read the Reuters story