KKR to Acquire Bushu Pharmaceuticals


TOKYO & SAITAMA, Japan–(BUSINESS WIRE)– KKR, a leading global investment firm, and Bushu Pharmaceuticals Ltd. (“Bushu Pharma” or the “Company”) today announced the signing of definitive agreements under which KKR will acquire all shares in Bushu Pharma from BPEA EQT. Following the transaction’s completion, KKR aims to accelerate Bushu Pharma’s growth and further position the Company as a leading contract development and manufacturing organization (“CDMO”) for the pharmaceuticals market in Japan and worldwide.

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Founded in 1998, Bushu Pharma is a leading pure-play pharmaceutical CDMO based in Japan, which is the third-largest pharmaceutical market in the world. The Company is committed to producing, processing and delivering high-quality healthcare products to patients spanning categories including pharmaceuticals – such as oral solid dosages and injectables – and clinical trial materials. The Company additionally applies advanced quality control processes and supply chain management support for the inspection, packaging and distribution of pharmaceutical products. Bushu Pharma has Good Manufacturing Practice (“GMP”) certifications globally, and manufacture products for worldwide end-markets, with a particular focus on Japan and Asian countries, such as China.

Following the transaction’s close, KKR plans to work alongside Bushu Pharma’s management team to expand into new and growing segments, such as injectables, invest in further capacity expansion and quality control, and explore organic and inorganic opportunities for growth to deliver more healthcare solutions to patients.

Hiro Hirano, Co-Head of Private Equity for KKR Asia Pacific and Chief Executive Officer of KKR Japan, said, “We are proud to invest in the growth and success of Bushu Pharma, a premier manufacturer for pharmaceutical businesses. We see significant demand for strategic and reliable solutions to address a range of challenges facing the global healthcare industry. By leveraging KKR’s deep experience in healthcare, tech, and supply chain solutions, we aim to help Bushu Pharma to further scale its best-in-class business and to drive growth and technical innovation that will ultimately benefit patients in Japan and around the world.”

Tadao Takano, Chief Operating Officer and President of Bushu Pharma, said, “Bushu Pharma is pleased to welcome KKR as a new shareholder able to advance our company’s mission to deliver high-quality pharmaceutical products and solutions to patients in Japan and around the world. KKR brings to Bushu Pharma its deep knowledge of the pharmaceutical industry, its experience supporting global businesses in the sector, and its extensive investment experience in Japan. We look forward to working with the KKR team to pursue further growth opportunities, and thank BPEA EQT for their partnership with us these recent years.”

KKR is making its investment from one of KKR’s Asia-focused investment funds. The transaction is expected to be completed in Q1 2023, subject to customary approvals and closing conditions. Further details of the investment have not been disclosed.

About Bushu Pharmaceuticals Ltd.

Bushu Pharma was established in August 1998 as an independent pharmaceutical contract manufacturer. Bushu Pharma carries out pharmaceutical drug product contract manufacturing and packaging of clinical trials and commercial products in accordance with the latest GMP standards. Through the utilization of know-how and the latest industry information, Bushu Pharma prides itself in being able to offer added-value solutions to customers. For more information, visit www.bushu-pharma.com/en/.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.


For Bushu Pharmaceuticals
Corporate Planning
+81 49 233 4651

For KKR:
KKR Asia Pacific
Anita Davis
+852 3602 7335
Wei Jun Ong
+65 6922 5813

FGS Global (for KKR Japan)
Sam Brustad, +81 703853 3284
Deborah Hayden, +81 702492 0463

Source: KKR

Categories: News


BPEA EQT to sell Bushu Pharmaceuticals, a leading pharmaceutical CDMO in Japan


EQT is pleased to announce that the BPEA V Fund (“BPEA EQT”) has agreed to sell Bushu Pharmaceuticals (“Bushu” or the “Company”) to KKR.

Founded in 1998, Bushu is a leading pharmaceutical CDMO (Contract Development and Manufacturing Organization) and manufacturer of high-quality pharmaceutical and medical devices with advanced quality control and supply chain management support.

Headquartered in Kawagoe, Japan and with four manufacturing facilities across the country, Bushu serves both domestic and multinational pharmaceutical customers with manufacturing and packaging processes for a large variety of solid dosage products, injectables and filled vials, as well as clinical trial supplies. The Company has a wide range of loyal customers in the Japanese pharmaceutical market, well known for its high-quality standards, andit enjoys increasing outsourcing demand from Japanese and foreign pharmaceutical companies.

Since it was acquired by BPEA EQT (formerly BPEA) in December 2014, Bushu has solidified its capabilities to serve its growing customer base of global pharmaceutical companies. BPEA EQT supported the launch of the Company’s “Gateway-to-Asia” strategy, which allows international pharma companies to import bulk products into Japan for quality inspection, labeling, packaging, and distribution both within Japan and across other markets in Asia.

In 2022, Bushu acquired a factory from Sanwa Kagaku Kenkyusho with the capacity to handle contracts from both major domestic and foreign pharmaceutical manufacturers. Under BPEA EQT’s tenure, Bushu’s employee base has nearly doubled to a total of around 1,600. Additionally, the Company’s net revenue has grown by approximately 70 percent and its EBITDA increased by 50 percent.

Tadashi Maruoka, Partner within BPEA EQT’s Investment Advisory team, commented “We are proud of Bushu Pharmaceuticals’ development journey over our investment period. The company has grown to become one of the leading CDMOs in Japan today. We would like to thank Bushu’s Chairman of the Board Mr. Wes Wheeler and the highly esteemed management team led by CEO Mr. Tetsuichi Okada, President and COO Mr. Tadao Takano, CFO and CHRO Mr. Tetsuya Morikawa and all its employees for their hard work, collaboration and achievements”.

Tadao Takano, President and COO of Bushu Pharmaceuticals, commented “Over the past years, Bushu not only achieved impressive growth but also built a solid foundation to meet the rapidly growing demand as a CDMO and to play a greater role in the stable supply of pharmaceutical products throughout Japan and Asian countries. On behalf of the Bushu management team and all employees, I would like to thank BPEA EQT for its constructive and supportive partnership, which our whole team truly enjoyed.”

The transaction is subject to customary conditions and approvals and is expected to close in Q1 2023.

JP Morgan acted as exclusive financial advisor to BPEA EQT on the transaction.

Global: EQT Press Office, press@eqtpartners.com, +46 8 506 55 334
Japan: Kekst CNC, eqt.japan@kekstcnc.com, +81 3 5156 0187

Categories: News


Ardian announces the sale of its stake in Unither Pharmaceuticals to a consortium led by the CEO Eric Goupil and comprising GIC, IK Partners, Keensight and Parquest

  • 26 October 2022 Buyout France, Paris

Ardian, a world leading private investment house, today announces the sale of its majority stake in Unither Pharmaceuticals (“Unither”), a global leader in the development and manufacturing of sterile unit-doses, to a consortium of new and existing investors comprised of GIC, IK Partners, Keensight and Parquest and led by Eric Goupil, CEO of Unither.

Founded in 1993, Unither is a global player in the development and manufacturing of sterile unit-doses (Blow-Fill-Seal technology) for the pharmaceutical industry addressing the ophthalmology, respiratory and rhinology markets. The company runs seven manufacturing sites in addition to its Research and Development center, and is present in France, the United States, China and Brazil.

Through its partnership with the Ardian Buyout team, and under Eric Goupil’s leadership, the company significantly consolidated its position as a leader in BFS technology in Europe thanks to substantial industrial investments. Unither also reinforced its global leadership through capacity developments in the United States as well as acquisitions in China and Brazil. During the COVID-19 crisis, Unither demonstrated its strong capacity for innovation by developing a device based on BFS technology that enables single-dose injection of therapeutic products, including vaccines (Euroject).
With the backing of GIC, IK Partners, Keensight, Parquest and the management team, Unither is ideally positioned to achieve further growth in its targeted markets and continue to innovate to facilitate patients’ lives.

“We are very pleased to have been part of Unither’s growth for the past five years. Our strong relationship with Eric Goupil allowed us to help the group develop and consolidate its position as global leader. We would like to thank the whole Unither team and wish them a successful future alongside GIC, IK Partners, Keensight and Parquest.” Philippe Poletti, CEO Ardian France, Member of the Executive Committee and Head of Buyout Activity

“With Ardian’s support, we have been able to strengthen our business in the US, expand into China and continue investing significantly to cope with our customers’ strong demand and fuel our future organic growth. In collaboration with our new partners, GIC and IK and with the support of our historic partners Keensight and Parquest, we are seeking to build on this strong foundation, to continue satisfying our customers and leverage our global footprint. ” Eric Goupil, CEO of Unither

The transaction remains subject to the approval of the regulatory and competition authorities.



Ardian is a world leading private investment house, managing or advising $141bn of assets on behalf of more than 1,300 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. We also provide a specialist service for private clients through Ardian Private Wealth Solutions. Ardian is majority-owned by its employees and places great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 980+ employees, spread across 15 offices in Europe, the Americas and Asia, are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.



Founded in Amiens, France, in 1993, Unither Pharmaceuticals is a global player in the manufacture of single-dose galenic forms for pharmaceutical companies and generics manufacturers (notably eye drops, saline solutions and anti-asthma medications in sterile unit doses and stick packs). With seven manufacturing sites and an innovation and development center based in France, the United States, Brazil and China, Unither Pharmaceuticals employs over 1,600 people.

Media contact


Categories: News


The Management led by Eric Goupil gathers a consortium to acquire Unither Pharmaceuticals from Ardian

IK Partners

The consortium comprises GIC and IK Partners (“IK”), entering the equity, as well as Keensight Capital (“Keensight”) and Parquest, reinforcing their existing positions. It will become the new shareholder of Unither Pharmaceuticals (“Unither” or “The Company”) alongside the management team.

Spun out of Sanofi in 1993, Unither is a leading European pharmaceutical contract development and manufacturing organisation (“CDMO”) producing complex sterile liquid formulations for medical use and is currently the global market leader in the Blow-Fill-Seal (“BFS”) technology, a sterile single-unit dosage format.

Headquartered in Amiens, France, Unither employs more than 1,600 people across seven manufacturing facilities in France, the US, Brazil, and China, as well as an additional R&D centre in Bordeaux, France. Its products are sold in over 100 countries demonstrating a well-established global footprint. The Company benefits from a long-standing and loyal customer base made up of medium to large pharmaceutical companies, biotechnology, generics and over-the-counter (“OTC”) players and is recognised for its technical expertise and industrial performance. It has a strong track record of organic growth and with the support of Ardian, Unither has enlarged its footprint to China to serve a growing global demand for its high-quality BFS products.

Together, GIC, IK, Keensight and Parquest will leverage the strong local footprint of their respective international platforms to support Unither’s future growth by: continuing to support new and existing customers in launching new products; further penetrating the US market; taking advantage of the significant growth expected in China; and expanding into BFS adjacencies such as vaccines and multi-dose preservative free dosage forms. The management team is significantly reinvesting its proceeds and the Company will continue to operate under Eric Goupil’s leadership as he transitions to the newly created role of Executive Chairman.

Financial details of the transaction are not being disclosed.

Eric Goupil, Executive Chairman at Unither Pharmaceuticals, said: “With Ardian’s support, we have been able to strengthen our business in the US, expand into China and continue investing significantly to cope with our customers’ strong demand and fuel our future organic growth. In collaboration with our new partners, GIC and IK and with the support of our historic partners Keensight and Parquest, we are seeking to build on this strong foundation, to continue satisfying our customers and leverage our global footprint.”

Philippe Poletti, CEO at Ardian France, Member of the Executive Committee and Head of Buyout Activity, said: “We are very pleased to have been part of Unither’s growth for the past five years. Our strong relationship with Eric Goupil allowed us to help the group develop and consolidate its position as a global leader. We would like to thank the whole Unither team and wish them a successful future alongside GIC, IK, Keensight and Parquest.”

Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC, said: “We are excited to invest in Unither alongside Eric Goupil, IK and existing shareholders Keensight and Parquest. Unither is a clear market leader in the BFS business space with its innovative and diversified product portfolio, a steady customer base and highly resilient revenue model. We are confident in Unither’s long-term growth potential as the global CDMO market continues to benefit from an increase in pharma drug production and outsourcing trends. We look forward to partnering with the Company’s outstanding management team and our consortium to take Unither to its next phase of growth.”

Magdalena Svensson, Partner at IK and Advisor to the IK Partnership Fund II, said: “Under the leadership of Eric Goupil and with Ardian’s backing, Unither has established itself as a global market leader in sterile liquid formulations and the BFS segment. Having stolen a march on the rest of the sector, Unither holds a unique position which, thanks to the high barriers to entry and strong underlying markets, warrant high growth expectations. We look forward to actively contributing to the strengthening of Unither’s global industrial footprint and operations, with the support of our in-house platform teams. Together with management, GIC, Keensight and Parquest, we plan to pursue existing growth strategies and explore new avenues in the BFS field as well as in adjacent technologies.”

Pierre Remy, Managing Partner at Keensight, said: “We are extremely pleased to continue our strong partnership with Unither and its very talented management team, in an exciting new phase of the Company’s development. During our tenure as shareholder, the Company strengthened its leadership position globally and undertook a significant operational expansion in China and Brazil via two major acquisitions. By reinvesting in Unither, we remain committed to supporting the management team in helping them execute on their continued growth strategy, both organically in the rapidly expanding BFS market and through selective strategic acquisitions. We are very happy to continue the journey with Parquest and to be joined by GIC and IK.”

Denis Le Chevallier, Managing Partner at Parquest, said: “We are delighted to have supported a new stage of development alongside Eric Goupil and his teams. Since our first investment in 2006, Unither has enjoyed uninterrupted growth and is now the undisputed leader in BFS. We are convinced that this new chapter to be written alongside GIC, IK and Keensight will enable the group to continue and accelerate its development, particularly internationally.”

Completion of the transaction is subject to relevant legal and regulatory approvals.

PR Contacts

IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar @ikpartners.com


Samantha Chiene
Phone: +44 (0) 207 725 3557

Mah Lay Choon
Phone: +65 6889 6841

Keensight Capital
Tim Lee
Phone: +44 (0) 7785 345 250

Categories: News


EQT Private Equity and Mubadala to acquire Envirotainer, the leading global provider of mission-critical biopharma transport services

  • As part of their broader strategic partnership, EQT Private Equity and Mubadala Investment Company to make a majority investment in Envirotainer, a global provider of mission-critical cold chain transportation solutions for pharmaceuticals
  • Envirotainer enables access to life-saving pharmaceuticals and vaccines via reliable and efficient cold chain solutions, and is the global leader in active temperature control for air transportation of temperature-sensitive pharmaceuticals
  • EQT Private Equity and Mubadala will support Envirotainer in its next phase of growth, by accelerating expansion in core markets and APAC in particular, scaling the newly launched CryoSure offering, investing in new technologies and continuing to roll-out third generation Releye platform

EQT is pleased to announce that the EQT X fund (“EQT Private Equity”), and Mubadala Investment Company (“Mubadala”), have agreed to acquire Envirotainer (the “Company”), the global leader of mission-critical, proprietary temperature-controlled supply chain solutions for the transportation of biopharmaceuticals, from Cinven and Novo Holdings. The enterprise value amounts to around EUR 2.8 billion.

Envirotainer was founded in 1985 in Stockholm, Sweden, where its headquarters, R&D and production are based. Envirotainer designs, manufactures and leases active temperature-controlled containers, used primarily for air freighting biopharma products. With a fleet of circa 6,700 containers globally and approximately 375 employees in 20 countries, the Company is the global leader in active temperature control for air transportation of temperature-sensitive pharmaceuticals. Envirotainer has more than 600 customers worldwide, including many global blue-chip pharma and biotech companies.

Millions of people across the globe depend on the safe delivery of biopharmaceuticals that require temperature control to maintain their integrity and quality. Today, lack of access to medicines is a cause for distress that disproportionately impacts underserved communities, whose situation is likely to be exacerbated by chronic diseases resulting from changing diets and lifestyles, as well as from air and water pollution. Envirotainer expands access to vital pharmaceuticals and vaccines through its patient-safe, reliable and efficient cold chain solutions, which also offer one of the lowest carbon footprint solutions in the industry.

EQT Private Equity and Mubadala will seek to support Envirotainer in its next phase of growth by accelerating expansion in APAC and continuing growth in its other core markets, and will leverage EQT’s local-with-locals approach and Mubadala’s global network to do so. Building on the sector-related expertise of EQT’s network and Mubadala, EQT Private Equity and Mubadala will help scale the newly launched CryoSure offering and continue the successful roll-out of third-generation Releye platform, while investing behind new technology innovations, digitalization and sustainability in its operations.

Ali Farahani, Partner within EQT Private Equity’s Advisory Team, said, “The temperature-controlled distribution of pharma products offers very attractive and thematic exposure to the fast-growing biopharma end-market. Envirotainer is an integral part of the global pharmaceutical infrastructure and the clear global market leader with significant scale advantages, superior operations and industry-leading performance and customer satisfaction. The company has a clear purpose of enabling access to life-saving pharmaceuticals and offers reusable solutions with significantly less CO2 emissions compared to traditional air-freight solutions. We continue to see significant growth potential ahead and are excited to partner with the management team to unlock the full potential together with our partners at Mubadala.”

Camilla Macapili Languille, Head of Life Sciences for Mubadala, said, “Envirotainer plays a mission-critical role in the healthcare ecosystem by ensuring the safe and reliable delivery of drugs from pharma companies to hospitals, clinics, and ultimately, patients. Their extensive international footprint ideally positions Envirotainer to meet the pharma industry’s growing need for global temperature-controlled distribution and as the undisputed market leader, they are continuing to pioneer developments in the sector with forward-thinking R&D innovation. We have strong conviction in the company’s growth trajectory and will work closely with management and our partners at EQT to ensure its long-term success.”

Peter Gisel-Ekdahl, CEO, “We are pleased with the confidence that EQT and Mubadala have shown us by investing in the company and look forward to closely collaborating to further develop the business. This long-term partnership will strengthen Envirotainer and help us deliver on our purpose of enabling access to life-saving pharmaceuticals. At the same time, this investment, from such esteemed investors, confirms the strength of Envirotainer’s business model and the company’s very exciting future.”

EQT and Mubadala were advised by Jefferies International (M&A), McKinsey & Company (commercial), White & Case (legal), and KPMG (financial, tax, operations).

The transaction is subject to customary conditions and approvals and is expected to close in Q3 2022. With the acquisition of Envirotainer, EQT X (target fund size of EUR 20.0 billion and hard cap of EUR 21.5 billion) will be 0-5 percent invested based on its target fund size. EQT X will be activated and start charging management fees upon the closing of its first transaction, currently expected to be the closing of the acquisition of Envirotainer. EQT IX is currently 80-85 percent invested, following recent portfolio company add-on acquisitions, and continues to be in its commitment period but management fees will, following activation of EQT X, be based on net invested capital.

EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of EQT X will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.

About EQT
EQT is a purpose-driven global investment organization with EUR 77 billion in assets under management across 36 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 280,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About Mubadala Investment Company
Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for the Government of Abu Dhabi.

Mubadala’s $284 billion portfolio spans six continents with interests in multiple sectors and asset classes. It leverages its deep sectoral expertise and long-standing partnerships to drive sustainable growth and profit, while supporting the continued diversification and global integration of the economy of the United Arab Emirates.

More info: www.mubadala.com

About Envirotainer
Envirotainer is the undisputed global market leader in secure cold-chain solutions for intercontinental transport of pharmaceuticals. The company develops, manufactures, and offers leasing of innovative

 container solutions and dewars for cryogenic shipping, including validation, support, and service, for pharma products that require a controlled environment. Thanks to a truly global presence with the world’s largest active container fleet, the most extensive network, and more than 35 years of industry expertise, Envirotainer is able to meet the customers’ need for innovative and reliable solutions – available from any location to any destination. The company operates through an open, global network of airlines, forwarders and couriers and the headquarters is located outside of Stockholm, Sweden.

For more information, please visit  www.envirotainer.com

Categories: News


A consortium of Carlyle and PAI Partners to acquire Theramex from CVC

PAI Partners

London, UK, 28 March 2022 – Global investment firms PAI Partners and Carlyle (NASDAQ: CG) today announce that they have agreed to acquire Theramex, the leading global specialty pharmaceuticals company focused on women’s health, from CVC Capital Partners VI (“CVC”).

Theramex was created following the carve-out of a portfolio of women’s health pharma products in 2018, and has subsequently developed into one of the largest specialty pharma platforms dedicated to women and their health. The company provides patient-focused solutions across contraception, fertility, menopause, and osteoporosis with the aim of providing patients with products that can support them through their life journey. Under CVC Funds’ ownership, Theramex has focussed on building loyal relationships with physicians through its dedicated sales force, investing in digital capabilities and executing a successful M&A agenda to bring new products to market in the future, resulting in double digit revenue and EBITDA growth since 2018.  The company now serves more than six million women in 57 countries across EMEA, APAC and South America, and employs approximately 480 people (~60% of whom are women).

With the support of Carlyle and PAI Partners, Theramex will seek to expand its diverse suite of products across existing and adjacent therapeutic areas and accelerate international expansion. The investment in Theramex builds on Carlyle’s long-term global focus on Healthcare, a sector in which the firm has invested $15 billion to date. Carlyle has significant expertise in scaling global Pharma businesses, such as iNova, Curia and PPD, and specifically in women’s health, through its investment in Millicent Pharma. Similarly, PAI will utilise its deep sector experience in healthcare to support Theramex’s growth trajectory. Healthcare is one of PAI’s four core sectors of focus, in which the firm has made ten investments, including in pharmaceutical companies, Ethypharm and Ipsen.

Robert Stewart, CEO of Theramex said: “I am delighted to have the support of both Carlyle and PAI Partners investing in the business, which will allow us to further accelerate our growth. I also want to thank CVC for being such a fantastic partner over the last years. Together, we have built one of the world’s largest pharmaceutical companies dedicated solely to women’s health, improving lives and ensuring these important products are made available to all who need them.”

Sebastien Veil and Andreas Kumeth, both Partners at PAI, said: “We were attracted to Theramex given its strong heritage in women’s health and outstanding reputation for delivering effective and safe solutions that support and care for women around the world. We look forward to leveraging PAI’s extensive healthcare network and capital to support organic and inorganic growth initiatives for Theramex and partnering with the management team to support the continued expansion of the platform.”

Lubna Qunash and Philipp Meyer, both Managing Directors of the Carlyle Europe Partners advisory team, said: “We believe that Theramex’s long-standing and established position as a women’s health champion with a broad and complementary product portfolio are distinctive attributes which position the business well for continued success. This acquisition demonstrates our strategic commitment to the Healthcare sector in Europe, and together with PAI, we look forward to partnering with the Theramex management team and utilising our significant resources and global network to support their international growth ambitions.”

Cathrin Petty, a Managing Partner and Global Head of Healthcare at CVC, said: “Theramex has been at the forefront of raising awareness and delivering better therapies for women across the globe, particularly in relation to menopause, endometriosis and osteoporosis. As a team, we are very proud to have supported the fantastic Theramex leadership, from the head office through supply chain experts, through to the country leadership and our dedicated sales force – all of whom have a dedication to making a difference to women’s lives. We wish the team every success in the next chapter of growth.”

Carlyle and PAI Partners were jointly advised by Morgan Stanley, Jefferies and Greenhill & Co (M&A), and Linklaters and Allen & Overy (Legal), and PwC (Financial). CVC was advised by Rothschild & Co, HSBC (M&A) and Latham & Watkins (Legal), and EY (Financial), and IQVIA (Commercial).

The financial terms of the transaction are not being disclosed.

About Theramex

Theramex is a leading global speciality pharmaceutical company dedicated to women and their health. We support women at every stage of their lives by providing a broad portfolio of innovative and established brands covering contraception, fertility, menopause and osteoporosis. Our commitment is to listen to and understand our patients, serve their needs and offer healthcare solutions to help improve their lives. Our vision is to be a lifetime partner for women and the healthcare professionals who treat them by providing patient-focused and effective solutions that care for and support women through every stage of life.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $301 billion of assets under management as of December 31, 2021, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs nearly 1,850 people in 26 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.

About PAI Partners

PAI Partners is a pre-eminent private equity firm, investing in market-leading companies across the globe. It has significant experience in the healthcare space and is currently invested in Veonet, a leading pan-European network of ophthalmological clinics, Ethypharm, a specialty pharmaceutical company active in central nervous system and critical care areas with leading positions in pain and addiction treatments, and Zahneins, a leading German dental company. It manages over €22 billion of dedicated buyout funds and, since 1994, has completed 89 investments in 11 countries, representing over €65 billion in transaction value. PAI has built an outstanding track record through partnering with ambitious management teams where its unique perspective, unrivalled sector experience and long-term vision enable companies to pursue their full potential – and push beyond. Learn more about the PAI story, the team and their approach at: www.paipartners.com.

About CVC

CVC is a leading private equity and investment advisory firm with a network of 25 offices throughout Europe, Asia and the US, with approximately US$122 billion of assets under management. Since its founding in 1981, CVC has secured commitments in excess of US$165 billion from some of the world’s leading institutional investors across its private equity and credit strategies. Funds managed or advised by CVC are invested in more than 100 companies worldwide, which have combined annual sales of over US$100 billion and employ more than 450,000 people. For further information about CVC please visit: https://cvc.com. Follow us on LinkedIn here.


Jesús López

Charlie Bristow
+44 7384 513568

PAI Partners
Greenbrook Communications: James Madsen / Fanni Bodri
+44 207 952 2000 / pai@greenbrookpr.com

Nick Board
+44 20 7420 4200

Categories: News


Nordstjernan acquires Finnish diagnostics company Aidian


Nordstjernan has signed an agreement to acquire the Finnish in-vitro diagnostics company Aidian from funds that are managed by the Nordic private equity firm Axcel. Aidian is a leading global player in the growing market for point-of-care diagnostics. The company develops, manufactures and sells instruments and tests that are used in such fields as primary care to provide quick and accurate test results. Aidian’s offering of tests addresses several global health problems such as antimicrobial resistance (AMR), diabetes and colorectal cancer. Aidian has tests that are intended to reduce unnecessary prescriptions of antibiotics, which is a driver behind the growing threat from AMR and antibiotic-resistant bacteria.

Aidian was established in 1974 as a subsidiary of Orion, a Finnish pharmaceuticals company. In addition to its headquarters in Espoo, Finland, Aidian has a local presence in another twelve countries and a global presence via distributors in over 60 export markets. The company has over 250 employees and reported sales of approximately EUR 100 million in 2021.

“We are very pleased to have been able to make this investment. Aidian has a strong product offering as well as a leading position in the global market for point-of-care diagnostics, and the company’s instruments and tests help to address several global health challenges. We are impressed by the work that Axcel has done to establish Aidian as a leading player in the field of point-of-care diagnostics and we look forward to continuing to develop Aidian and supporting the company and its management over the long-term in its important efforts concerning many central health issues,” says Nordstjernan’s CEO Peter Hofvenstam.

“We now very much look forward to joining Nordstjernan, an organization well known for its professional and long-term development of businesses within healthcare and other industries,” says Aidian’s CEO Juho Himberg.

Nordstjernan has worked for some time to expand its investment focus in the healthcare sector, which after the acquisition of Aidian will consist of five holdings that represent over 25 per cent of Nordstjernan’s net asset value.

Completion of the transaction is expected in Q1 2022.

The parties have agreed not to disclose the conditions of the transaction.

Peter Hofvenstam
President and CEO
Nordstjernan AB

Questions will be answered by:

Peter Hofvenstam, CEO, Nordstjernan
E-mail: peter.hofvenstam@nordstjernan.se

Stefan Stern, Head of Communications, Nordstjernan
Telephone: +46 70 636 74 17
E-mail: stefan.stern@nordstjernan.se

Nordstjernan is a family-controlled investment company whose business concept is to be an active owner that creates long-term value growth. More information about Nordstjernan can be found on www.nordstjernan.se.

Aidian is a Finnish company in the field of in-vitro diagnostics. Aidian is headquartered in Espoo, Finland, and has global sales via a local presence and distributors. More information on Aidian can be found at www.aidian.eu.

Categories: News


CVC Credit supports the acquisition of Pharmathen by Partners Group

CVC Capital Partners

CVC Credit is pleased to announce that it has co-arranged the unitranche debt facilities, featuring an ESG margin ratchet, to support Partners Group’s acquisition (on behalf of its clients) of Pharmathen, a leading European pharmaceutical company, which closed on 20 January 2022. CVC Credit will support the continuing growth strategy of the business through its European Direct Lending Strategy, which focuses on lending to established European medium and large companies with proven business models.

Founded in 1969, Pharmathen is a leading contract development and manufacturing organization (“CDMO”) specialized in advanced drug delivery technologies for complex generic pharmaceutical products. With best-in-class research and development (“R&D”) expertise, the company is a specialist in “sustained release” technologies that improve patient compliance and have led to a broad portfolio of products ranging from slow-releasing oral medicines, ophthalmics, to innovative long-acting injectables. Pharmathen’s differentiated business-to-business model serves a blue-chip customer base of more than 215 generic pharmaceutical companies from two manufacturing facilities in Greece. The company’s highly diversified product portfolio of c.80 commercialized products are supplied to patients in more than 85 countries worldwide.

Miguel Toney, Partner at CVC Credit, commented: “CVC Group’s network was invaluable to our work on Pharmathen’s financing. Notably, the private equity healthcare and local teams’ experience and insight of the market confirmed Pharmathen’s credentials as an industry-leading provider with an R&D-led approach and an unmatched first-to-market track record. We are pleased to support Partners Group and Pharmathen’s high quality management team to execute the company’s exciting growth plans.”


Categories: News


Agilitas backs buyout of Prodieco Advanced Engineering Solutions


Agilitas, the pan-European mid-market private equity firm, today announces the completion of the buyout of Prodieco Advanced Engineering Solutions (the “Company” or “Prodieco”), the largest independent global provider of high-performance blister tooling change parts for the pharmaceutical industry.

Prodieco was founded in 1962 and has been a leader in precision engineering for over 60 years, designing, manufacturing, and supplying bespoke precision blister tooling change parts for blister packaging lines for pharmaceutical, animal and consumer health market products. Headquartered in Dublin, Ireland, it offers high-quality and innovative solutions to its customers, with market leading delivery times and customer service. Prodieco employs in excess of 230 highly skilled people globally and provides its products and services to customers in over 55 countries across multiple continents.

The Company helps address the growing demand for oral solid dose medication and the related growing regulation around safety, such as child resistant and senior friendly, tamper proof or high barrier packaging materials. By doing so, it provides safer and more effective ways for patients to take their medication. Its unrivalled expertise stems from decades designing and manufacturing precision products for all makes and models of blister packaging lines. This equips the Company with a unique understanding and engineering insight into the best possible tool design for each unique format, where success is dependent on high integrity design and extremely precise manufacturing tolerances.

Prodieco represents the latest example of Agilitas’s approach of backing ambitious management teams in high-quality and defensible businesses, with opportunities for multi-dimensional business transformation and a strong alignment between shareholder value and fundamental positive purpose to society or the environment.

Saad Akram of Agilitas, who will be joining the Board of Prodieco, commented: “Prodieco’s state of the art products and relentless focus on quality provide a fantastic platform with which to accelerate the Company’s growth to date and bring about step changes in performance. This Company is well-positioned within a rapidly growing market, and we are excited to support the management team’s vision to become the leading independent provider of precision tooling and parts to the life sciences industry.”

Mike O’Hara, incoming CEO of Prodieco, commented: “Agilitas’s deep sector knowledge and unequivocal support of Prodieco’s mission makes them the ideal partner to take the business forward into the next phase of growth. Agilitas’s support will be crucial in realising our ambition of becoming a globally renowned brand and delivering safe and innovative precision engineered solutions to an increasing number of pharmaceutical customers globally.”

Martin Calderbank, Managing Partner of Agilitas, said: “Prodieco’s sophisticated products are essential for ensuring medicines are securely packaged and are thus a key part of protecting patients and keeping people healthy. Together with the management team, we will seek to further improve Prodieco’s ability to develop and deliver the highest-quality blister tooling solutions and hope to bring its precision engineering skills to new markets to benefit more end patients.”

Media enquiries to: Greenbrook Communications – Alex Jones, James Madsen, and Teresa Berezowski


+44 20 7952 2000 | agilitas@greenbrookpr.com

Categories: News


Carlyle Enters into Definitive Agreement to Sell Sunsho Pharmaceutical Co., Ltd to Towa Pharmaceutical Co., Ltd.


Tokyo, Japan, December 17, 2021 – CJP SP Holding, L.P., an investment fund operated and managed by global investment firm Carlyle (NASDAQ: CG), signed an agreement to sell 100% of its investment in Sunsho Pharmaceutical Co., Ltd (“Sunsho Pharmaceutical”), a contract manufacturing company of health & nutrition (“H&N”) and pharmaceutical products, to Towa Pharmaceutical Co., Ltd. (“Towa Pharmaceutical”), a company specializing in research and development, production, and marketing of generic drugs. The transaction is expected to be completed in February of 2022.

Headquartered in Shizuoka, Sunsho Pharmaceutical is one of the largest contract manufacturers in Japan for soft capsules, seamless capsules, and other dosage forms for H&N and pharmaceutical use. The company focuses on producing absolute quality products and applies state-of-the-art contract manufacturing technology to create cutting-edge formulations and capsules.

CJP SP Holding, L.P. acquired a 100% stake in Sunsho Pharmaceutical in August of 2014 through Carlyle’s third Japan buyout fund, Carlyle Japan Partners III, having recognized the company’s strong growth potential as a contract manufacturer in a steadily growing H&N market in Japan. Carlyle also saw the potential for value creation with Sunsho Pharmaceutical and within the H&N market in Japan by leveraging its local team knowledge, global platform strengths and deep experience in the healthcare and consumer sectors.

Through Carlyle’s ownership, Sunsho Pharmaceutical strengthened its management structure and governance, initiated the launch of a new factory and research and development facility to enhance production capabilities, diversified its business portfolio to cater to new customers, and significantly increased its global revenues by bolstering and expanding its overseas business. Carlyle also worked closely with Sunsho Pharmaceutical’s management team to help drive innovation and co-create new value-add products and solutions with customers.

Carlyle will transition full ownership to Towa Pharmaceutical to support Sunsho Pharmaceutical’s next phase of growth.

Carlyle has made 31 investments in Japan since entering into the market in 2000 and this will be the 20th exit to date. Carlyle has a well-established history of investing in the healthcare sector, both in Japan and globally, investing more than US $14.7 billion of equity in over 80 deals in the global healthcare sector as of September 30, 2021. Healthcare investments in Japan include Qualicaps Co., Ltd., and Solasto Corporation.



About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $293 billion of assets under management as of September 30, 2021, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 1,800 people in 26 offices across five continents.

Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.

About Sunsho Pharmaceutical

Sunsho Pharmaceutical is a company that plans, develops, and conducts contract manufacturing of H&N and pharmaceutical products, being a leading player of the H&N market in Japan. Sunsho Pharmaceutical has full-line factories in Shizuoka and offers contract manufacturing and packaging of soft capsules, seamless capsules, and other dosage forms. In addition to its manufacturing capability and technology, Sunsho Pharmaceutical has top-class ability in R&D technology, sales force and quality control system. The company has various certificates including cGMP, GMP, and HACCP. The company was founded in 1993 and currently employs 690 individuals.

For more information, visit the company website at: https://www.sunsho.co.jp/en/

Media Contacts:

Lonna Leong
+852 9023 1157

Kekst CNC
Jochen Legewie / Minako Otani
+81 3 5156 0185 / +81 3 5156 0190

Categories: News