Private equity firm Trilantic Capital Partners Europe has completed the acquisition of a 90 per cent shareholding in Doppel Farmaceutici (Doppel) after obtaining anti-trust approvals.
Doppel operates exclusively on behalf of third parties as a Contract Development and Manufacturing Organization (CDMO). The investment in Doppel by Trilantic Europe comes as the CDMO pharmaceutical sector is expected to grow significantly in the next five years. Financial details of the investment have not been disclosed.
Trilantic Europe acquired the 90 per cent shareholding in Doppel from a number of Italian entrepreneurs, including Pierluigi Busca who has been a shareholder in Doppel since it was established in 1994. Paolo Lanfranchi remains a shareholder in the company with a 10 per cent holding. Following the completion of the transaction, Paolo Lanfranchi has moved from his previous role as Managing Director to become Chairman of Doppel. Giuseppe Cassisi, who has 30 years’ experience in the pharmaceuticals and CDMO sector, has become the Company's CEO.
Trilantic Europe and Doppel’s management team have put in place a strategy focused on expanding Doppel both organically and as a platform to acquire other players in the CDMO sector. The strategy also includes plans to increase Doppel’s presence in international markets, such as the United States and the Far East, strengthening the Company’s offer in research and development, strategic growth through the acquisition of niche capabilities such as injectable biotechnology medicines, and the development of greenfield projects.
Doppel, which was founded in 1994, has contracts with blue-chip Italian and international clients. The company has 460 employees and operates from two production plants in northern Italy, Cortemaggiore and Rozzano. The Company principally manufactures and packs pharmaceutical products such as pills, pharmaceutical granules, creams, tablets, oral solutions, sprays and injection vials, produced under asepsis conditions or with terminal sterilisation. In 2009, the company launched a nutrition division at the Cortemaggiore plant, dedicated to the contract manufacturing and packaging of effervescent granules.
Since 2003, Doppel has also been active in food, nutraceutical and cosmetic supplements as well as medical devices thanks to its 24.7 per cent shareholding in Procemsa Farmaceutici.
In 2014, Doppel had net revenue of €83.4 million and EBITDA of €12.3 million. The Italian market accounted for 63 per cent of Doppel’s turnover with the remaining 37 per cent coming from international markets.
Trilantic Europe was advised on legal matters by Studio Legale Associato La Torre Morgese Cèsaro Rio, while Ethica Corporate Finance acted as financial adviser on the transaction. The selling shareholders were advised on legal matters by Studio Legale Associato d’Urso Gatti Pavesi Bianchi.
