The Mezzanine team at AXA Private Equity has arranged and subscribed the financing for the acquisition of Unither Pharmaceuticals by Equistone Partners Europe. Unither is being acquired by Equistone, alongside historical shareholders ING Parcom Private Equity, CM-CIC Investment and Picardie Investment.
Unither Pharmaceuticals was originally purchased in 1993 from a Sanofi’s factory employing 17 people in Amiens, France. It is now a global manufacturer of unidose packaging for European pharmaceutical laboratories, and generic products, particularly eyewashes, saline solutions and anti-asthma drugs in sterile single-dose units and stick-packs.
With four industrial sites and an R&D centre, Unither generated revenues of €151 million in 2010. The Group currently employs more than 850 people, and has strengthened its position as a global market leader in sterile single-dose units through the utilization of Blow, Fill & Seal (BFS) technology.
The combination of the Group’s capacity for innovation, the quality of its control processes (as confirmed in 2011 by Food and Drug Administration’s (FDA) approval of its facility in Coutances, France) and the efficiency of its production capacities has ensured the success of Unither products with pharmaceutical laboratories.
The unitranche financing, a type of debt that combines senior and subordinated debt into one debt instrument, will provide Unither with flexible financing to pursue its capital expenditures programme. AXA Private Equity’s Mezzanine team has been a partner of the company since November 2006, and its in-depth knowledge of the company allowed it to move quickly to offer this innovative form of private debt financing, ideally structured to support Unither’s future growth.
Eric Goupil, CEO of Unither Pharmaceuticals, says: “Thanks to the unitranche financing set up by AXA Private Equity, we will be able to consolidate our strategic position and can now accelerate the company’s future development plans.”
Cecile Mayer-Lévi (pictured), Managing Director Mezzanine at AXA Private Equity, says: “The unitranche financing arranged by AXA Private Equity will allow Unither Pharmaceuticals to dedicate its free cash-flow to investment and value creation. This financing gives the company the opportunity to move into a new stage of its development. We are convinced of the company’s potential to become a leading player in its sector and we are delighted to continue to support Unither in its future growth.”
Stanislas Gaillard, Director at Equistone Partners Europe, says: “Thanks to the responsiveness and pragmatism of the AXA Private Equity team, we were able to finalize our offer in a short time frame with strong financing, which takes into account the specifics of this transaction. The fluidity of our discussions during the drafting of the documentation has allowed us to combine this innovative unitranche financing with the operational set up which is essential to the daily functioning of the company."
