FSI sells its interest in Kedrion to the Permira Funds and simultaneously, together with the Marcucci family, re-invests in the new Group resulting from the combination of Kedrion and BPL
Milan, 20 January 2022
- Kedrion, headquartered in Lucca (Italy), is an international life science company owned by the Marcucci Family, FSI and CDP Equity. The company holds an extensive portfolio of 21 products and over 600 marketing authorizations around the world. Founded by the Marcucci Family, Kedrion has evolved from its deep Italian heritage to become a global vertically integrated platform with a commercial footprint reaching over 100 countries, of which 80% through direct sales. Kedrion operates a diversified footprint, with six manufacturing plants and 29 collection centres in the US
- BPL, the company to be combined with Kedrion, is a British player in the same sector with a production facility in the UK and a strong presence in the US, where it owns 28 plasma collection centres
- FSI invested in Kedrion in November 2019 and in March 2021 to strengthen its governance, support the expansion and diversification of the products portfolio and ramp up the US operations
- The objective of the transaction is to combine Kedrion and BPL to create a new 1.1€ bn sales global player in the plasma-derivatives market. FSI and the Marcucci Family commit to a new investment in the newly merged group supporting the next stage of growth of Kedrion, alongside the Permira Funds
FSI announces the signing of a binding agreement with Permira for the sale of its 24.1% stake in Kedrion, along with the other shareholders owning the remaining 75.9%. FSI invested in Kedrion in partnership with the Marcucci family and CDP Equity in November 2019 and March 2021.
As a result of this transaction, the Permira Funds, including their co-investor, the Abu Dhabi Investment Authority, will own a controlling stake in Kedrion, which will acquire BPL. FSI is realizing its initial investment in Kedrion while, together with the Marcucci family, is re-investing and taking a significant minority interest in the new group.
The combined business generates in excess of 1.1€ bn in annual revenues and employs almost 4,000 people worldwide. The new enterprise will represent a top five global player in this attractive, long term growth industry, with significant value creation opportunities.
FSI, in partnership with the Permira Funds and the Marcucci Family, intends to support the combined company to grow organically through internationalisation of its existing portfolio and new product development, as well as pursuing inorganic growth opportunities to become a diversified and specialist rare disease platform.
In 2021, Kedrion identified the acquisition of BPL as a unique opportunity to scale up the business. On top of the significant fit and synergies between Kedrion and BPL, FSI believes that Kedrion has a significant untapped growth potential globally and will continue to support the Company.
Maurizio Tamagnini, FSI CEO, commented: “I met the Marcucci family in 2012, when Kedrion had a turnover of roughly 250€ mln, mainly from Italian sales and operations. In ten years, the company quadrupled its size, with more than 78% of the revenues abroad and a significant presence in the United States. This investment validates the FSI role as a key partner for dynamic family entrepreneurs willing to open up their capital to fuel transformational growth. With this objective in mind, FSI has decided to re-invest in the new Kedrion-BPL combination to support the group in its next phase of development”.
Barnaba Ravanne, FSI CIO, added: “We made our investment in Kedrion right before the pandemic, and this monetization is the result of a value creation plan led by our partner the Marcucci Family, and culminating in the transformational acquisition of BPL. Our significant new investment, alongside Permira, finds its strategic rationale in the combination of the two companies to create a new global player, providing the foundation for a new growth path of a high-quality Italian company”.
Lazard acted as financial advisor to the selling shareholders.
About FSI SGR S.p.A.
FSI is an independent management company managing “FSI I”, an Italian Growth Private Equity Fund with capital commitments of ca. €1.4 bln. It is backed by leading institutional Italian and international investors, including the European Investment Fund (EIF) through the European Investment Bank (EIB), sovereign wealth funds of Middle East, Far East and Central Asia, asset managers, European insurance companies, banks and family offices of large industrial groups.
FSI I targets investments in Partnership with Families and Corporates in mid-market Italian companies with development potential through a differentiated investment formula. The FSI investment formula is based on a moderate recourse to leverage and targets the objective of creating value through organic growth and acquisitions, sector consolidation and succession management. FSI pursues both minority investments with active governance rights and majority investments.
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