FSI INVESTS IN KEDRION
Milan, 17 October 2019 – FSI in partnership with the Marcucci Family signs a binding agreement for the acquisition of a 20% interest in Kedrion.
FSI will invest Euro 150 million through the combination of a capital increase and the purchase of shares from the Marcucci Family. Thanks to the FSI investment, Kedrion will pursue further international growth. In the 2012-2018 period, Kedrion’s revenues grew at a CAGR of more than 10%.
At closing, Kedrion will be owned 54% by the Marcucci Family, 20% by FSI and 25% by CDP Equity. The closing of the transaction is subject to customary antitrust clearance.
Kedrion is a global leader in the plasma-derivatives market. Over the last decade, Kedrion has grown internationally to become the fifth player worldwide in an industry that has experienced consistent growth. Kedrion’s headquarters are in Castelvecchio Pascoli (Tuscany – Italy). The company operates through its 4 manufacturing sites and 26 plasma collection centers, and has over 2,500 employees. In 2018, Kedrion recorded a turnover of Euro 687.9 million, with 41.0% of total revenues generated in the United States, 36.2% in Europe and 22.8% in rest of the world.
In 2018 the plasma-derivatives market was estimated to be at around $21 billion. In the 2018-2023 period, the market is expected to grow at a 7% annual growth rate, driven by the rising of geriatric population, the growing use of immunoglobulins and the growth of the genetic research.
The investment in Kedrion is the fifth transaction completed by FSI since start of operations in July 2017.
FSI has been advised by Rothschild as financial advisor and Studio Gattai, Minoli, Agostinelli & Partners as legal counsel.
FSI manages FSI I, a growth capital investment fund with Euro 1,4 billion commitments, backed by leading institutional Italian and international investors, including sovereign wealth funds of Middle East, Far East and Central Asia, asset managers, European insurance companies and banks, bank foundations and family offices of large industrial groups.
The FSI investment formula is focused on partnership investments alongside entrepreneurs and families belonging to the Italian excellence and is based on a patient approach and moderate recourse to leverage. FSI 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.
The European Investment Fund (EIF) acted as cornerstone investor committing to the Fund through the European Investment Bank (EIB) with a guarantee from the European Union under the European Fund for Strategic Investments (EFSI).