Renaissance and Aurora buy 50% of Genetic
The Cvc fund exits, while the Pavese family reinvests. 680 million transaction
3' min read
3' min read
Renaissance Partners and Aurora Growth Capital entered Genetic's capital, while former shareholder Cvc Strategic Opportunities exited.
In detail, the transaction involves the exit and reinvestment of the Pavese family (founder and CEO Rocco, his brother Francesco and Francesca Pavese, the founder's daughter) alongside Renaissance and Aurora in a partnership where the Pavese family will have 50 per cent and the investors the remaining 50 per cent. Within this latter share, Renaissance will have 70 per cent and Aurora 30 per cent.
The transaction, already anticipated by Il Sole 24 Ore on 12 March, came at the end of a competitive process that ultimately saw three private equity groups in the running: that is, Bc Partners, Charterhouse Capital and, indeed, Renaissance (together with Aurora), which ultimately prevailed.
According to rumours, the valuation would be EUR 680 million, or 12-13 times Ebitda.
Based in Campania, in Fisciano, in the province of Salerno, Italy, Genetic is an integrated pharmaceutical company specialising in the research, development and production of respiratory and ophthalmic products that reach over 40 international markets and almost 5 million patients worldwide.
