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CBPE Capital makes 3.25x on Rosemont exit

11 Feb 2013

sale5_lrgMid-market private equity firm CBPE Capital has sold biotech group Rosemont Pharmaceuticals to NASDAQ listed $10bn giant Perrigo.

CBPE bought Rosemont – which makes oral liquid medicines for patients having difficulty swallowing tablets and capsules – for £93m in August 2006.

The consideration received for the business was a 3.25 times return on CBPE’s initial equity investment of £52m. According to a source close to the deal, while the investment size was not disclosed, the deal was in excess of £180m.

Rosemont’s customer base includes hospitals, wholesalers and retail pharmacies.

During its ownership, CBPE made a £6m investment in Rosemont’s Leeds manufacturing facility to expand capacity and doubled its research and development and regulatory affairs personnel to 35.

Since the original investment, Rosemont’s product portfolio has increased to 94 from 58, while its EBITDA more than doubled to £19.2m last year from £9m in 2006.

“We are very pleased with the significant progress Rosemont has made, which illustrates the strength of our investment strategy and the long term approach we take to our portfolio companies, supporting management to build a truly world class business,” said CBPE partner Sean Dinnen, who led the original investment in Rosemont and sat on its board.

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