Equistone to pick up Omnicare majority stake

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Equistone Partners Europe has agreed to buy German pharmaceutical wholesaler Omnicare.

The buyout major will acquire the stake from a consortium of shareholders which will retain a holding in the business following the sale.

The financial details of the deal were not disclosed, however Equistone typically invests €25m to €200m of equity in businesses valued between €50m and €500m.

The deal is expected to reach completion during the fourth quarter of this year.

Founded in 2002, Omnicare distributes pharmaceutical products to pharmacies serving oncological patients across Germany.

The company has generated around €670m of annual sales and is projected to achieve revenue growth of around 5 per cent.

Equistone partner Alexis Milkovic said, “Omnicare is a market leader with an experienced management team and excellent employees. These are strong foundations to help secure the company’s further development.

“As a new shareholder, Equistone will support Omnicare in strengthening and sustainably consolidating its market position.”

Earlier this year, Equistone bought a majority stake in waterproof and environmentally sealed electric components maker Bulgin in a £105m deal.

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