British investment firm the Business Growth Fund has invested £2m in specialist pharmaceutical company Abbey Pharma.
Kent-based Abbey was established in 2009 and manufactures, distributes and sells prescription and over-the-counter products.
Its focus includes therapeutic treatments including in the ophthalmology, oncology and gastrointestinal areas.
BGF will take a minority stake in the company as part of the deal, and the investment will be used to fund Abbey’s buy-and-build strategy.
Investment director James Austin said, “In Abbey Pharma we are backing a first class team in a rapidly expanding business with a strong platform for acquisitive growth.
“Their progress to date has been impressive, both in delivering on the existing portfolio to drive revenues and also in sourcing and completing acquisitions to expand their reach.”
Other investors in Abbey include NatWest, which has supported the pharmaceutical with senior debt funding, which allowed the business to buy Peckforton Pharmaceuticals.
Abbey said the combined business will have revenues around £8m.
BGF is an independent company that has been established to invest up to £10m in Britain’s growing businesses with a turnover between £5m and £100m.
It is backed by five banks with a UK presence including HSBC, Lloyds, RBS, and Standard Chartered.
Last month BGF invested £5m to help packaging manufacturer Plastique expand its facilities.
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