LBO Italia sells Corvette Pharmaceutical to fellow pharma company for €120m


downloadPrivate equity firm LBO Italia Investimenti has sold Corvette Pharmaceutical Services Group to strategic partner Recipharm.

The transaction values Corvette at an enterprise value of €120m, with an estimated net debt of €20m.

Recipharm is buying €100m worth of equity using 50 per cent cash and the rest via a convertible bond.

LBO Italia originally invested in Corvette in 2009. Since then its revenues have grow to net sales of €57.7m last year, with an EBITDA of €15m.

The deal is expected to close on October 1 this year.

LBO Italia invests in mid-market companies in Italy. Its sole shareholder is Europe Capital Partners V.

Other investments in LBO Italia’s portfolio includes Doctor Dentist and waste management business Gruppo Geotea.

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