Carlyle exits Japan’s Qualicaps to Mitsubishi Chemical
The Carlyle Group has exited its holding in Qualicaps, a supplier of pharma-grade capsules, to Mitsubishi Chemical Holdings for JPY55.8billion ($639 million).
The transaction, which is subject to regulatory approvals, is expected to close by March.
Qualicaps manufactures and markets hard gelatin capsules and non-gelatin cellulose-based capsules under the brand name Quali-V, the world's first pharmaceutical grade, animal origin free capsule. The company is the largest provider of pharmaceutical capsules in Japan and is the second largest provider in the global high-quality capsule market.
The global capsule market is estimated to be worth around $1.1 billion with a stable single-digit growth in recent years. Qualicaps has a 20% market share of the pharma-grade capsules segment, which accounts for the majority of the overall market.
Formerly known as Shionogi Qualicaps, the company was acquired by Carlyle from Shionogi & Co. in October 2005 for an undisclosed amount. The private equity firm focused on transforming the company's business by expanding manufacturing capabilities and putting in a global marketing strategy.
During Carlyle's ownership Qualicaps has increased its revenue and EBITDA by 50% and 120%, respectively, thanks to the development of its Quali-V capsules plus expansion into new markets and product segments.
"Qualicaps is an excellent example of Carlyle's global value creation", said Takaomi Tomioka, managing director at the private equity firm, in a statement. "Mitsubishi Chemical is an excellent strategic partner for Qualicaps and this transaction is an exciting opportunity to ensure the business continues to maximize its full global potential, contributing to further globalization of the Japanese blue-chip company such as Mitsubishi Chemical."
Bernd Brust, CEO of Qualicaps, added that Carlyle's sector expertise and global platform have been invaluable to the company's growth. He expects Mitsubishi Chemical - which has its own healthcare business - to enable Qualicaps to further expand its footprint.
More on Exits
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.