Riverside buys controlling stake in NZ animal drug delivery group

The deal values Simcro at less than NZ$150 million ($118 million), according to The Wall Street Journal, while New Zealand's TIN100 report estimated the company's 2012 revenue was NZ$21.4 million.

Simcro CEO Will Rouse and R&D Director Rod Walker will retain their roles and remain shareholders in the company.

Founded in 1993, Simcro services the growing demand from major international pharmaceutical companies, such as Novartis, Pfizer and Merial, for farm animal drug delivery.

"The animal health industry is growing thanks to expanding demand globally, increasing safety concerns, and the increasing emphasis placed on the role of health and hygiene on farms," said Simon Feiglin, a partner at Riverside.

Oceanic Capital Partners introduced Riverside to the deal, while Westpac Banking provided debt financing.

Riverside has over $3.5 billion in assets, with investments in more than 75 companies. Early this year, it has invested in Bohemia Interactive Simulation, an Australian company which provides military training simulation technology. It also owns Australian e-learning firm Learning Seat.

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• Topics
• Buyouts
• Australasia
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• New Zealand
• The Riverside Company
• buyout
• healthcare