Mandarin acquires Italian pharmaceuticals maker

The firm is investing from its second fund, which closed earlier this year at just under EUR200 million. According to a statement, Mandarin expects to invest more in the future to support Mipharm's acquisition activity. Additional investors in the deal included Cassiopea Partners, Euteam and a number of Mipharm managers.

The deal is aimed at supporting international growth by leveraging Mandarin's network and business development channels in European and Asian markets. The company's current CEO, Pierangelo Costa, will continue to manage operations.

Founded in 1998 as a spin-out of Swiss pharmaceuticals giant Novartis, Mipharm offers third-party manufacturing and product development services to about 45 clients across 30 countries. The company posted sales of about EUR37.9 million in 2015, with 65% of revenue generated from exports.

Fund II has invested in six companies so far, all Italian. This activity also includes a EUR18 million commitment in machine parts producer Marval and the EUR75 million acquisition of waste treatment company Ladurner alongside Chinese construction machinery manufacturer Zoomlion Heavy Industry Science & Technology.

Mandarin operates out of offices in Shanghai, Milan and Frankfurt, and typically makes investments of EUR20-50 million in mid-market European companies with a view to assisting expansion into China. Its first fund invested in 10 companies, of which nine were European and one was Chinese.

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• Topics
• Greater China
• Europe
• Healthcare
• Buyouts
• Expansion
• China
• Mandarin Capital Partners
• Pharmaceuticals
• Growth capital