Recordati announces that it has acquired 100% of the share capital of Italchimici SpA, an Italian pharmaceutical company with operational headquarters in Milan and registered office in Pomezia, from Progressio SGR, as manager of the Progressio Investimenti II fund, IDeA Capital Funds SGR, as manager of the Fund IDeA Energy Efficiency and Sustainable Development and by the managers of the company itself. The transaction, whose enterprise value is approximately €130 million, will be entirely financed with available liquidity.
The signing and closing of the transaction took place simultaneously. Italchimici, with over 40 years of history and a turnover of 2015 million in 46, is a consolidated reality in the Italian pharmaceutical market with established pharmaceutical products. The company offers therapeutic solutions mainly in the areas of gastroenterology and respiratory diseases, both drugs and food supplements and medical devices that can improve people's well-being and health. In the broad product portfolio, the main brands in the gastroenterological field are Reuflor, Peridon and Lacdigest, while the largest in the respiratory area is Aircort.
“The acquisition of Italchimici represents an excellent opportunity to accelerate the growth of the group, and in particular in the Italian market, with an interesting portfolio of established products with important market shares” declared Giovanni Recordati, Chairman and Chief Executive Officer. “We are developing a growing presence in the gastroenterology area and the consolidated Italchimici brands,
highly appreciated in the medical health sector, they represent a valid complement to our portfolio.”
Philip Gaggini, CEO of Progressio, said: “We have completed thanks to extraordinary managers, such as Riccardo Zagaria (CEO), Emanuele Loiacono (Commercial Director), Barbara Mazza (Strategic Marketing Director) and Riccardo Baraldi (CFO), a operation of great interest in the pharmaceutical world. Once again we have demonstrated how important it is in managing a fund to identify, with the support of quality managers, companies with solid fundamentals and great development potential".
Sergio Buonanno, head of the IDeA Efficienza Energetica e Sviluppo Sostenibile fund, said: “We are delighted to have contributed to a successful operation like this, carried out with leading partners, which has laid the foundations for the further development of a beautiful and solid company like Italchimici”.
