International pharmaceutical group Recordati has acquired 100% stake in Italian pharmaceutical company Italchimici for €130m.
Recordati has made the acquisition from Progressio SGR, manager of the fund Progressio Investimenti II, IDeA Capital Funds SGR, manager of the fund Fondo IDeA Efficienza Energetica e Sviluppo Sostenibile, and from managers of Italchimici itself.
Recordati chairman and chief executive officer Giovanni Recordati said: "The acquisition of Italchimici represents an excellent opportunity to accelerate growth within the group, and in particular the Italian market, with an interesting portfolio of well-known products that have significant market shares.
"We are developing a growing presence within the area of gastroenterology and the consolidated Italchimici brands, much appreciated by the medical community, represent a valid complement to our current portfolio."
The €130m transaction value will be funded by Recordati from existing liquidity.
Progressio chief executive officer Filippo Gaggini said: "Thanks to extraordinary managers such as Riccardo Zagaria (CEO), Emanuele Loiacono (Commercial Director), Barbara Mazza (Strategic Marketing Director) and Riccardo Baraldi (CFO), we have been able to complete a very interesting transaction in the pharmaceutical sector.
"Once again we have shown how important it is in the management of a fund to be able to identify, with the support of quality managers, companies with solid fundamentals and development potential."
Headquartered in Milan, Italchimici enjoyed revenues of €46m last year.
The Italian pharmaceutical company provides therapeutical solutions, which comprise pharmaceutical products and food supplements, as well as medical devices primarily for gastroenterological and respiratory problems.