ABN Amro backs Labiana MBO

The E30m buyout of the pharmaceutical services business from 3i is ABN Amro’s third Spanish deal and marks the first secondary buyout completed in Spain.

ABN Amro Capital, the private equity unit of Dutch bank ABN Amro, has completed its third Spanish deal since setting up in the country two years ago, acquiring pharmaceutical services business Labiana Group in a E30m deal.

The deal, the first secondary buyout in Spain, sees ABN Amro acquire the business as part of a management buyout alongside Carlos Sánchez Cañadell, general manager of the company. The business was acquired by 3i as part of an MBO led by Sanchez Cañadell and German director Eberhard Friedrich Albrecht, of Labania, the former animal health subsidiary of BASF of Germany. 3i held 49 per cent of the business.

As part of the company’s new structure, Cañadell will own 33 per cent of Labiana Group following the acquisition, with ABN Amro holding the remainder. Financing for the transaction was provided by Rabobank and M&A advisory services by Alta Partners.

The investment is ABN AMRO Capital’s third in Spain since it established operations there in 2001. At the end of 2001, the firm made a E56m investment in cleaning services group UNICA. Earlier this year, the firm backed a E25m MBO of plastic container manufacturer Silita in March.