Charterhouse sells Italian pharma company to CVC

The deal is understood to be in the range of €650 to €700 million and is slated to close in mid-2016.

Charterhouse Capital Partners has agreed the sale of Italy’s largest independent pharmaceutical company to CVC Capital Partners.

The deal is understood to be in the range of €650 to €700 million and is slated to close in mid-2016 subject to regulatory approval, according to industry sources.

Charterhouse acquired the business in May 2013 from its €4 billion 2009 vintage Charterhouse Capital Partners IX vehicle, and generated a 2.7 x multiple on invested capital (MOIC) from the exit, according to a source familiar with the situation.

DOC is the eighth exit from Charterhouse Capital Partners IX's portfolio of 13 investments. Prior to the DOC exit, the fund had delivered an average realised return of over 3x MOIC for investors.

As of December 2015, the fund's total gross performance stood at 1.9x MOIC, according to the source.

It is currently in market with Charterhouse Capital Partners X, targeting €3 billion. The fund held its first close last September on €1.5 billion, as reported by Private Equity International.

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