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Charterhouse X makes debut investment

The fund is acquiring French pharmaceutical company Cooper from Caravelle.

Charterhouse Capital Partners X, the pan-European firm’s latest fund, has made its first investment by acquiring French pharmaceutical company Cooper, it is understood.

The company is being acquired from French investment company Caravelle.

Charterhouse has told investors that it plans to continue to support the organic growth of the company and sees an opportunity to expand it in France and in other European markets, it is understood.

The company manufactures raw materials for pharmacies, as well as over the counter products such as antiseptics and analgesics, medical devices including thermometers and pill boxes, and orthopaedic products, according to its website. It has about 4,000 products and supplies 20,000 pharmacies in France and distributes to hospitals. It also exports to 30 countries.

Cooper is valued at around €700 million, according to reports.

Charterhouse X reached its first close on €1.5 billion in September, as reported by Private Equity International. It officially started marketing in January and is seeking €3 billion.

The firm’s previous healthcare transaction was its 2013 investment in Italian generic pharmaceutical company Doc Generici through its ninth fund, it is understood.

Charterhouse IX is a €4 billion, 2008-vintage vehicle that had returned all its committed capital to investors as of 30 June, as previously reported by PEI. That fund’s first five exits generated a realised return of more than 3x.

Charterhouse declined to comment while a spokesperson for Caravelle could not be reached.