Nordic completes Nycomed exit

CSFB’s private equity division has acquired Nordic Capital’s Danish pharmaceutical business in one of Europe’s largest secondary transactions.

CSFB Private Equity, one of the largest managers of alternative assets in the world with $26bn under management, has led the acquisition of Danish pharmaceuticals business Nycomed from Nordic Capital, the Scandinavian buyout house.

 

The financial details of the transaction have not been disclosed, although analysts have priced the deal for Nycomed, which reported turnover last year of E509m, at about E1bn. Nordic Capital partner Toni Weitzberg said the return on the investment was ‘in line with expectations’.

 

CSFB Private Equity has teamed up with Blackstone Capital Partners and NIB Capital Private Equity to complete the deal. Nordic bought a majority stake in Nycomed from UK healthcare company Amersham in May 1999, acquiring the remainder of the business in August 2001. The total deal value was E650m.

 

Since then, Nycomed has reported revenue growth of over 15 per cent annually and EBITDA growth from underlying operations of over 25 per cent per annum. The company has 36 sales offices in 15 European markets including the CIS with manufacturing facilities in Norway, Denmark, Austria, Belgium and Estonia. It is headquartered in Roskilde, Denmark.

 

Europe’s biggest secondary deal to date was the £2bn Cinven-backed acquisition of Nomura’s Unique and Voyager pub chains in March. In July PAI Management paid E1.5bn textile rental company Elis from BC Partners.

 

Goldman Sachs advised Nordic during the transaction. Credit Suisse First Boston advised CSFB Private Equity.