Recipharm, a Sweden-based contract development and manufacturing organization, has signed an agreement to acquire Milan-based Corvette Pharmaceutical Services Group from Italian private equity group LBO Italia Investimenti.
Corvette had 2013 revenue and EBITDA of $76.6 million and $20 million, respectively. The transaction values Corvette at $159.4 million with estimated net debt of $26.6 million.
Thomas Eldered, Recipharm CEO, said, “We will be gaining access to a first-class and largely new customer base, as well as new capabilities and capacities that will add to our technology base. Italy is an extremely interesting market made up of many small and mid-sized companies, where Recipharm currently has little presence.”
The transaction is expected to close Oct. 1.