"Renaissance is excited by the opportunity to further invest in the continued growth and success of DPT," said Pierre Frechette, president and CEO of Renaissance. "We are committed to supporting DPT's leading market position in semi-solid contract manufacturing and development as well as their emerging business in sterile manufacturing and specialty products."
Paul Dorman, chairman and CEO of DPT's parent company, DFB Pharmaceuticals, added "RoundTable's depth of experience gave us confidence to work exclusively with them to execute on the strategic plan that will drive accelerated growth at DPT."
The existing DPT management team will continue to run day-to-day operations at DPT while assuming additional responsibilities within Renaissance.
To finance the acquisition of DPT and further growth opportunities, RoundTable facilitated the successful completion of new senior credit facilities and a private placement of senior subordinated notes. DPT's senior subordinated notes were acquired by RoundTable Capital Partners II, RoundTable's second captive subordinated debt fund—which makes fixed rate subordinated debt investments alongside the equity investments of RoundTable's equity funds.
Current shareholders of DPT will also maintain a meaningful equity stake in the combined business. Shareholders of DPT acquired a portion of the senior subordinated notes.
"Renaissance's acquisition of DPT is an important milestone in RoundTable's strategy to build new pharmaceutical platforms," said Lester B. Knight, chairman of Renaissance and founding partner and co-chairman of RoundTable. "We continue to be enthusiastic about the opportunities in this important market and look forward to partnering with the DPT management team to build on their success and accelerate the growth of their business."
