30 - 07 - 2015

Progressio and Idea Capital Funds acquire 100% of Italchimici in management buy-in deal

Press Release

Rome, Italy, July 30, 2015Effective from today, Thursday July 30, 2015, Reuflor, a natural probiotic dietary supplement which is the leading product in its class for gastrointestinal ailments in children, Aircort, a medicine indicated for the treatment of respiratory diseases (asthma, bronchitis and respiratory tract inflammation), and Peridon, a historical medicine indicated to relieve nausea and vomiting, have new owners.

ITALCHIMICI, a company marketing ethical drugs and dietary supplements for respiratory diseases, gastrointestinal ailments and medicines for children, is now owned by two investment funds. The management team holds minority interests.

The deal was promoted by the manager Riccardo Zagaria (with a past international career at Sanofi, Nycomed and Zambon) and carried out together with the Progressio Investimenti II fund, an independent private equity firm investing in companies with high-growth potential in the manufacturing and services industries.

Progressio now holds a 71.9% stake while IDEA CAPITAL FUNDS, involved in the deal by Progressio, acquired a 26.8% stake in the company. IDEA CAPITAL FUNDS is a leading Italian independent asset manager with over €2.1 billion assets under management, investing domestically and internationally.

Italchimici S.p.a. reported €49 million sales in 2014 and will now have a new management team with Riccardo Zagaria as CEO and other members including Emanuele Loiacono (with a past career at companies such as Sanofi, Warner Lambert, Parke Davis and Chiesi) serving as Director of Commercial Operations, while Roberto Rettani (with a past career at Bracco, Zambon, Antibioticos and Montedison), recently elected Chairman of Fiera Milano Spa, will serve as Chairman of the new company. The managers will hold in aggregate a 1.3% stake in the company.

The deal entails the acquisition of commercial operations for selling and marketing medicines and dietary supplements, of all intellectual property rights (brands, licenses, marketing authorizations, drug applications) currently owned by Italchimici S.p.A., while the plant in Pomezia managed by the historical shareholders will continue to produce medicines now in the new legal entity’s portfolio as well as on third-party contracts.

“Can the belief that ‘a company must have a soul’ be the actual driver to compete with Big Pharma? Absolutely. We are convinced of that and we will work hard to grow Italchimici, a company that has always been focused on creating value for the community, starting from the relationship with all our stakeholders and with the best interests of patients at heart. At this juncture let me thank the people who have run Italchimici to this day making it an established player in the Italian pharmaceutical market. Today marks the completion of the first leg of our journey, but we are already working on the launch of new nutraceuticals and, together with our shareholders, on identifying new opportunities in the pharmaceutical markets to enhance the position of our company” explained Riccardo Zagaria, the new CEO of Italchimici S.p.a.

“The investment in Italchimici best exemplifies the investment strategy of the Progressio II fund: an investment in an Italian company in an industry featuring the best talents of our country, with a manager originating the deal and directly investing in the company together with a management team of great experience, the potential for organic and inorganic growth starting from an existing portfolio made up of established brands and a notable market share” pointed out Filippo Gaggini, CEO, Progressio Investimenti II fund.

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