The transaction is subject to regulatory review and anticipated to close before the end of 2019.
| NEW YORK and STOCKHOLM, June 25, 2019 /PRNewswire/ -- Avista Capital Partners (“Avista”), a leading private equity firm focused on growth-oriented healthcare businesses, today announced that Karo Pharma AB (publ) (the “Company” or “Karo Pharma”), a specialty pharma company, has acquired all the shares of Trimb Holding AB (“Trimb”) for approximately $366 million (USD). The transaction is subject to regulatory review and anticipated to close before the end of 2019. Founded in 2012, Trimb is a leading consumer healthcare company based in Stockholm with approximately 90 employees. Trimb owns licenses to, markets and sells a large number of over-the-counter pharmaceuticals and consumer healthcare products. Trimb has a portfolio of leading brands focused on skin care, foot care, oral care and intimate health categories. Over the last five years, under Avista’s ownership, Trimb has completed several strategic acquisitions and executed a number of organic growth initiatives.[1] Thompson Dean, Co-CEO and Co-Managing Partner of Avista Capital Partners, said: “We congratulate and thank the entire Trimb team for a successful partnership. We are proud of the growth that the Company has achieved since our investment in 2015 and wish Trimb continued success.” Christoffer Lorenzen, Karo Pharma’s newly appointed CEO as of July 1, 2019, said: “Trimb is a distinguished company within the over-the-counter pharmaceuticals and consumer healthcare segment. Over the past several years, in partnership with Avista, the Company has successfully built a Nordic business and a growing presence in Northern Europe. Trimb complements Karo Pharma well, both in terms of geographical presence, distribution channels and product offerings. We look forward to continuing this journey as a combined company.” Magnus Nylén, CEO of Trimb, added: “Trimb has become a leading consumer healthcare company in Northern Europe, and we are proud of the growth we have achieved since our founding. We have had a strong partnership with Avista, as they shared and supported our vision. We look forward to continuing our successful growth journey in partnership with Karo Pharma.” Advisors SEB Corporate Finance and White & Case acted as advisors to Karo Pharma. Rothschild & Co and Ropes & Gray acted as advisors to Avista Capital Partners and other shareholders. Contacts For Avista Capital Partners: About Avista Capital Partners Founded in 2005, Avista is a leading New York-based private equity firm with over $6 billion invested in more than 30 growth-oriented healthcare businesses. Avista targets businesses with strong management teams, stable cash flows and robust growth prospects and utilizes a proactive, hands-on approach to create value in its portfolio companies. Avista’s Operating Executives and Advisors are an integral part of the team, providing strategic insight, operational oversight and senior counsel, that help drive growth and performance to create long-term value and sustainable businesses. For more information, visit www.avistacap.com. About Trimb Trimb is a leading consumer healthcare company based in Stockholm, Sweden. The company’s experience and competencies span across all regulatory classes and most therapy fields relevant to consumer healthcare. Trimb’s products are sold in more than 60 countries around the world. About Karo Pharma Karo Pharma is a specialty pharma company, which develops and markets products for pharmacies as well as directly to the healthcare sector. Karo Pharma is listed on Nasdaq Stockholm Mid Cap. ——————————————————— This is information that Karo Pharma AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 01.30 CET on 21 June, 2019. ——————————————————— [1] Acquisitions and strategic initiatives include, inter alia, the acquisition of BioClin B.V. in December 2018, the acquisition of a product portfolio from CCS Skincare Brands AB in January 2019, a collaboration and license agreement with Teva in February 2019 as well as strategic initiatives such as change of contract manufacturer.
SOURCE Avista Capital Partners | ||
Company Codes: Stockholm:KARO |
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