LaborMed also has its own distribution arm, through which it sells direct to more than 80% of the country’s pharmacies and wholesalers. The company expects to report sales of €29m for 2007 and employs about 500 people.
Advent is bringing in a new senior management team to the company to replace the retiring founders and managers. The team, all of who worked with Advent at Terapia and are co-investing in LaborMed alongside Advent, comprises Stephen Stead, CEO; Adi Stroilescu, business development; and Mircea Ilie, CFO.
Stephen Stead recently left his position as CEO of Poland’s largest independent manufacturer, Polpharma, to lead the buy-in team at LaborMed. Advent and the buy-in team intend to build LaborMed through organic growth and through the acquisition of companies with specialist, complementary drug portfolios, as part of the industry’s consolidation. The finance and marketing functions will be strengthened.
Advisers to Advent were CMS Cameron McKenna (legal), Ernst & Young (financial and tax), Marsh (insurance) and WS Atkins (environmental). The vendors were advised by Raiffeisen Investment (M&A advisers) and Popovici Nitu & Asociatii (legal). Debt for the deal was supplied by