Ampersand partners with Permira and ADIA to combine BPL and Kedrion | Ampersand Capital

Ampersand partners with Permira and ADIA to combine BPL and Kedrion


Ampersand partners with Permira and ADIA to combine BPL and Kedrion

  • Kedrion Biopharma ("Kedrion") and Bio Products Laboratory ("BPL") are two leading bio pharmaceutical companies that develop, manufacture and commercialize therapeutic products from blood plasma
  • The Permira Funds have partnered with the Marcucci family to combine two highly complementary companies, BPL and Kedrion, creating an industry leader in plasma derivatives and rare disease medicines
  • Ugo Di Francesco, currently CEO of Chiesi Group, has been appointed the new CEO of the combined company, effective January 2023
  • Co-founder Paolo Marcucci will remain as Chairman after the arrival of the new CEO
  • The combined company, which generates over €1.1B in global revenue, 87% of which comes from outside its Italian and UK home markets, will be headquartered in Italy

LUCCA, Italy, Sept. 1, 2022 /PRNewswire/ -- Permira, the global private equity firm, today announced that funds advised by Permira, in partnership with the Marcucci family and supported by their co-investors, a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and Ampersand Capital Partners, have completed the joint acquisition and combination of Kedrion and BPL, alongside Kedrion's existing shareholders, including FSI and CDP Equity and other minority investors.

The combination of BPL and Kedrion creates a global player for medicinal products derived from human blood plasma, which treat patients with rare and life-threatening conditions. Ugo Di Francesco, currently CEO of Chiesi Group, has been appointed the new CEO of the combined company, effective January 2023. Paolo Marcucci, co-founder of Kedrion, will continue as the combined company's Chairman and CEO until Ugo Di Francesco joins the business, and thereafter as non-executive Chairman.

Kedrion, headquartered in Tuscany, Italy, has deep Italian heritage and brings an extensive portfolio of 21 products and over 600 marketing authorizations around the world. Kedrion was established by the Marcucci family in 2001 but has roots in the Italian pharmaceutical industry dating back to the 1950s. BPL, headquartered in Elstree, UK, operates a targeted portfolio of successful rare disease products and is one of the fastest growing players in the plasma industry over the past five years.

The business will have a combined US plasma collection footprint of close to 75 centres, with a portfolio of 37 life-saving products reaching over 100 countries. The business is expected to generate 60% of revenue in the US market with 10 marketed products, building on its strong established positions in Italy and the UK. The company is also establishing a presence in the Chinese market through its recent distribution agreement for Albuminex.

Ugo Di Francesco has been appointed the new CEO of the combined company, effective January 2023. Mr Di Francesco has been CEO of Chiesi Group, a global pharmaceutical company, for over a decade. During this time, he has overseen a period of significant growth for the company, with sales more than doubling from €1.2bn to over €2.5bn. Ugo has over 30 years' experience in the pharmaceutical industry, having previously worked at several leading players, including Sigma-Tau, Amgen Corp., Novartis and Bristol Myers Squibb.

The Permira funds, in partnership with the Marcucci family, will support the combined company's growth and the acceleration of new product development. FSI and CDP Equity will reinvest alongside Permira and the Marcucci family.

Silvia Oteri, Partner and Global Head of Healthcare at Permira, said: "We're delighted to complete this transaction and now look forward to partnering with the Marcucci family, Ugo and the management teams of Kedrion and BPL to continue developing a combined business serving a global market. Ugo is an outstanding leader with a proven track record of growing global pharmaceutical businesses."

Paolo Marcucci, Chairman and Chief Executive Officer of Kedrion, added: "This partnership with Permira has made it possible to make an exciting step forward in the history of Kedrion, allowing us to create a global player in the plasma derivatives sector that can successfully compete in a growing market that is increasingly critical in global healthcare. We are proud and grateful for Permira's support to integrate with BPL and thus significantly increase the global reach and competitiveness of the combined company. To help achieve our goals and ambitions, I am very pleased that Ugo Di Francesco will be on our side as CEO from January next year. His experience and deep knowledge of the pharma sector, together with his leadership qualities and personal attitude, make him the perfect fit for the combined company to meet future challenges and lead the next stages of growth."

Ugo Di Francesco, incoming CEO of Kedrion, commented: "Together, Kedrion and BPL will be able to deliver best-in-class patient care and responsible donor engagement and I look forward to driving the growth of the business from next year. I'd like to thank Paolo, the Marcucci family and Permira for their trust and I know that I can rely on the support of the combined team as we continue to serve patients in need around the world."

The Permira Funds were advised by Morgan Stanley, EY, Latham & Watkins, Alvarez & Marsal, Giliberti, Triscornia e Associati and Maisto e Associati. Kedrion shareholders were advised by Lazard, Natixis, Carnelutti and Pedersoli, whilst the Marcucci family was advised by Terzi&Partners and Carnelutti. BofA Securities and Goodwin Procter served as advisors to BPL and BPL's sole shareholder, TII.