M&A Deal Summary

Allergan Acquires Warner Chilcott

On May 20, 2013, Allergan acquired life science company Warner Chilcott from CCMP Capital, Thomas H. Lee Partners, aPriori Capital Partners and Bain Capital Private Equity for 8.5B USD

Acquisition Highlights
  • This is Allergan’s 7th transaction in the Life Science sector.
  • This is Allergan’s 3rd largest (disclosed) transaction.
  • This is Allergan’s 1st transaction in Ireland.

M&A Deal Summary
Date 2013-05-20
Target Warner Chilcott
Sector Life Science
Buyer(s) Allergan
Sellers(s) CCMP Capital
Thomas H. Lee Partners
aPriori Capital Partners
Bain Capital Private Equity
Deal Type Add-on Acquisition
Deal Value 8.5B USD
Advisor(s) Deutsche Bank Corporate & Investment Banking (Financial)
Davis Polk & Wardwell
Arthur Cox & Co. (Legal)

Target

Warner Chilcott

Ardee, Ireland
Warner Chilcott is a global specialty pharmaceutical company currently focused on the gastroenterology, women's healthcare, dermatology and urology segments of the North American and Western European pharmaceuticals markets.

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Buyer(S) 1

Buyer

Allergan

Parsippany, New Jersey, United States
Category Company
Founded 1956
Sector Life Science
Employees31,200
Revenue 15.8B USD (2018)
DESCRIPTION

Allergan is an integrated specialty pharmaceutical company focused on developing, manufacturing and distributing generic, brand and biosimilar products. The Company was originally established in 1956 and is based in Parsippany, New Jersey.

DEAL STATS #
Overall 11 of 38
Sector (Life Science) 7 of 23
Type (Add-on Acquisition) 10 of 31
Country (Ireland) 1 of 1
Year (2013) 1 of 3
Size (of disclosed) 3 of 25
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-10-29 The Rugby Group

California, United States

Rugby OTC consists of more than 250 SKUs of cough and cold, allergy, pain relief, nausea relief, nicotine gum, vitamin and nutritional supplement products which are sold through various healthcare outlets across the United States.

Sell $117M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-07-01 CCD - Early Development Division

United States

CCD’s Early Development Division, operating out of a state-of-the-art clinical research facility in Miramar, Florida, has significant expertise in complex Phase I - IIa studies and maintains a sizable database of well-characterized healthy volunteers and disease state special populations.

Buy -

Seller(S) 4

SELLER

CCMP Capital

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1984
PE ASSETS 18.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

CCMP Capital is a large private equity firm focused on buyout and growth equity valued up to $2 billion. Sectors of interest include consumer, retail, and services (specialty retail, direct marketing, consumer packaged goods); media/telecom (consumer and trade publishing, content and programming, broadcasting, cable, wireless and wire line communications ); industrial (chemicals, manufacturing, distribution, automotive); energy (exploration and production, power generation, renewable energy, services); and healthcare (services, pharmaceuticals, medical devices). The Firm's target investment size is $100 to $500 million. CCMP Capital Advisors was formed in 1984 and was spun off in 2006 from JP Morgan Chase. The Firm is based in New York City.

DEAL STATS #
Overall 59 of 78
Sector (Life Science) 1 of 2
Type (Add-on Acquisition) 18 of 22
Country (Ireland) 1 of 1
Year (2013) 1 of 4
Size (of disclosed) 1 of 30
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-05-05 Pure Gym

Leeds, United Kingdom

Pure Gym is a large fitness club operator in U.K. Pure Gym offers its members convenience with 24/7/365 access at a significant value compared to traditional operators. Pure Gym was founded in 2009 and is headquartered in Leeds, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-19 Edwards Group

Crawley, United Kingdom

Edwards is a leading supplier of integrated solutions for the manufacture of microelectronics devices, including semiconductors and flat panel displays. It is also a world leader in vacuum technology for industrial, scientific, process, and R&D applications. Edwards employs around 4,000 people globally, in the design, manufacture and support of high technology vacuum equipment.

Sell $1.6B
SELLER

Thomas H. Lee Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1974
PE ASSETS 35.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Thomas H. Lee Partners (THL) is a private equity firm that seeks buyout, expansion, consolidation, distressed, and recapitalization investments across various industries. Sectors of interest include business and information services, consumer products/retail, financial services, healthcare, industrial, and media/communications. THL looks to invest $100 to $400 million in companies valued up to $2.5 billion. THL was formed in 1974 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 24 of 54
Sector (Life Science) 1 of 3
Type (Add-on Acquisition) 8 of 18
Country (Ireland) 1 of 1
Year (2013) 2 of 3
Size (of disclosed) 1 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-05-09 CTI Foods

Wilder, Idaho, United States

CTI Foods is a provider of value-added, processed precooked, frozen and fresh food products to many of the country's leading quick service and casual dining restaurant chains. CTI Foods' major products include pre-cooked taco meat, steak and chicken fajita meat, soups and sauces, hamburger patties and dehydrated pinto beans. CTI Foods was founded in 2003 and is based in Wilder, Idaho.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-04 Phillips Pet Food & Supplies

Easton, Pennsylvania, United States

Phillips Pet Food & Supplies is a pet food distribution company. The company operates as a distributor of pet foods, grooming products, beds, treats, fleas and ticks, toys, and specialties in the United States. Phillips Pet Food & Supplies was formed in 1938 and is based in Easton, Pennsylvania.

Buy -
SELLER

aPriori Capital Partners

Investor Investor Investor

Category Private Equity Firm
Founded 1985
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

aPriori Capital Partners (formerly DLJ Merchant Banking Partners) is a middle-market private equity firm focused on middle-market buyouts in the US and Europe. Sectors of interest include healthcare, retail, consumer, energy, business services, and industrial. aPriori was originally established in 1985 and has offices in New York and Los Angeles.

DEAL STATS #
Overall 38 of 51
Sector (Life Science) 9 of 9
Type (Add-on Acquisition) 17 of 22
Country (Ireland) 1 of 1
Year (2013) 1 of 3
Size (of disclosed) 2 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-03 EverBank

Jacksonville, Florida, United States

EverBank provides full-service, nationwide banking and lending services to consumer, commercial and institutional clients through a variety of channels, including online, its Florida-based financial centers and at other business offices throughout the country. EverBank is based in Jacksonville, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-09 Neiman Marcus

Dallas, Texas, United States

Neiman Marcus is a specialty retailer with online and offline operations. The Company's retail stores segment consists primarily of Neiman Marcus, Bergdorf Goodman and Last Call stores. The Online segment conducts both catalog and online operations under the Neiman Marcus, Bergdorf Goodman and Horchow brand names. Neiman Marcus was originally established in 1907 and is headquartered Dallas, Texas.

Sell $6.0B
SELLER

Bain Capital Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1984
PE ASSETS 44.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Bain Capital Private Equity (BCPE), is the private equity investment arm of alternative asset management firm, Bain Capital. BCPE targets leveraged buyout and growth capital transactions in a wide variety of industries including information technology, communications, media, healthcare, industrial/manufacturing, retail/consumer, and financial services. Bain Capital is based in Boston with additional offices in New York, London, Mumbai, Hong Kong, Shanghai, Tokyo, and Munich.

DEAL STATS #
Overall 48 of 147
Sector (Life Science) 2 of 6
Type (Add-on Acquisition) 12 of 40
Country (Ireland) 1 of 1
Year (2013) 4 of 11
Size (of disclosed) 3 of 44
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-05-13 FTE Automotive

Ebern, Germany

FTE automotive, headquartered in Germany, is a producer of clutch and gear actuators. Its product portfolio and customer base are highly complementary to Valeo’s. The company has 3,700 employees and a diversified industrial footprint in eight countries, including Germany, the Czech Republic, Slovakia, Mexico and China.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-05-22 BRP

Valcourt, Quebec, Canada

BRP is a global designer, developer, manufacturer, distributor and marketer of powersports vehicles. Its portfolio of brands and products includes Ski-Doo and Lynx snowmobiles, Sea-Doo watercraft, Can-Am all-terrain and side-by-side vehicles, Spyder roadsters, Evinrude outboard engines, as well as Rotax propulsion systems. BRP was incorporated in 1937 and is based in Valcourt, Canada.

Sell -
Mergr

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