Going Private • Life Science

EQT, ADIA and CPP Investments Acquire Dechra Pharmaceuticals

On July 20, 2023, private equity firm EQT, sovereign wealth fund ADIA and pension CPP Investments acquired life science company Dechra Pharmaceuticals for 4.5B GBP

Acquisition Context
  • This is EQT’s 13th, ADIA’s 1st and CPP Investments’ 5th transaction in the Life Science sector.
  • This is EQT’s 4th, ADIA’s 3rd and CPP Investments’ 9th largest (disclosed) transaction.
  • This is EQT’s 16th, ADIA’s 2nd and CPP Investments’ 10th transaction in the United Kingdom.

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M&A Deal Summary

Date July 20, 2023
Target Dechra Pharmaceuticals
Sector Life Science
Buyer(s) EQT
ADIA
CPP Investments
Deal Type Going Private
Deal Value 4.5B GBP

Target Company

Dechra Pharmaceuticals

Northwich, United Kingdom
Dechra Pharmaceuticals is an international specialist in veterinary pharmaceuticals and related products business. Its expertise is in development, manufacturing, sales, and marketing of quality products exclusively for veterinarians worldwide. Dechra Pharmaceuticals was founded in 1997 and is based in Northwich, United Kingdom.
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Buyers Overview 3

Buyer

EQT

Stockholm, Sweden

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1994
PE ASSETS 242.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

EQT is a global private equity group that purses a variety of investment strategies around the world. EQT is divided into several investment disciplines, including private capital, real assets, credit, and venture. The Firm's private capital group targets large, market-leading enterprises (investment size of €125 to €1.5 billion) across Europe and the US, as well as mid-market, growth companies (investment size of €40 to €125 million) across the US, Europe, China, and Southeast Asia. The Firm's real assets group seeks to identify control or co-control equity investments (investment size of €500 to €1 billion) in medium-sized infrastructure companies that provide an essential service to society, are recession resilient, and have secure cash flows. EQT's credit group provides flexible, long-term debt capital solutions to medium-sized European businesses, across a wide range of sectors. EQT was established in 1994 and is headquartered in Stockholm, Sweden.


Deal Context for Buyer #
Overall 285 of 320
Sector: Life Science 13 of 15
Type: Going Private 18 of 20
Country: United Kingdom 16 of 20
Year: 2023 7 of 13
Size (of disclosed) 4 of 45
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-28 Kodiak Gas

The Woodlands, Texas, United States

Kodiak is a contract compression company. Kodiak’s business model is built on compression and service contracts with fixed monthly fees and no volume-dependent components, bringing predictable and recurring revenues. Kodiak Gas was founded in 2011 and is based in The Woodlands, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-07 Schülke

Norderstedt, Germany

Schülke develops, produces, and distributes antiseptics for wound care, disinfectants, medical and cosmetic skin care products, and preservatives. The company offers its customers innovative products, technologies, and services in its core business fields: healthcare, industrial hygiene, and personal care. Schülke was formed in 1889 and is based in Norderstedt, Germany.

Sell -
Buyer

ADIA


Category Sovereign Wealth Fund
Founded 1976
PE ASSETS 875.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Abu Dhabi Investment Authority (ADIA) is a sovereign wealth fund that invests the Emirate of Abu Dhabi’s surplus revenues for long-term global value creation. Its investment mandate spans a highly diversified portfolio—including equities, fixed income, private equity, real estate, infrastructure, and financial alternatives—across all major regions worldwide. ADIA was established in 1976 and is headquartered in Abu Dhabi, United Arab Emirates.


Deal Context for Buyer #
Overall 14 of 17
Sector: Life Science 1 of 1
Type: Going Private 3 of 5
Country: United Kingdom 2 of 3
Year: 2023 2 of 2
Size (of disclosed) 3 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-14 Univar Solutions

Downers Grove, Illinois, United States

Univar Solutions is a global chemical and ingredient distributor and a provider of value-added services to customers across a wide range of industries. Univar Solutions was founded in 1924 and is based in Downers Grove, Illinois.

Buy $8.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-22 Galderma

Zug, Switzerland

Galderma is a global skincare company offering medical and consumer skin health solutions through three business units; aesthetics and prescription and consumer health. Galderma was founded in 1981 and is based in Zug, Switzerland.

Sell -
Buyer
DESCRIPTION

CPP Investments is a Canadian pension fund focused on a variety of investing strategies, including public equities, debt, and alternative investments. The Firm's private equity arm looks to acquire direct stakes in private companies, as well as make fund investments and acquire secondary positions. For direct stakes in companies, CPP looks to invest across North American and Europe and seeks to commit a minimum of $150 million per transaction. CPP has no industry preferences however the Firm will not invest in real assets. CPP Investments was established in 1997 and is based in Toronto, Ontario.


Deal Context for Buyer #
Overall 147 of 176
Sector: Life Science 5 of 5
Type: Going Private 25 of 34
Country: United Kingdom 10 of 14
Year: 2023 9 of 10
Size (of disclosed) 9 of 60
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-12 Power2X

Amsterdam, Netherlands

Power2X is a green molecule company that develops large-scale new energy assets and infrastructure focusing on decarbonizing industrial value chains. In addition, the company is active as a consultant through Power2X Consulting, working together with a variety of industry participants. Power2X is headquartered in Amsterdam, Netherlands.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-21 Adevinta

Amsterdam, Netherlands

Adevinta is a marketplace specialist that helps local digital marketplaces thrive through global connections and networks of knowledge. The company's marketplaces unlock the full value in every person, place, and thing – helping local communities prosper and leaving a positive footprint on the world. It serves people where they live, acknowledging what’s special about every culture and every place. Adevinta was founded in 2018 and is based in Amsterdam, Netherlands.

Buy Nkr14.0B