M&A Deal Summary

Genstar Capital, The Blackstone Group and Aisling Capital Acquire Catalent

On January 25, 2007, private equity firms Genstar Capital, The Blackstone Group and Aisling Capital acquired life science company Catalent from Cardinal Health for 3.3B USD

Acquisition Highlights
  • This is Genstar Capital’s 3rd, The Blackstone Group’s 3rd and Aisling Capital’s 9th transaction in the Life Science sector.
  • This is Genstar Capital’s , The Blackstone Group’s 46th and Aisling Capital’s largest (disclosed) transaction.
  • This is Genstar Capital’s 19th, The Blackstone Group’s 74th and Aisling Capital’s 10th transaction in the United States.
  • This is Genstar Capital’s 1st, The Blackstone Group’s 5th and Aisling Capital’s 2nd transaction in New Jersey.
Investment Fate
  • Catalent went public in 2014.
  • Catalent was sold to a financial buyer in 2024 for 16.5B USD.

M&A Deal Summary

Date 2007-01-25
Target Catalent
Sector Life Science
Buyer(s) Genstar Capital
The Blackstone Group
Aisling Capital
Sellers(s) Cardinal Health
Deal Type Divestiture
Deal Value 3.3B USD

Target

Catalent

Somerset, New Jersey, United States
Catalent is a provider of solutions for drugs, biologics and consumer health products. Among its core offerings, it develops and manufactures oral and sterile medication in nearly all dosage forms, holds patents for softgel (e.g. “Liqui-Caps” and “Vegicaps”) and Zydis fast-dissolve technologies used in many popular prescription and over-the-counter medicine. Catalent was founded in 2007 and is based in Somerset, New Jersey.

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Buyer(S) 3

Buyer

Genstar Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1988
PE ASSETS 49.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Genstar Capital is a private equity firm that seeks investments in life science, healthcare, medical products, industrial technology, software, financial services, packaging, building materials, manufacturing, and business services companies. Genstar looks to invest between $50 and $400 million of equity capital in businesses valued up to $1 billion. Target transaction situations include control-oriented leveraged buyouts of corporate divisions, privately held businesses or public companies, minority investments in privately held businesses or public companies, ownership restructurings/recapitalizations of privately held businesses, growth equity financings, partnerships with other strategic or financial buyers, and take privates. Genstar Capital was formed in 1988 and is based in San Francisco, California.


DEAL STATS #
Overall 21 of 109
Sector (Life Science) 3 of 7
Type (Divestiture) 3 of 9
State (New Jersey) 1 of 3
Country (United States) 19 of 101
Year (2007) 2 of 6
Size (of disclosed) 1 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-10 International Aluminum

Monterey Park, California, United States

International Aluminum Corp. is an integrated manufacturer of exterior and interior doors, windows, frames, glazing systems and other aluminum and vinyl products for use in commercial and residential applications.

Buy $228M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-04 Andros

Santa Clara, California, United States

Andros Inc. is a designer and manufacturer of gas analyzers for use in various applications, including medical to monitor the amount of anesthetics ingested by a patient in the operating room; automotive for engine diagnostics and emissions measurement (smog check); and environmental for leak detection in Freon-based refrigeration systems.

Sell -
Buyer

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 131.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group is a global alternative investment management firm. The Firm's investment activities span real estate, secondary investments, hedge funds, credit, infrastructure, and private equity. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York City.


DEAL STATS #
Overall 107 of 336
Sector (Life Science) 3 of 8
Type (Divestiture) 9 of 33
State (New Jersey) 5 of 9
Country (United States) 74 of 211
Year (2007) 1 of 13
Size (of disclosed) 46 of 172
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-12-18 Casual Dining Group

London, United Kingdom

Casual Dining Group is an independent restaurant company comprised of over 140 restaurants trading as Bella Italia, Café Rouge, and Las Iguanas. Its restaurants are located across the country, from Aberdeen to Plymouth, employing almost 8000 people and serving 20 million meals each year. Casual Dining was formed in 2002 and is based in London.

Buy £432M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-02-13 Pinnacle Foods

Parsippany, New Jersey, United States

Pinnacle Foods, Inc. is a manufacturer and marketer of branded convenience food products in the United States and Canada. Its product range includes frozen dinners and entrees, frozen seafood, breakfasts, bagels, pickles, peppers and relish, baking mixes and frostings, and syrups and pancake mixes.

Buy $2.2B
Buyer

Aisling Capital

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 1.8B USD
Size Large
Type Sector Focused
DESCRIPTION

Aisling Capital is a private investment firm focused on opportunities in the healthcare and medical technology sectors. The Firm specifically looks to invest in companies developing and commercializing innovative healthcare products, services, and technologies. Aisling Capital looks to commit $20 to $50 million per investment and prefers to be the lead investor. Aisling will consider investing in both public and private companies. Aisling Capital raised its first fund in 2000. The Firm is based in New York City.


DEAL STATS #
Overall 10 of 56
Sector (Life Science) 9 of 42
Type (Divestiture) 1 of 1
State (New Jersey) 2 of 5
Country (United States) 10 of 52
Year (2007) 3 of 8
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-01 NextWave Pharmaceuticals

Cupertino, California, United States

NextWave Pharmaceuticals is a specialty pharmaceutical company developing extended release OTC and prescription products for children and adults. NextWave Pharmaceuticals was founded in 2005 and is based in Cupertino, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-04-09 Sirion Therapeutics

Tampa, Florida, United States

Specialty pharmaceutical company focused on the development and commercialization of drugs for ophthalmic indications.

Buy $45M

Seller(S) 1

SELLER

Cardinal Health

Dublin, Ohio, United States

Category Company
Founded 1979
Sector Distribution
Employees47,040
Revenue 205.0B USD (2023)
DESCRIPTION
Entrance to Cardinal Health's corporate headquarters in Dublin, Ohio.
Entrance to Cardinal Health's corporate headquarters in Dublin, Ohio.

Cardinal Health is a distributor of healthcare products. Cardinal Health manufactures medical and surgical products and distributes pharmaceuticals and medical supplies worldwide. Cardinal Health was founded in 1979 and is based in Dublin, Ohio.


DEAL STATS #
Overall 2 of 10
Sector (Life Science) 1 of 2
Type (Divestiture) 2 of 7
State (New Jersey) 2 of 2
Country (United States) 2 of 8
Year (2007) 2 of 2
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-19 Advogent Group

Piscataway, New Jersey, United States

Advogent delivers promotional and strategic communications, certified education and event data management services, and contract sales services to some of the world's largest pharmaceutical and biotechnology companies. It has more than 700 employees and offices in California, Illinois, New Jersey, Ohio and Virginia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-29 SpecialtyScripts Pharmacy

Massachusetts, United States

SpecialtyScripts Pharmacy, a Massachusetts based specialty pharmacy, was incorporated in 2002 and launched in early 2003. The Company specializes in assisting individuals with highly intensive therapies such as HIV/AIDS, Hepatitis C, Psoriasis, Rheumatoid Arthritis, and Oncology.

Buy -