M&A Deal Summary

Perrigo Company Acquires HRA Pharma

On September 8, 2021, Perrigo Company acquired life science company HRA Pharma from Goldman Sachs Merchant Banking and Astorg Partners for 1.8B EUR

Acquisition Highlights
  • This is Perrigo Company’s 7th transaction in the Life Science sector.
  • This is Perrigo Company’s 2nd largest (disclosed) transaction.
  • This is Perrigo Company’s 2nd transaction in France.

M&A Deal Summary
Date 2021-09-08
Target HRA Pharma
Sector Life Science
Buyer(s) Perrigo Company
Sellers(s) Goldman Sachs Merchant Banking
Astorg Partners
Deal Type Add-on Acquisition
Deal Value 1.8B EUR

Target

HRA Pharma

Châtillon, France
HRA Pharma is a pharmaceutical company that designs products, devices, and supporting services in niche areas of health and makes them available to doctors and patients worldwide. HRA Pharma was founded in 1996 and is based in Châtillon, France.

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Buyer(S) 1

Buyer

Perrigo Company

Dublin 2, Ireland
Category Company
Founded 1887
Sector Life Science
Employees9,140
Revenue 4.7B USD (2023)
DESCRIPTION
Entrance to a Perrigo facility in Duncan, South Carolina.
Entrance to a Perrigo facility in Duncan, South Carolina.

Perrigo Company is a global healthcare supplier that develops, manufactures and distributes over-the-counter (OTC) and prescription (Rx) pharmaceuticals, nutritional products, and active pharmaceutical ingredients (API), as well as receives royalties from Multiple Sclerosis drug Tysabri®. The company is the world's largest manufacturer of OTC pharmaceutical products for the store brand market and an industry leader in pharmaceutical technologies. Perrigo Company was founded in 1887 and is based in Dublin, Ireland.

DEAL STATS #
Overall 31 of 31
Sector (Life Science) 7 of 7
Type (Add-on Acquisition) 23 of 23
Country (France) 2 of 2
Year (2021) 1 of 1
Size (of disclosed) 2 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-18 Perrigo Latin American Pharmaceutical Business

Mexico

Perrigo Latin American Pharmaceutical Business is a global supplier of pharmaceutical products in Mexico and Brazil.

Sell -

Seller(S) 2

SELLER

Goldman Sachs Merchant Banking

New York, New York, United States
Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.

DEAL STATS #
Overall 101 of 110
Sector (Life Science) 2 of 2
Type (Add-on Acquisition) 33 of 37
Country (France) 4 of 4
Year (2021) 12 of 15
Size (of disclosed) 12 of 32
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-21 Kaltura

New York, New York, United States

Kaltura is an OTT TV (Over the Top TV), OVP (Online Video Platform), EdVP (Education Video Platform), and EVP (Enterprise Video Platform) market. The company offers live, real-time, and on-demand video products for enterprises of all industries, as well as specialized industry solutions, currently for educational institutions and for media and telecom companies. Underlying its products and solutions is a broad set of Media Services that are also used by other cloud platforms and companies to power video experiences and workflows for their own products. Kaltura’s Video Experience Cloud is used by leading brands reaching millions of users, at home, at school, and at work, for communication, collaboration, training, marketing, sales, customer care, teaching, learning, virtual events, and entertainment experiences. Kaltura was formed in 2006 and is based in New York City.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-21 LRS

Morton Grove, Illinois, United States

LRS is a provider of recycling and industry-leading waste diversion programs, affordable roll-off container services, and comprehensive waste removal to businesses and residential homeowners. LRS is based in Morton Grove, Illinois.

Sell -
SELLER

Astorg Partners

Paris, France

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1998
PE ASSETS 22.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Astorg Partners is a private equity firm that targets small to midcap company investments primarily in France and to a limited extent, Western Europe. Astorg Partners looks for companies valued between €400 million and €2 billion, requiring at least €15 million in equity. Areas of interest include healthcare, retail, distribution, hospitality, and professional services. Prospective transaction situations include leverage build-ups, divestitures, family transitions, and secondary buyouts. Astorg Partners was formed in 1998 and is based in Paris and has additional offices in London and Luxembourg.

DEAL STATS #
Overall 30 of 32
Sector (Life Science) 2 of 2
Type (Add-on Acquisition) 7 of 7
Country (France) 26 of 26
Year (2021) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-10 Flowbird Group

Neuilly-sur-Seine, France

Flowbird Group is a provider of parking management solutions and a major player in public transport ticketing equipment. The company operates through two business divisions, Smart Parking operates across the whole value chain of the on-street parking management and Smart Transport provides ticketing solutions (connected ticket and validation terminals) and associated software systems for public transport. Flowbird Group is based in Paris, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-17 AutoForm

Pfäffikon, Switzerland

AutoForm is a supplier of software solutions for die-making and sheet metal forming industries used for rapid and reliable validation of the design, engineering and manufacturing processes. AutoForm was founded in 1995 and is based in Pfäffikon, Switzerland.

Sell -
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