Kühne Holding acquires Aenova from BC Partners

Major deal in the pharmaceutical industry: Kühne Holding acquires Aenova Group from BC Partners - With the new support, Aenova plans to further expand its position as the global market leader in contract development and manufacturing of pharmaceuticals

Starnberg, April 24, 2024 - Kuehne Holding AG has entered into a binding agreement to acquire the pharmaceutical contract development and manufacturing company Aenova Group from the international investment firm BC Partners. As part of the transaction, the advised funds of BC Partners will reinvest together with Kühne Holding AG and continue to support Aenova as a minority shareholder. Financial details were not disclosed.

A global player in the CDMO sector

The Aenova Group is one of the world's leading CDMOs (Contract Development and Manufacturing Organizations) in the pharmaceutical and healthcare industry. Headquartered in Starnberg, near Munich, and with around 4,000 employees in 14 production facilities worldwide, the company is a full-service provider for the development, manufacture and packaging of pharmaceuticals for pharmaceutical companies worldwide. Under the leadership of BC Partners, Aenova Group has become one of the ten largest CDMOs in the world. In 2023, Aenova achieved record results with pro-forma revenues of €832 million, an increase of 17% compared to the previous year.

With this investment, we are taking an important strategic step to add healthcare and pharma assets with a solid financial base and long-term growth prospects to our investment portfolio.

Dominik de Daniel, CEO of Kuehne Holding AG

Strategic move by Kühne Holding

Kühne Holding AG, based in Schindellegi (Switzerland), unites the business interests of Klaus-Michael Kühne. With an entrepreneurial focus, it holds a majority stake in Kühne+Nagel International AG and is the largest single shareholder of Hapag-Lloyd AG, Deutsche Lufthansa AG and Brenntag SE.#

BC Partners seizes opportunity

BC Partners used both the broad network of its Hamburg office and its expertise in the healthcare sector to seize the opportunity to invest in Aenova and acquired the company outside of an auction process. Healthcare is a core sector for BC Partners, and its specialized healthcare investment team has invested over €6 billion in 21 healthcare partnerships since its inception.

BC Partners' Chairman, Raymond Svider, added: "It hasbeen a pleasure to work with Jan and the entire Aenova team on this journey. Together, we have positioned the company as a global leader in the contract manufacturing sector and laid solid foundations for future growth. We are delighted to see such an important German healthcare company continue its growth trajectory under the strategic leadership of Kühne Holding AG. As a company, we have a long and successful history of working with families and founders across Europe, and we look forward to working closely with Kühne Holding AG and Aenova in this next chapter for the company."

This transaction provides another opportunity for BC Partners' funds to return significant capital to investors. BC Partners has completed nine liquidity events in the last 12 months, realizing €8 billion of value for BC Partners-advised funds and co-investors, including the sales of portfolio companies such as Presidio, Forno d'Asolo Group, IMA and PetSmart in the last six months alone.

Advice and closing

E3X Partners ("E3X") worked closely with Kühne Holding AG to structure and execute the proposed acquisition. Martin Mix, Managing Partner at E3X, an investment and advisory firm, commented:"Our partnership with Kühne Holding AG underlines our strategic commitment to bringing together the right long-term partners to drive growth at Aenova." Jan-Felix Stolz, Managing Partner at E3X, adds:"Aenova has high strategic importance for a growing European pharmaceutical market and we are excited about its prospects."

BC Partners and Aenova were advised by Jefferies, Kirkland & Ellis, L.E.K. and PwC. Kühne Holding AG and E3X Partners were advised by Allen & Overy and EY. The transaction is subject to customary closing conditions and the approval of the relevant merger control authorities.