Private equity firm CVC has acquired a 50% stake in pharmaceutical products firm DFE Pharma.
DFE is currently a 50/50 joint venture between dairy companies FrieslandCampina and Fonterra. CVC’s Strategic Opportunities II Fund will acquire Fonterra's holding in the business.
DFE manufactures excipients, which are the inactive substances that are blended with the active ingredients in medicine for purposes such as binding, bulking, disintegration or to aid in the processing of the active ingredient. DFE develops, produces and markets excipients primarily for oral solid dose and dry powder inhalation.
The business is headquartered in Germany and has operations in Europe, India and New Zealand.
Bas van Driel, CEO of DFE Pharma, said: "We are excited to be partnering with CVC and look forward to working with them to continue to deliver the best possible solutions to our customers. The combination of FrieslandCampina and CVC as shareholders will provide extra opportunities to excel.”
Thierry Bogaert, Industrial Partner at CVC, added: "DFE supplies mission critical products to the pharma industry. We look forward to the partnership with FrieslandCampina and working with the DFE management team to further enhance and expand the business, providing the full support of the CVC network."
This is the second deal announced from CVC’s Strategic Opportunities Fund II following its final close in July 2019.