BC Partners in advanced talks to sell Aenova to Apax, sources say

By Emma-Victoria Farr and Andres Gonzalez

FRANKFURT/LONDON, March 20 (Reuters) - Private equity firm BC Partners is in advanced talks to sell Aenova Group, a Germany-based contract manufacturer and development services provider for the pharmaceutical industry, to Apax Partners, according to two sources with knowledge of the matter.

BC Partners, which acquired Aenova in 2012 for 480 million euros ($521.38 million), is working with investment bank Jefferies, one of the sources said, speaking on condition of anonymity because the conversations are private.

The company generated adjusted core earnings of more than 100 million euros in 2023 and a sale could reach a valuation of 10 to 12 times EBITDA, or up to 1.5 billion euros ($1.63 billion), the person said.

Apax, Aenova, BC Partners and Jefferies declined to comment.

BC Partners previously tried to sell the business in 2021, Reuters reported, but no deal was reached.

Aenova produces and develops drugs for pharmaceutical companies. The company owns 14 sites in Germany, Switzerland, Italy, Ireland, Romania and the USA, according to its website.

($1 = 0.9206 euros)

(Reporting by Emma-Victoria Farr and Andres Gonzalez, editing by Anousha Sakoui and Louise Heavens)

((emma-victoria.farr@thomsonreuters.com))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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