Cassiopea Partners acted as sole financial advisor to White Bridge Investments and Biofarma Group (“Biofarma”) in the acquisition of a majority stake in International Health Science (“IHS” or the “Business Unit”), the finished products business division of Giellepi S.p.A. (“Giellepi”) and Italian leader in the development of nutraceutical dietary supplements and medical devices.
Giellepi, founded over 20 years ago, is specialized both in the distribution of innovative raw materials for nutraceutical products and in the development of dietary supplements and medical devices licensed to major multinational companies. The latter business division will be acquired by Biofarma.
Biofarma, headquarted in Mereto di Tomba (Udine), is the Italian and European market leader in the development, manufacturing and packaging of supplements, medical devices, probiotic-based drugs and cosmetics, exclusively for third parties.
Following the transaction, Giellepi will continue to operate in the raw materials market segment, structuring in a more effective and efficient way the distribution of its branded ingredients and continuing to invest in innovation and proprietary clinical trials.
The acquired Business Unit of Giellepi, renamed “International Health Science”, allows Biofarma to consolidate its presence in the international market with “ready to market” products backed by clinical studies and to strengthen its R&D, regulatory and commercial structure with new specific competencies in medical devices for the European and Asian markets. With this transaction, Biofarma, also aims at promoting the fundamental relationship between the scientific world, R&D and industrial manufacturing, to offer its customers increasingly innovative products and services validated by scientific research.
The founder of Giellepi, Carlo Terruzzi, will continue to play an important role in the future development of International Health Science, maintaining the position of director in the BoD alongside Maurizio Castorina, current CEO Biofarma, and other Biofarma managers.
Carlo Terruzzi, CEO of Gellepi, commented: “Giellepi has so far achieved exceptional results from an organizational and economic standpoint, but the time has come to make the two-business unit independent, in order to achieve even more extraordinary results. On the one hand, Giellepi, totally focused on Raw Materials for the Food Supplements industry, will have more resources to invest in its own activity promoting a growth process also through M&A. On the other hand, Biofarma Group represents the ideal partner for IHS in this new growth phase, characterized by an increasingly competitive global context. The union of two important realities, with different histories but with same values, will allow to invest in the future of IHS contributing also to the growth of Biofarma in the Health-Care products sector.”
Maurizio Castorina, CEO of Biofarma Group, added: “Giellepi finished products division is a unique and historically recognized reality in the world of licensed nutraceutical products, in particular for medical devices and dietary supplements. The acquisition of International Health Science will allow Biofarma to strengthen its R&D and regulatory team to achieve its stated goal of technological and innovation leader at a European level”.
Alongside Cassiopea Partners, Biofarma Group was assisted by Giovannelli e Associati as legal advisor, Deloitte as accounting and tax advisor and Gatti Pavesi Bianchi Ludovici as structuring advisor.