Cassiopea Partners acted as sole financial advisor to Mandarin Capital Partners II (“MCP II”) and other shareholders in the sale of 100% of Mipharm (or the “Company”) to Alto Partners.
Mipharm S.p.A. (“Mipharm” or the “Company”) is a Milan-based company recognized among the Italian leaders in the production of pharma products on behalf of third parties (Contract Development and Manufacturing Organization “CDMO”). Today Mandarin Capital Partners II (“MCP II”), the controlling shareholder, sold its stake together with the shares held by the President and CEO Maurizio Silvestri (through Euteam), Cassiopea Partners and other managers to Alto Partners SGR S.p.A. (“Alto Partners”).
In December 2016, MCP II acquired Mipharm from the founder Cav. Giuseppe Miglio. In 2021 the Company recorded a turnover of euros 41 million (of which over 60% of exports). Mipharm boasts one of the largest pharma CDMO site in Italy, with four approvals received from the Federal Drug Administration. In addition to the production and packaging of finished drugs, Mipharm offers its customers ad hoc research and development services in connection with drugs manufacturing processes. The Company produces a wide range of formulations: capsules, tablets, suppositories, nasal sprays, oral solutions and creams. A true one-stop-shop for its customers which includes both some of the world’s largest pharmaceutical groups and medium-sized operators.
“We are very pleased with the path made with Mipharm” commented Lorenzo Stanca, Managing Partner of MCP II. “In recent years, in particular thanks to the work of Maurizio Silvestri, we have rationalized and modernized the Company, significantly improving its margins and enabling it to better compete on international markets. Proof of this is, among others, the recent partnership with an important American customer, who has already started the production of its innovative nasal spray for the treatment of acute migraine at the Company’s site”.
The CEO Maurizio Silvestri said: “Mipharm team would like to thank Mandarin Capital Partners for the trust and support received over the years, which have also allowed the realization of significant plant investments for over euros 20 million. We are pleased and eager to start the new partnership with Alto Partners which is willing to further support our growth plans also through acquisitions and strategic alliances”.
In the context of the transaction, Cassiopea Partners acted as exclusive financial advisor to MCP II.
Stefano Trentino, Founding Partner of Cassiopea Partners commented: “The sale of Mipharm is an important result for Cassiopea Partners representing an additional evidence of our ability in successfully closing sell-side assignments and a further enhancement of our track record in the healthcare and CDMO spaces”.
Alongside Cassiopea Partners, MCP II was supported by RP Legal for legal matters, by EY for accounting and tax vendor due diligence, by Goetzpartners for business aspects and by Tauw for EHS and ESG matters.