15 March, 2021 – Issue 858 penews.com Online edition 22 February 2021 The news and analysis powering European private equity The Bright Alternative in Fund and Corporate Services If you are launching a fund, looking to outsource, or are considering migrating, we can support you. Please call James Duffield, our Head of Business Development, on +44( 0)20 3818 0250 Explore: aztecgroup.co.uk | .eu Aztec Group is authorised to carry on financial services in the jurisdictions which it operates. 15 March, 2021 – Issue 858 penews.com The Bright Alternative in Fund and Corporate Services If you are launching a fund, looking to outsource, or are considering migrating, we can support you. Please call James Duffield, our Head of Business Development, on +44( 0)20 3818 0250 Explore: aztecgroup.co.uk | .eu Aztec Group is authorised to carry on financial services in the jurisdictions which it operates. www.penews.com • 15 March, 2021 News 3 CONTENTS Charterhouse to sell drugmaker Cover Cooper to CVC in €2.2bn deal Elisângela Mendonça reinvestment” in Cooper and over 35 years of activity. Its main DANILO AGUTOLI DANILO continue to support the growth targets are transactions with an London-based private equity firm and international expansion of the enterprise value of between €75m Charterhouse Capital Partners business alongside CVC, it said. and €1.5bn in services, health- said it has entered into exclusive Headquartered in Paris, Cooper care, specialised industrials and talks with CVC Capital Partners manufactures and distributes a di- consumer sectors. Since 1994, its to sell a majority stake in French versified portfolio of branded and more than 50 investments have l Michael Moore: The BVCA boss and former MP on why private equity drugmaker Cooperation Phar- basic products on an international generated €19.7bn of proceeds at must create public value maceutique Française, known as basis, to 30 export markets. Its a return of 2x multiple of capital – Pages 6-7 Cooper. products offering includes over- contributed and a gross internal The deal, which could value the the-counter medicines, dietary rate of return of 39%. business at about €2.2bn, would supplements and medical devices. Throughout 2020, the pharma- News deliver a three times return to Under Charterhouse’s ownership ceutical sector has been resilient l Six Nations Rugby and CVC seal Charterhouse, according to peo- since 2016, the company has more to Covid-19 financial impacts and £365m deal ple familiar with the matter. than doubled in size and posted many PE firms have also taken As part of the transaction, Lux- revenues close to €500m, accord- advantage of investor appetite to embourg-headquartered CVC will ing to the firm. offload businesses to peer buyout partner with Yvan Vindevogel, The deal is still subject to work- groups. the founder of consumer health ers’ council information and con- CVC itself agreed to sell a ma- company Vemedia, as well as the sultation and to the approval of jority stake in French clinic chain specialised healthcare invest- relevant regulatory authorities. Elsan to KKR and Ardian for ment firm Avista Capital Partners One of the longest-established about $4bn. Ardian also exited a l EU sets out guidance on and Cooper’s management team, private equity firms operating in pharma business, Envision Phar- sustainability funds according to a statement. Char- Europe, Charterhouse has com- ma Group, in November, to GHO l Deals and company news terhouse will make a “significant pleted more than 150 acquisitions Capital, for example. – Pages 4-5 Analysis Gender balance progress stalls in Europe l Emerging markets outlook for private equity in Africa Elisângela Mendonça noted the industry is “finally She believes “women will be l Technology sector shines across continent’s deal landscape discussing diversity as a busi- attracted to work on firms that l Private equity closes more but Improvements to the gender ness imperative”, but stressed take diversity seriously”, which smaller deals so far this year balance in private equity have more needs to be done in a Pre- may contribute to pushing the – Pages 8-10 almost stalled, a new report has qin webinar to present the report agenda forward. found. on 11 March. “There is positive Momentum for improving At the end of 2020, 20.6% momentum, but we have to keep women’s representation in pri- People of people employed by buyout on pushing this topic…. to con- vate equity may have stalled be- l KKR eyes groups in Europe were women, tinue to drive the change cause of the pandemic. A Europe’s just slightly up from 20.4% at the we want to see,” she report this week by fertile hunting end of 2019, according to Preqin’s added. professional servic- ground for 2021 Women in Alternatives re- Women in lead- es firm PwC said tech deals port, released last week, which is ership positions, that due to the – Page 11 a follow-up to last year’s study. such as Simon 20.6% “disproportion- Preqin’s research used data continue to be ate effects” of from all the alternative invest- a rarity in pri- Proportion of people employed coronavirus pan- Comment ments industry, including private vate equity. They by buyout firms in Europe in demic on women, 2020 that were women l How do buyout firms protect returns equity, venture capital, hedge account for only progress on gen- in an over-hyped technology market? funds, private debt, real estate 11.8% of senior pri- der equality in the l Digital transformation is giving and others. But even when look- vate equity roles glob- workplace in developed private equity managers a competitive ing into alternatives more broadly, ally, against 11.5%, according countries is set to be back edge progress is still slow. In 2020, to Preqin’s previous annual re- to 2017 levels. – Pages 12-13 20.3% of people working in the port. A more visible improvement Some firms, however, are whole alternative assets sector was seen at junior and mid-levels, making improvements to diver- Venture Capital were women – up from 19.7% in where women now occupy 32.2% sity. Last week, Equality Group l How to build diversity in venture 2019. and 24.7%, respectively, versus launched its first Inclusive Top capital “Achieving gender equality 30.6% and 26% a year ago. 20 PE & VC Index, shared exclu- l VC-backed Deliveroo plans London in alternative assets is slow, but “Female representation among sively with PEN (See issue 857, IPO listing progress is being made in most senior roles remains low. How- pages 6-7). The London-based – Page 14 parts of the industry,” said Shifra ever, women’s presence in the consulting firm analysed 400 Ansonoff, global head of research alternative assets industry is global PE and VC groups to rank Data and data operations at Preqin. slowly growing, registering gains them according to their recent l Latest Deals Pipeline Ivelisse Rodriguez Simon, that will hopefully hold over the efforts on improving diversity. – Page 15 managing partner at Los Angeles- longer term,” Preqin’s Ansonoff “How to build diversity in based Avante Capital Partners, added. venture capital”, page 14. www.penews.com • 15 March, 2021 News 3 CONTENTS Charterhouse to sell drugmaker Cover Cooper to CVC in €2.2bn deal Elisângela Mendonça reinvestment” in Cooper and over 35 years of activity. Its main DANILO AGUTOLI DANILO continue to support the growth targets are transactions with an London-based private equity firm and international expansion of the enterprise value of between €75m Charterhouse Capital Partners business alongside CVC, it said. and €1.5bn in services, health- said it has entered into exclusive Headquartered in Paris, Cooper care, specialised industrials and talks with CVC Capital Partners manufactures and distributes a di- consumer sectors. Since 1994, its to sell a majority stake in French versified portfolio of branded and more than 50 investments have l Michael Moore: The BVCA boss and former MP on why private equity drugmaker Cooperation Phar- basic products on an international generated €19.7bn of proceeds at must create public value maceutique Française, known as basis, to 30 export markets. Its a return of 2x multiple of capital – Pages 6-7 Cooper. products offering includes over- contributed and a gross internal The deal, which could value the the-counter medicines, dietary rate of return of 39%. business at about €2.2bn, would supplements and medical devices. Throughout 2020, the pharma- News deliver a three times return to Under Charterhouse’s ownership ceutical sector has been resilient l Six Nations Rugby and CVC seal Charterhouse, according to peo- since 2016, the company has more to Covid-19 financial impacts and £365m deal ple familiar with the matter. than doubled in size and posted many PE firms have also taken As part of the transaction, Lux- revenues close to €500m, accord- advantage of investor appetite to embourg-headquartered CVC will ing to the firm. offload businesses to peer buyout partner with Yvan Vindevogel, The deal is still subject to work- groups. the founder of consumer health ers’ council information and con- CVC itself agreed to sell a ma- company Vemedia, as well as the sultation and to the approval of jority stake in French clinic chain specialised healthcare invest- relevant regulatory authorities. Elsan to KKR and Ardian for ment firm Avista Capital Partners One of the longest-established about $4bn. Ardian also exited a l EU sets out guidance on and Cooper’s management team, private equity firms operating in pharma business, Envision Phar- sustainability funds according to a statement. Char- Europe, Charterhouse has com- ma Group, in November, to GHO l Deals and company news terhouse will make a “significant pleted more than 150 acquisitions Capital, for example.