Famar is changing hands once again
![Famar is changing hands once again](https://www.ekathimerini.com/wp-content/uploads/2024/07/Famar_Thiva-1.jpg)
Greek pharmaceutical company Famar is changing hands again, four years since the day when its activity in Greece, Italy and Spain came under the control of the Cypriot fund ECM Partners. At the same time, from 2021 Metric Capital Partners also holds a minority stake (45%) in the group.
The two funds have agreed on the sale of Famar to private equity MidEuropa based in London, which manages funds exceeding 6 billion euros and operates in the Central European region, ECM Partners confirmed on Monday.
MidEuropa has invested in the last 25 years of its activity in 45 companies and counts close to 30 exits (disinvestments) from companies in its portfolio. MidEuropa acquired a very high majority stake in the company, while a small minority stake in the group appears to be retained by ECM.
Kathimerini understands the deal was signed last Friday, with the pharmaceutical industry that belonged to the Marinopoulos family changing ownership again.
As far as the price of the acquisition is concerned, market sources report that it is a deal of less than half a billion euros.
ECM Partners had set up shop in Famar some months ago, with the relevant process being “run” by Jefferies.
The company specializes in the provision of services for the development and production of preparations for the pharmaceutical industry (CDMO), maintains in Greece, Spain and Italy six production units and two research and development centers and employs close to 1,900 workers.
In Greece, and specifically in Thiva, on an area of 30,000 square meters, while it even maintains a logistics center. It is the largest distribution center for purely pharmaceutical products, which covers approximately 60% of the Greek market. Recently, and at the start of the sale process of the company, the group announced new investments in the distribution center in Thiva by developing three new storage units that will add 6,000 sq.m.
It is recalled that, in recent years, the company faced financial impasses and liabilities of several million euros, resulting in the control of the KKR fund, which proceeded to sell it in 2019. Then the divisional sale of the group’s activities was qualified, with the result that the French pharmaceutical company Delpharm acquired its activities in France, the Netherlands and Canada. On the other hand, the control of its activities in Greece, Italy and Spain (southern sector) went to ECM Partners and the US York Capital Management. The latter exited the investment in 2021, with ECM and Metric Capital Partners buying York’s stake.
Regarding Famar’s trajectory, according to information, the turnover of the group (Greece, Spain, Italy) moved close to 240 million euros in 2023, while the EBITDA amounted to €31 million. The sales of the company in Greece (Famar SA) increased by 7.55% and amounted to €147.27 million from €136.9 million. Net earnings reached €3.28 million from €86,000 in 2022.