Permira Debt Managers (“PDM”), one of Europe’s leading specialist debt investors, today announces that funds it advises are acting as sole senior secured lender to GHO in their acquisition of Sterling Pharma Solutions (“Sterling”). Sterling is a provider of small molecule API development and manufacturing services to the global pharmaceutical industry, including some of the world’s largest pharmaceutical firms.
The deal will see GHO capital take a majority stake alongside the existing management. The Permira Credit Solutions Funds’ financing will support the transaction and include provisions for future growth strategies including organic and inorganic expansion.
The deal continues PDM’s strategy of building strong relationships with high-quality, sector experienced sponsors, and supporting ambitious niche market leaders. With regards to the sector, this deal is a continuation of PDM’s support for the healthcare sector that, as well as being non-cyclical, continues to produce structurally resilient and well-diversified businesses.
Daniel Hatcher, Investment Director at PDM Commented:
“Sterling is a great opportunity for us to support GHO once again in acquiring a strong healthcare business, so we would like to thank both the team at GHO and at Deloitte for working so closely with us.
“We see Sterling as company that is strategically well placed to take advantage of attractive macro trends in its market. With its long-standing blue-chip customer base, well-invested infrastructure and strong market position, the growing value of the API market stands to fuel its growth over the long-term.
“These fundamentals, alongside its excellent management team, means we are excited to support the company and GHO capital in the next stages of development.”