MCP sells Mipharm to Alto Partners

Mipharm, a Milan-based company recognized among the Italian leaders in the CDMO (Contract Development and Manufacturing Organization) industry, today saw 100% of its capital changing hands: Mandarin Capital Partners II (MCP) sold its stake to the private equity fund Alto Partners, together with the shares held by the President and CEO Maurizio Silvestri (through Euteam), Cassiopea Partners and other managers.

MCP acquired Mipharm in December 2016 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 sites 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 is able to produce a wide range of formulations – capsules, tablets, suppositories, nasal sprays, oral solutions and creams – positioning as a reputable 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. “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”.

Mipharm is the sixth company sold by MCP II fund, which continues to hold the ceramic group Italcer and IFFH, a group active in the sector of frozen ready meals.

Chief Executive Officer 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.
Furthermore, MCP 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.

Alto Partners was assisted by LMCR Law Firm. PWC carried out the accounting due diligence while KPMG the tax due diligence.

Mandarin Capital Partners

Mandarin Capital Partners is an independent Private Equity firm, active since 2007 and investing in small and medium-sized companies which could benefit from enhanced growth strategies in international markets.
Headquartered in Luxembourg, MCP boasts a consolidated presence in the Italian market. In addition, it leverages on two local investment advisers ensuring the coverage of relevant markets (DACH Area andChina).