Munich, Germany — Equistone Partners Europe (“Equistone”), one of Europe’s most active equity investors, has acquired a majority stake in Omnicare, a Germany-wide pharmaceutical wholesaler focused on the distribution of finished dosage forms for the patient-specific production of cancer drugs. The seller of the shares is the current consortium of shareholders, which retains a significant stake. — The management team around Managing Director Oliver Tamimi will continue to be responsible for the company and will make a significant investment in the course of the transaction. The parties have agreed not to disclose details of the transaction. The acquisition is still subject to approval by the relevant antitrust authorities. The transaction is expected to close in the fourth quarter of 2019.
Omnicare was founded in 2002 as a pharmaceutical specialty wholesaler for outpatient oncology care in Germany. To date, the company has become the market leader for the distribution of finished oncology drugs required by pharmacies for patient-specific infusions. In addition to the supply of finished pharmaceuticals, Omnicare has been developing important services for highly specialized pharmacies and medical practices since 2012 for quality assurance, cleanroom hygiene monitoring, and the training and continuing education of specialist staff. In early 2019, these services were expanded to become the Omnicare Quality Initiative, with the goal of providing safe, high-quality care to oncology patients.
In 2018, Omnicare also established the “German Oncology Network” of leading oncology practices and has been continuously expanding it ever since. The goal of this network is the structural strengthening and further development of oncology practices for the benefit of patients. Omnicare has systematically developed into a leading platform for outpatient oncology care in Germany. In this way, the company is making a significant contribution to providing the best possible care for cancer patients close to home in Germany. Omnicare generates annual sales of approximately 670 million euros and employs 193 people in Unterföhring, Cologne and Calw. In 2019, Omnicare is expected to achieve sales growth of around 5 percent.
Dirk Schekerka (photo), Senior Partner and Country Head DACH at Equistone, says: “Omnicare’s business model aims to contribute to the security of care and the highest quality of therapy for cancer patients close to home. We are pleased to partner with the company in this endeavor.” Alexis Milkovic, Partner at Equistone, adds: “Omnicare has a strong market position, an experienced management team and excellent employees. These are excellent prerequisites for the further development of the company. As a new shareholder, we want to support Omnicare in further strengthening and sustainably expanding its position.”
Oliver Tamimi, Managing Director at Omnicare, says: “With Equistone, we have found a reliable and well-funded new partner for the further development of our company. With Equistone’s support, we want to continuously improve the care of cancer patients in Germany close to their homes and on an outpatient basis.”
On the Equistone side, Dirk Schekerka, Alexis Milkovic and Julia Brunswicker are responsible for the transaction.
P+P (Legal & Tax), Alvarez & Marsal (Commercial), Deloitte (Financial), Houlihan Lokey (Financing), Dechert (Antitrust), Shearman & Sterling (Legal Financing) and ETS (Insurance).
On Omnicare’s side, Hengeler Müller (Legal and Antitrust), BCG (Commercial), KPMG (Financial), EY (Tax), Lincoln International (M&A) and Honert & Partner (MEP) advised the management team on the transaction.
Omnicare was founded in 2002 as a pharmaceutical wholesaler supplying specialized pharmacies throughout Germany. Since 2012, it has been working as a cooperative of cytostatics manufacturing pharmacies to preserve and secure the future of outpatient oncology in Germany. The Omnicare Quality Initiative enables pharmacies to safely and efficiently provide oncology practices and their patients with essential medications for survival. With the German Oncology Network, Omnicare has launched a platform of leading oncology practices to strengthen outpatient patient care. In addition, the company offers practice-relevant training for practices and pharmacies and provides software solutions that enable efficient and safe chemotherapy planning and ordering.
About Equistone Partners Europe
Equistone Partners Europe is one of Europe’s leading equity investors with a team of more than 40 investment specialists in six offices in Germany, Switzerland, the Netherlands, France and the UK. Equistone primarily invests in established medium-sized companies with a good market position, above-average growth potential and an enterprise value of between EUR 50 and 500 million. Since its founding, equity has been invested in more than 140 transactions, mainly mid-market buy-outs. The portfolio currently comprises over 40 companies across Europe, including around 20 active holdings in Germany, Switzerland and the Netherlands. Equistone is currently investing from its sixth fund, which closed in March 2018 with €2.8 billion at the hard cap.