Chiltern has completed an investment in Centaur Healthcare Limited (trading as “Surepharm”), a contract development manufacturing organisation predominantly servicing the pharmaceutical market.
Surepharm provides outsourced formulation, development, manufacturing and packaging of products for its customers in the UK and overseas. Surepharm currently specialises in producing solid dose tablets and capsules, including niche medicines, controlled drugs and veterinary products.
Chiltern’s investment will support Surepharm to enhance its formulation and development offering, as well as providing funding for capex investment into new dosage forms. Together with investment in the sales and marketing function, this will enable Surepharm to provide both existing and new customers with an end-to-end service, from drug development through to a packaged commercial product across a broad range of product types.
Richard Yarwood, who joins as Chair of Surepharm, commented “Surepharm has been a trusted supplier of pharmaceutical products and services to its customers for many years. With the support of Chiltern, we will be able to expand both the capacity and capabilities of the company to enhance our offering and to drive faster growth. It’s a very exciting time to be joining the company.”
Joe Bennett, Chiltern Capital, added: “Through our direct origination team, we had been targeting a platform investment in the pharmaceutical sector and Surepharm gives us a strong market entry point. We have built an ambitious management team of sector experts, and are looking forward to delivering the plan through a combination of organic investment and complementary M&A.”
Chiltern’s investment was supported by co-investors Souter Investments and Bluester Capital. Debt finance was provided by Thincats.
Chiltern Capital LLP is an active private equity investor in the UK lower mid-market focusing its proven Buy + Build strategy across Business Services, Industrials and TMT sectors to support management teams and to drive growth in its investee companies.
Souter Investments is one of the UK’s leading family investment offices specialising in private equity. Founded in 2006, Souter has invested in over 60 unquoted companies and currently has significant investments in more than 30 businesses, acting either as the lead investor or as a partner for other financial sponsors.
Bluester Capital is a French private equity company managing funds sponsored by French entrepreneurs and family offices, investing directly and indirectly in small and mid-size European companies.