ABBEY PHARMA TO DOUBLE IN SIZE AFTER £2 MILLION INVESTMENT
Abbey Pharma, who are based in Maidenhead have had a timely boost. Abbey Pharma have received £2 million in investment from the Business Growth Fund, they have been quick to use their new found capital and have acquired a speciality pharmaceutical business based in the North West of England.
This deal, which is the latest in Abbey Pharma’s strategy of buy and build, will see the company double in size and take combined revenues to around £8 million.
The Business Growth Fund acquired a minority stake in Abbey Pharma, with the latter being established in 2009. Abbey Pharma manufactures, distributes and sells over the counter products. With the new investment and some help from Natwest, it has allowed Abbey to acquire Peckforton Pharmaceuticals in Crewe.
Kevin James, chief executive of Abbey Pharma, said: “We’ve been speaking to BGF for some time now and they have been very supportive in their approach. We are confident that they are the right fit for us and they have a good track record of helping companies to expand through acquisition.
“BGF’s investment has already enabled us to complete the acquisition of Peckforton Pharmaceuticals and there are a number of other targets in our pipeline. We are thrilled that with their backing, we are now able to take advantage of these opportunities and look forward to working with them.”
As a result Brian McEwan will be joining Abbey Pharma as chairman. He has more than 30 years of experience in the pharmaceutical industry, having previously been managing director of Amdipharm Mercury Company and the CEO of Waymade Healthcare.
James Austin, investment director at Business Growth Fund, said: “In Abbey Pharma we are backing a first class team in a rapidly expanding business with a strong platform for acquisitive growth.
“Their progress to date has been impressive, both in delivering on the existing portfolio to drive revenues and also in sourcing and completing acquisitions to expand their reach.”
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