Cinven completes sale of AMCo to Concordia Healthcare Corp
Cinven today announces the completion of the sale of AMCo, the niche specialty pharmaceuticals group, to TSX/Nasdaq-listed Concordia Healthcare Corp.
Cinven announced the agreement to sell AMCo in September for an enterprise value of £2.3 billion through a combination of cash, common shares of Concordia, and a maximum performance-based earn-out of approximately £145 million over the next 12 months.
Cinven created AMCo in 2012 through the transformative merger of Mercury Pharma ('Mercury') and Amdipharm, both of which were acquired in bilateral transactions in 2012. Since the merger, Cinven and AMCo's management team, led by John Beighton, have executed a successful 'buy and build' strategy, including five value-accretive acquisitions which, when combined with strong underlying organic growth, doubled the EBITDA of the Group.
Following the sale of AMCo, Cinven will hold a minority shareholding in Concordia Healthcare Corp.