|Location||Asia Pacific and Africa|
|Investment Date||December 2006|
|Original Deal Size||A$451m|
|Realisation Date||December 2011|
|Realisation Deal Size||A$700m|
Acquired from 3M, iNova Pharmaceuticals is a manufacturer and distributor of prescription and over-the-counter (“OTC”) pharmaceutical products in Asia Pacific and South Africa.
Major attractions of the opportunity were:
- Strong market positions across the core product range, with excellent brand and product recognition.
- Organic growth prospects existed by virtue of market segments (e.g. skin cancer, weight control) and / or geographic exposure (e.g. Asia).
- Diversified earnings provide a stable cash flow base to allow investment in growth.
- Established sales and marketing infrastructure was in place to create a significant and attractive opportunity to expand the product range through in-licensing and / or product acquisitions.
- Good exit prospects through an IPO or trade sale as the business continues to exploit its substantial growth opportunities.
Ironbridge Value Added
Ironbridge added value to iNova in several ways:
- We invested heavily in new products and in sales and marketing at iNova, leading to strong and consistent earnings growth.
- The Ironbridge Portfolio Team led a key project in 2009 to improve manufacturing margins and enhance supply chain reporting.
- The Ironbridge Portfolio Team led a comprehensive supply chain review that lowered risk and improved margins.