Peckforton Pharmaceuticals swallowed by Abbey
CHESHIRE-based drug manufacturer Peckforton Pharmaceuticals has been sold to a business backed by the Business Growth Fund.
Crewe-based Peckforton, which supplies antibiotics to hospitals and pharmacies with indigestion and heartburn relief, has been bought by Abbey Pharma, allowing an exit for its encumbent backers the RisingStars Growth Fund and Coalfields Enterprise Fund, managed by Enterprise Ventures and the North West Business Investment Fund, managed by YFM Equity Partners.
Mid-market advisory firm Clearwater International has advised Peckforton Pharmaceuticals on its sale to Abbey Pharma, the specialist pharmaceuticals company.
The acquisition was supported by a £2m investment from Business Growth Fund (BGF), alongside senior debt funding from RBS. BGF will take a minority stake in the new group, which has a combined turnover of £8m.
Based in Maidenhead and established in 2009, Abbey Pharma supplies both the NHS and pharmacy wholesale markets. Its current product line addresses therapeutic areas such as Ophthalmology, Oncology, Pain, Gastrointestinal and Dermatology.
The acquisition will add new and complementary products to Abbey Pharma, doubling the group’s size and establishing a platform to support future expansion plans.
A team at corporate finance firm Clearwater International advised shareholders of Peckforton on the sale. The team comprised director Karen Edwards, director Ramesh Jassal and manager Richard Ellis.
Mr Jassal, who is Clearwater International’s head of healthcare, said: “This deal represents the next stage of Peckforton’s development. The company has established itself within the UK generic drugs market by sourcing and supplying high quality injectable, solids and liquidmedicines into the NHS, experiencing significant growth over the last threeyears.
“Being part of a larger organisation will enable the business to launch future products and take advantage of the strategic opportunities available, and Abbey Pharma will provide the firm with a platform to expand into European markets.”
Manchester law firm Turner Parkinson (Andrew Sturge and David Hayes) advised Peckforton on the sale.
