Trilantic Capital Partners Europe, a private equity firm focused on mid-market transactions in Europe, has completed the acquisition of a 90% shareholding in Doppel Farmaceutici.

Doppel is a leading operator in Italy in pharmaceutical research, development, formulation, manufacturing and packaging. The company operates exclusively on behalf of third parties as a contract development and manufacturing organization (CDMO). The investment in Doppel by Trilantic Europe comes as the CDMO pharmaceutical sector is expected to grow significantly in the next five years.

Trilantic Europe acquired the 90% shareholding in Doppel from a number of Italian entrepreneurs, including Pierluigi Busca who has been a shareholder in Doppel since it was established in 1994. Paolo Lanfranchi remains a shareholder in the company with a 10% holding. Following the completion of the transaction, Paolo Lanfranchi has moved from his previous role as managing director to become chairman of Doppel. Giuseppe Cassisi, who has 30 years’ experience in the pharmaceuticals and CDMO sector, has become the company’s chief executive officer.

Trilantic Europe and Doppel’s management team have put in place a strategy focused on expanding Doppel both organically and as a platform to acquire other players in the CDMO sector. The strategy also includes plans to increase Doppel’s presence in international markets, such as the U.S. and the Far East, strengthening the company’s offer in research and development, strategic growth through the acquisition of niche capabilities such as injectable biotechnology medicines, and the development of greenfield projects.

Doppel, which was founded in 1994, has contracts with blue-chip Italian and international clients. The company has 460 employees and operates from two production plants in northern Italy, Cortemaggiore and Rozzano. The company principally manufactures and packs pharmaceutical products such as pills, pharmaceutical granules, creams, tablets, oral solutions, sprays and injection  vials,  produced  under  asepsis  conditions  or  with terminal sterilisation. In  2009,  the company launched a nutrition division at the Cortemaggiore plant, dedicated  to the contract manufacturing and packaging of effervescent granules.

In 2014, Doppel reported net revenue of €83.4 million and EBITDA of €12.3 million. The Italian market accounted for 63% of Doppel’s turnover with the remaining 37% coming from international markets.