RoundTable Healthcare Partners Completes Sale of the Topical Pharmaceutical Division of Renaissance Acquisition Holdings, LLC to Mylan N.V.
Transaction Marks the First Portfolio Realization for RoundTable’s Fund III
LAKE FOREST, IL, June 15, 2016 — RoundTable Healthcare Partners (“RoundTable”), an operating-oriented private equity firm focused exclusively on the healthcare industry, announced today that it has completed the sale of the topical pharmaceutical business (the “Topical Division”) of Renaissance Acquisition Holdings, LLC (“Renaissance”) to Mylan N.V. (“Mylan”), a leading, global generic and specialty pharmaceutical company, for $950 million in cash plus additional contingent payments of up to $50 million.
The Topical Division of Renaissance is a fully-integrated, specialty pharmaceutical business focused on the manufacture, development, sales and marketing of branded and generic topical pharmaceutical products. RoundTable started Renaissance in 2010 when it acquired two leading contract manufacturing and development organizations, Confab Laboratories, based in Montreal, and DPT Laboratories, based in San Antonio, Texas. Through significant investments in senior leadership talent, product acquisitions, capital expenditures, the creation of a dermatology salesforce and the development of a pipeline of over two dozen topical ANDAs and NDAs, Renaissance has developed into one of the largest, privately-held, vertically-integrated specialty pharmaceutical companies in the topical dermatology market in North America.
As part of this transaction, Renaissance will continue to own and operate its sterile-focused specialty pharmaceutical business with development and manufacturing facilities in Lakewood, New Jersey.
“On behalf of RoundTable and our investors, I would like to thank the outstanding management team and dedicated employees of Renaissance for creating a leading specialty pharmaceutical company.” said Pierre Frechette, Senior Operating Partner at RoundTable and the Chairman of the Board of Renaissance. “We believe Mylan is an excellent strategic partner for this business, its employees and customers going forward.”
“Renaissance is another example of RoundTable partnering with owner/founders to accelerate revenue and earnings growth in order to create a strategically valuable platform company,” said Lester B. Knight, Founding Partner of RoundTable. “This transaction marks the first portfolio company sale from RoundTable’s $600 million Fund III, generating a return of more than five times invested equity capital for our investors.”
Deutsche Bank Securities Inc. acted as exclusive financial advisor to Renaissance. Sidley Austin LLP acted as lead legal counsel to RoundTable.
About RoundTable Healthcare Partners
RoundTable Healthcare Partners, based in Lake Forest, IL, is an operating-oriented private equity firm focused exclusively on the healthcare industry. RoundTable partners with companies that can benefit from its extensive industry relationships and proven operating and transaction expertise. RoundTable has established a successful track record of working with owner/founders, family companies, management teams, entrepreneurs and corporate partners who share a vision and believe in the value creation potential of its partnership model. RoundTable has raised $2.75 billion in committed capital, including four equity funds totaling $2.15 billion and three subordinated debt funds totaling $600 million. More information about RoundTable Healthcare Partners can be found at www.roundtablehp.com.