Astorg Partners and its co-investor Goldman Sachs announced the acquisition of French pharmaceutical company HRA Pharma, specialist in women’s health and rare endocrine disorders. While the company was preparing for an IPO on the Paris stock exchange, it was approached by a number of potential buyers. After attending the management presentation, Astorg Partners and Goldman Sachs matched the IPO valuation and ended up acquiring the company at unheard-of multiples.
Brilliant result for the selling shareholder group, which comprised founders, management team and the private equity firm Riverside.
While many high-profile advisors including Rothschild, Deutsche Bank, Jefferies and BNP Paribas were involved in making this transaction happen, Crescendo Partners was responsible for crafting the management presentation.