RoundTable Healthcare Partners has completed the sale of Aqua Pharmaceuticals to Almirall SA for up to $403 million in cash. The consideration includes $328 million of cash at closing plus up to $75 million of contingent payments. RoundTable acquired a majority interest in Aqua in June 2010.
“Aqua is another example of RoundTable partnering with owner/founders, and working together, taking the business to another level of growth and value,” said Lester Knight, Founding Partner and Co-Chairman of RoundTable. “This transaction marks the third portfolio company sale from RoundTable’s $500 million Fund II, and at closing, generated a return of more than five times invested equity capital for our investors.”
Aqua is a specialty pharmaceutical company focused on acquiring, developing and marketing branded, prescription dermatology products. Aqua promotes five brands throughout the United States including Monodox, an antibiotic used to treat acne; Cordran lotion and cream, a topical corticosteroid used for the relief of inflammatory dermatoses (lesions or eruptions of the skin); Fluoroplex cream, used for the treatment of actinic keratoses (small, rough, raised area found on areas of your skin that have often been exposed to the sun for a long period of time); Xolegel Gel, used for the treatment of seborrheic dermatitis (a common, inflammatory skin condition); and Verdeso Foam, used to treat steroid responsive dermatoses. Aqua was co-founded in 2004 by Craig Ballaron and Jay Gooding and is headquartered in West Chester, PA (www.aquapharm.com).
RoundTable Healthcare Partners is an operating-oriented private equity firm focused exclusively on the healthcare industry. RoundTable manages $1.9 billion in capital, including three equity funds totaling $1.5 billion and two subordinated debt funds totaling of $400 million. The firm is based in the Chicago suburb of Lake Forest (www.roundtablehp.com).
“RoundTable has been an important partner to Aqua since 2010,” said Craig Ballaron, Co-founder and Chief Executive Officer of Aqua. “During our partnership, they supported our efforts to expand our senior management team and salesforce, accelerate investment in our R&D pipeline and support several important product acquisitions. RoundTable has been an ideal partner for Aqua during this important growth phase.”
The buyer of Aqua, Almirall, is a global pharmaceutical company that provides products focused on the treatment of respiratory, dermatological, gastrointestinal and pain diseases. The company is headquartered in Barcelona, Spain (www.almirall.com).
“The Aqua management team, led by Co-Founder and CEO Craig Ballaron, has created an industry-leading specialty dermatology pharmaceutical company, achieving exceptional growth through its strong sales organization and strategic product acquisitions while making significant R&D investments,” said Jack McGinley, Founding Partner of RoundTable and Chairman of Aqua. “We believe that Almirall will be a strong strategic partner for Aqua, its employees and customers going forward.”
Deutsche Bank Securities acted as exclusive financial advisor to Aqua, and Sidley Austin acted as the exclusive legal advisor to RoundTable on this transaction.
© 2014 PEPD • Private Equity’s Leading News Magazine • 1-17-14