Apera provides debt facilities to support Duke Street’s acquisition of Kent Pharmaceuticals and Athlone Laboratories.

London 4 June 2019.  Apera Asset Management (“Apera”), a pan-European mid-market private debt investor, today announces that it has agreed to provide debt facilities to support Duke Street’s acquisition of Kent Pharmaceuticals and Athlone Laboratories (“Kent”) from DCC Vital, a subsidiary of DCC plc.  

Apera has arranged a unitranche debt package in support of the buyout of Kent and to finance further expansion projects and potential acquisitions. Apera also made an equity co-investment.

Kent is a UK market leader in several niche generic pharmaceutical products, selling primarily to the hospital and pharmacy wholesaler channels. Its portfolio of products is diversified across multiple therapeutic areas, with particular strengths in analgesics, anti-infectives and penicillins. Kent’s portfolio contains niche, value-added products, which are complex to manufacture. Athlone Laboratories is a leading European manufacturer of specialist beta-lactam antibiotics based in Ireland.

The acquisition of Kent by Duke Street supports Kent’s existing management team which is led by Chief Executive Debashis Dasgupta. Kevin James, an experienced senior executive in the generic pharmaceuticals industry, will be installed as Non-Executive Chairman of Kent.

David Wilmot, Partner at Apera Asset Management said: “Kent is a leading player in an attractive niche segment of the generic pharmaceutical industry. We are very pleased to support both Duke Street and Debashis and his team in developing Kent’s presence in its domestic and international markets.”

Paul Adams, Investment Director at Duke Street said: “We have a strong relationship with Apera, who provided financing in support of our acquisition of TeamSport in 2017. The strong deal and industry experience of Apera’s investment team allowed us to achieve a bespoke financing solution to support Kent’s growth strategy. We value Apera’s support as a financing partner and look forward to working closely with Debashis, his leadership team and Apera to deliver the compelling growth plan.”

About Apera 
Apera is a pan-European mid-market private debt investor operating in the UK, the DACH region, the Nordic region, France and Benelux. The firm develops long-term partnerships with private equity investors, SME borrowers, and advisors by providing tailored financial solutions that meet both the operational needs and growth objectives of clients, whilst producing attractive returns. Apera is focused on bringing a new standard of transparency to the private debt market.