Chanelle Pharma, has been sold by its founder Michael H Burke to Exponent, a European private equity firm.
The terms of the multi-million euro sale, which is subject to approval from the Competition and Consumer Protection Commission (CCPC), have not been disclosed.
Chanelle Pharma will remain an Irish managed company with the current management team remaining in place.
Chanelle Pharma
Headquartered in Loughrea, Co. Galway, Chanelle Pharma is Ireland’s largest indigenous manufacturer of generic pharmaceuticals for animal and human health.
Founded in 1985 by Michael H Burke, Chanelle Pharma currently employs over 730 people in Ireland, the UK, Europe and Jordan.
The 17ac site in Loughrea includes three manufacturing plants, four research and development centres, warehousing and offices.
The site manufactures generic pharmaceuticals for export to over 90 countries and works with the biggest generic companies across the world.
Chanelle holds the largest number of veterinary licences of any animal health company in the European Union.
Sale
The sale of the company marks the end of an era as Michael H Burke will now retire from the business.
“Having dedicated my life to building Chanelle Pharma into a global company, I have decided the time is right to allow new owners to lead the company into its next phase of growth.
“I am very pleased that Exponent is acquiring Chanelle Pharma. They value the heritage of our company and share our ethos and vision.
“They have the expertise and resources to grow Chanelle Pharma with new investment across all our operations,” he said.
Exponent has a strong track record of successfully transforming and growing the companies they invest in.
The firm recently opened an office in Dublin and has made investments totalling over €1 billion in Irish-owned or Irish-based businesses to date. Chanelle Pharma is the firm’s 6th platform investment in Ireland.
David McGovern, partner at Exponent, said that the investment in Chanelle demonstrates its commitment to partner with market leading Irish businesses seeking to grow internationally and accelerate their growth.
“We look forward to working closely with Chanelle’s management team to strengthen its global presence and invest in its capabilities,” he said.
James Gunton, partner at Exponent, added that Chanelle has established itself as a leading pharmaceutical manufacturer of both veterinary and medical products with an extensive portfolio of licenses.
“We see tremendous opportunity in the development pipeline and look forward to bringing new products to market, as well as continuing to invest in research and development in the years to come,” he said.