The Uriach family has placed 30% of the shares of the pharmaceutical company that bears its name to the British investment fund ICG. The operation has been articulated through a capital increase (for an amount that has not been disclosed) that has been fully subscribed by the British fund ICG.
With the resources obtained, the company founded in the 19th century will finance the purchase of the French company Laboratorios Inelda, which specializes in natural products for health care. The price of the operation has not been disclosed either.
ICG will finance the operation with a mix of debt and equity, according to Expansión. These types of funds usually remain in the capital of companies for a certain time with the objective of exiting by maximizing the investment. At that time, the president of the owners' council, Enrique Uriach, explained in a press conference that when he sells the ICG shares they can be repurchased by the family, another investment fund or an IPO.
Asked why the company has not already opted for an IPO, the member of the fourth generation answered because "we are not big enough." After the purchase, the company's turnover will be between 450 and 500 million.
"ICG is not a typical private equity," said Uriach, although he acknowledged that "it is true that the funds want to maximize the investment and exit as soon as possible." The president did not want to specify what the time horizon of the aforementioned investment is.
Regarding the future, Uriach has defended the continuity of the family in the project because "we are clear that the interest is common and that the goose that lays the golden eggs is unique."
