Cyprus Mail
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York Capital Management and Elements Capital Management complete the acquisition of Famar business in Italy, Greece and Spain.

Funds managed by York Capital Management (York) and Elements Capital Management (ECM) have together completed the acquisition of the southern perimeter of the Famar business – a leading provider of contract manufacturing and development services to the pharmaceutical and health and beauty industry.

The significant transaction that completed on March 20th, includes Famar’s facilities in Greece, Spain and Italy as well as the distribution business in Greece, which in total represents a turnover of €210M and 1900 employees.

ECM and York have already injected considerable new capital into the companies to strengthen relationships with their commercial partners and refocus on capital investment.

A spokesperson for York and ECM said: “The team from York, ECM and their advisors have been most impressed with the leadership and employee commitment to the business. We are very confident that we can build a successful future for the business, the employees, our customers and all the other stakeholders.

“We would also like to add our thanks to the hard work of the many people involved in making this transaction possible.”

The key leadership appointments in the new company are Ian Cooper (CEO), Kostas Reggis (COO), and Marnix Borghouts as CFO (ad interim). Jeff Morrod will Chair the Board of Directors

The firms advising York and ECM on the deal include global law firm, Reed Smith (lead deal counsel), Ernst & Young, Pérez-Llorca (Spain), Legance (Italy), Papapolitis & Papapolitis (Greece) and IQVIA.

About York and ECM

York, a global  investment management firm with $18bn of assets under management which specialises in special situations investments, and ECM, an investment company whose funds are targeted at special opportunities in credit markets, have partnered on several transactions together over the last four years, and have a significant track record as a turnaround specialist in the region.

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