2017-033

Pacific Equity Partners and The Carlyle Group to jointly acquire iNova from Valeant

SYDNEY Australia - Pacific Equity Partners and The Carlyle Group today announced that a company jointly owned by funds advised and managed by Pacific Equity Partners and The Carlyle Group has entered into a sale and purchase agreement with Valeant Pharmaceuticals International, Inc. to acquire the iNova Pharmaceuticals business for $930 million in cash. The transaction is subject to regulatory approvals.

iNova markets a diversified portfolio of prescription and OTC products in areas such as weight management, pain management, cardiology and cough and cold and operates in more than 15 countries around the world. iNova holds leading market positions in Australia and South Africa and also has an established platform in Asia.

David Bluff, Managing Director of The Carlyle Group, said, “We are very pleased to have finalised an agreement to acquire iNova. This is a strong company with great products with growth opportunities particularly in new markets.”

“Carlyle has a proven track record of creating value in the global healthcare sector. We look forward to supporting iNova with our industry expertise and global resources and will continue working with the management, suppliers and customers of the business to deliver innovative products and quality customer service.”

David Brown, Managing Director of Pacific Equity Partners, said, “We intend to build on iNova’s diversified healthcare platform by investing in product development, geographical expansion, marketing, staff and potential acquisitions of additional brands.”

“We are now working with Valeant and the relevant regulatory authorities to close the transaction in the second half of 2017.”

For Carlyle, equity for this transaction will come from Carlyle Asia Partners IV.

Pacific Equity Partners and The Carlyle Group have been advised by Gilbert + Tobin, Allier Capital, Credit Suisse, Bank of America Merrill Lynch, UBS and Macquarie Bank.

Contact:
Sue Cato
+61419282319
cato@catocounsel.com.au

About Pacific Equity Partners
Founded in 1998, Pacific Equity Partners (“PEP”) is a leading Australian private equity firm with approximately A$3.5 billion in funds currently under management.  Funds advised by PEP have completed more deals in Australia than any other private equity fund including 28 platform acquisitions and over 100 bolt-on acquisitions across a broad range of industries.  PEP has 23 investment staff working from a single office in Sydney.

About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $162 billion of assets under management across 287 investment vehicles as of March 31, 2017. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,550 people in 31 offices across six continents. www.carlyle.com

In Asia, Carlyle is one of the longest standing and largest private equity firms, having commenced operations in the region in 1998. Carlyle has an on the ground presence in Australia, China, India, Indonesia, Japan, Korea and Singapore. Globally, Carlyle has invested more than $9.1 billion of equity in over 50 investments in the healthcare sector as of March 31, 2017.