New transaction: Acquisition of minority interest in Carmel Pharma

Keystone Advisers acted as financial adviser to the buyers

Carmel Pharma AB is the world leader in closed drug transfer systems for handling of toxic drugs such as cytostatics and antibiotics. The company product system is named PhaSeal®and was introduced on the Swedish market in 1994. Since the start in Sweden, many millions of doses of hazardous drugs have been given with PhaSeal® protecting health care workers from dangerous exposure to the drugs.

In the last few years, the company has substantially expanded its operations in the US and the PhaSeal system is now implemented in over 1 000 clinics on the North American market. Sales are conducted via the company’s own sales organization in strategically important markets such as the USA, Germany, France, Canada, Japan and Sweden. On other markets, PhaSeal® is sold through distributors.

The company’s head office and production unit is located in Mölndal, Sweden. The company has approximately 150 employees situated throughout the world.

Company turnover for 2008 increased by 24 percent, reaching 230,8 million SEK, with operating results (EBIT) reaching 26,7 million SEK. ”Carmel Pharma’s position as the sole supplier of fully closed drug transfer systems creates a unique platform for continued company expansion. We have been tracking the company growth for several years and are very pleased to be able to invest in a world leading, niche company with substantial growth potential in current and new markets” commented Louise Nilsson, Investment Manager at Priveq Investment, continuing: ”We look forward to being an active owner and to take part in the structural preparation of the company for the estimated continued substantial growth.

”We are pleased to invite Priveq Investment as a new, active owner. We have a clear growth strategy, where Priveq Investment will bring experience and skills from their history of investing in other growth companies” responded Dan Pitulia, CEO of Carmel Pharma.