Trilantic Capital Partners Europe acquired a 90% stake in Doppel Farmaceutici, a leading Italian pharmaceutical company. Doppel operates as a contract development and manufacturing organization (CDMO) for third parties. Trilantic and Doppel's management plan to expand the company both organically and through acquisitions in the CDMO sector, as well as increase its international presence in markets like the US and Asia. In 2014, Doppel generated €83.4 million in revenue and €12.3 million in EBITDA.

1. PRESS RELEASE
Trilantic Capital Partners Europe completes acquisition of 90% stake in
leading Italian pharmaceuticals producer Doppel Farmaceutici
7 October 2015. Trilantic Capital Partners Europe (“Trilantic Europe”), a private equity firm focused
on mid-market transactions in Europe, announces today that it has completed the acquisition of a
90% shareholding in Doppel Farmaceutici (“Doppel” or the “Company”), after obtaining anti-trust
approvals.
Doppel is a leading operator in Italy in pharmaceutical research, development, formulation,
manufacturing and packaging. The company operates exclusively on behalf of third parties as a
Contract Development and Manufacturing Organization (CDMO). The investment in Doppel by
Trilantic Europe comes as the CDMO pharmaceutical sector is expected to grow significantly in the
next five years. Financial details of the investment have not been disclosed.
Trilantic Europe acquired the 90% shareholding in Doppel from a number of Italian entrepreneurs,
including Pierluigi Busca who has been a shareholder in Doppel since it was established in 1994.
Paolo Lanfranchi remains a shareholder in the company with a 10% holding. Following the
completion of the transaction, Paolo Lanfranchi has moved from his previous role as Managing
Director to become Chairman of Doppel. Giuseppe Cassisi, who has 30 years’ experience in the
pharmaceuticals and CDMO sector, has become the Company's CEO.
Trilantic Europe and Doppel’s management team have put in place a strategy focused on
expanding Doppel both organically and as a platform to acquire other players in the CDMO sector.
The strategy also includes plans to increase Doppel’s presence in international markets, such as
the United States and the Far East, strengthening the Company’s offer in research and
development, strategic growth through the acquisition of niche capabilities such as injectable
biotechnology medicines, and the development of greenfield projects.
Doppel, which was founded in 1994, has contracts with blue-chip Italian and international clients.
The company has 460 employees and operates from two production plants in northern Italy,
Cortemaggiore and Rozzano. The Company principally manufactures and packs pharmaceutical
products such as pills, pharmaceutical granules, creams, tablets, oral solutions, sprays and
injection vials, produced under asepsis conditions or with terminal sterilisation. In 2009, the

2. company launched a nutrition division at the Cortemaggiore plant, dedicated to the contract
manufacturing and packaging of effervescent granules.
Since 2003, Doppel has also been active in food, nutraceutical and cosmetic supplements as well
as medical devices thanks to its 24.7% shareholding in Procemsa Farmaceutici.
In 2014, Doppel had net revenue of €83.4 million and EBITDA of €12.3 million. The Italian market
accounted for 63% of Doppel’s turnover with the remaining 37% coming from international
markets.
Trilantic Europe was advised on legal matters by Studio Legale Associato La Torre Morgese Cèsaro
Rio, while Ethica Corporate Finance acted as financial adviser on the transaction. The selling
shareholders were advised on legal matters by Studio Legale Associato d’Urso Gatti Pavesi Bianchi.
Enquiries:
TRILANTIC CAPITAL PARTNERS EUROPE
Grant Ringshaw/ Agnès Riousse
Citigate Dewe Rogerson +44 207 638 9571
About Trilantic Capital Partners Europe
Trilantic Europe is a private equity firm focused on control and co-control investments in Western
Europe. Trilantic Europe employs flexible transaction structures and has a strong heritage of
partnering with family-owned businesses as well as providing growth capital to outstanding
management teams. Trilantic Europe is differentiated from our competition by the firm’s history
of disciplined, successful investing, the demonstrated capability to supply flexible and growth
capital and to be true partners with the management of our portfolio companies. The firm often
applies a “buy in” not “buy out” approach and is determined to deliver value both to the Limited
Partners and the management teams that it supports. Trilantic Europe’s primary investment focus
is in the consumer & leisure, industrials, TMT, pharmaceutical/ medical, business services and
healthcare sectors. Trilantic currently manages two institutional private equity funds with total
assets of around €1.5 billion.