Montagu Private Equity announces that it has sold Risdon Pharma, a leading European manufacturer of primary plastic packaging for the pharmaceutical industry, to Rexam PLC, a leading global consumer packaging Group, for a total consideration of €125 million. 

Risdon Pharma designs and produces a wide range of primary traditional pharmaceutical plastic packaging (eye droppers, nasal sprays, pill jars, bottles, caps and closures, tubs and syringes), medical devices (multi-dose dry powder inhalers) and tablet dispensers. 

Since Risdon Pharma's acquisition by Montagu Private Equity in March 2002, the company has shown strong growth in sales and profits, and generated sales of €51.4 million for the year to December 2002, up from €43.5 million in the previous year. Coupled with tight management of working capital, these results have allowed the company to reimburse a significant portion of its acquisition debt ahead of schedule.

Amaury de Menthière, CEO of Risdon Pharma, said: "Under Montagu's ownership, we have continued to implement our growth strategy and have invested quite heavily to sustain growth. We have also hired young engineers to prepare the company to face an increasing sophistication of new product industrialisation, as well as support staff to complete our total autonomy from our former shareholder. Joining the Rexam group will give Risdon Pharma the critical size to continue its international strategy with the major pharmaceutical key accounts."

Denis Leroy and Mathieu Guillemin of Montagu Private Equity said: "The sale of Risdon Pharma represents a significant achievement and is our second successful exit on the French market in 2003, after the sale of Ampafrance in February for €225 million. We are pleased that the strong complementarities between Risdon Pharma and Rexam will allow management to continue growing the company."