August 2014 to November 2015

Abbey Pharma, the specialist pharmaceutical company which trades as Intrapharm, secured a £2m investment from BGF in August 2014 . BGF took a minority stake in the business and the investment was used to fund the company’s buy-and-build strategy.

Intrapharm was established in 2009 and is a fast growing, dynamic niche pharmaceutical group that manufactures, distributes and sells prescription and ‘Over the Counter’ (OTC) products. Based in Maidenhead, the business is led by Kevin James as CEO and Shafiq Choudhary as COO. As part of BGF’s investment, Brian McEwan joined as chairman. Brian has over 30 years of experience in the pharmaceutical industry having previously held positions as MD of Amdipharm Mercury Company Ltd (AMCo) and COO of Waymade Healthcare Plc.

BGF’s investment supported Intrapharm as a buy & build platform, enabling the business to acquire Crewe based Peckforton Pharmaceuticals, as well as Alvedon, a specialist pain treatment drug. Immediately prior to BGF’s exit, Intrapharm also acquired Aquamax, an emollient cream for use against dry skin conditions.

Following a period of sustained growth, with revenues increasing from £4m p.a. at the point of BGF’s investment to £12m for the current financial year, the business was acquired by German pharmaceutical company RIEMSER Pharma GmbH in November 2015. BGF exited its minority equity stake in the business, with all shareholders realising a strong return.

Kevin James, CEO of Abbey Pharma commented:

“Over the past ten years we have achieved sustained and significant growth through focusing on the speciality pharmaceuticals market. We are very excited about the opportunity to jointly expand and accelerate our growth strategy under the umbrella of RIEMSER”

“BGF’s funding came at the right time for the business and has allowed us to scale the platform with the acquisition of Peckforton, while our Chairman Brian McEwan has provided invaluable support and advice.”

James Austin, Investment Director, BGF commented:

“In Abbey Pharma we backed a first class team in a rapidly expanding business with a strong platform for acquisitive growth. It has been exciting to watch the growth of Intrapharm Abbey Pharma under Kevin and Shafiq’s leadership. The success and attractiveness of the Intrapharm business has been ratified by the acquisition from RIEMSER.”