A Travers Smith team led by private equity partner Helen Croke advised long standing clients Silverfleet Capital, and the founder shareholders of Aesica Pharmaceuticals Limited, on the proposed sale of Aesica to Consort Medical plc for £230 million.

Established in 2004, Aesica has grown both organically and through acquisitions and is one of Europe's leading pharmaceutical contract development and manufacturing organisations. It currently employs approximately 1,250 people and has six pharmaceutical development and manufacturing sites in the UK, Germany and Italy.

Silverfleet Capital first invested in Aesica in 2011 (a transaction on which Travers Smith also advised), and over the last three years has worked with the management team to grow the business.  In particular, it supported a £22 million expansion at Aesica's UK facility in Queenborough, which doubled the site's solid dose manufacturing capacity.

The proposed acquisition by Consort Medical, an international healthcare company working in partnership with more than 50 pharmaceutical companies, is a significant development in the pharmaceutical contract manufacturing sector, which will provide a number of strategic benefits for the enlarged group.  Completion of the transaction is conditional upon the approval of Consort Medical's shareholders and clearance by the German competition authorities.  

The Travers Smith team was led by private equity partner Helen Croke, who was supported by private equity associate Tom Hartwright.  Tax advice was provided by tax partner Simon Skinner and tax associate Jessica Kemp.  Finance advice was provided by finance associate Katie McMenamin.  Consort Medical was advised by Covington & Burling LLP.