Cenexi

Cenexi is a CMO (contract manufacturing organisation) focused on big pharmaceutical groups or generic pharma product companies with a strong specialisation in complex forms, particularly injectables. A subsidiary of the Roche Group, this activity was considered non-strategic by its shareholder.

Chequers acquired a 100% share in Cenexi alongside its management team in a carve-out.

Value creation

Value creation was achieved through a plan to dilute the weight of its original parent company involving the implementation of commercial agreements under market conditions and the creation of autonomous central functions, including financial functions. Ambitious commercial development has been achieved, as well as two significant acquisitions enabling Cenexi to diversify its product portfolio and customer base. Cenexi was sold to a financial investor in 2016 in a secondary LBO.

Investment year
2008
Turnover at acquisition
€0-100m
Type of operation
Carve-Out
Business sector
Healthcare
Country
France