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Advent buys Industria Chimica Emiliana

Advent International Corp. closed its purchase of Industria Chimica Emiliana Srl from the latter's founding Bartoli family.

The company manufactures ursodeoxycholic acid, which is an active drug ingredient mainly used in liver disease and gallstone treatments.

Advent will help the company bolster its raw materials sourcing, develop its production capabilities and broaden its manufacturing site capacities.

Freshfields Bruckhaus Deringer, Kirkland & Elllis, Ropes & Gray, Mattos Filho and AZB advised Advent on the transaction, while Deutsche Bank and Nomura were its financial advisers. BonelliErede and Studio Ferrarini provided advice to the seller. PricewaterhouseCoopers Advisory was the sole financial adviser and provided vendor due diligence services.

Reuters reported, citing a source familiar with the matter, that the buyout firm is expected to pay about €700 million for the business. Advent did not comment on the transaction price, according to Reuters.