- Chanelle Pharma is the largest indigenous pharma company in Ireland
- This is the sixth platform investment made by Exponent in Ireland
7 February 2024, DUBLIN – Exponent, a leading European private equity firm, today announces that it has reached an agreement to invest in Chanelle Pharma (“Chanelle”), Ireland’s largest manufacturer of generic pharmaceuticals, from its founder Michael H Burke. The terms of the sale have not been disclosed.
Founded in 1985, today Chanelle employs over 700 people in Ireland, the UK, Europe and Jordan and is internationally recognised as a leader in the global generics pharma industry. With a presence in over 80 countries, Chanelle offers a spectrum of services to its customers, including research and product development, and the registration and production of generic human and veterinary pharmaceuticals. It is a global leader in animal health, with an established product portfolio and exciting pipeline focussed on companion animals.
Exponent has tracked Chanelle for several years as a standout Irish healthcare business. Chanelle follows Exponent's successful investment in BBI Group, the leading provider of products and services to the world’s largest diagnostic organisations. Under Exponent ownership BBI expanded into the US, built operations in China, completed three acquisitions, and created a state-of-the-art manufacturing facility in Wales.
The acquisition of Chanelle demonstrates Exponent’s expertise in investing in and growing market leading, founder-led, Irish-based businesses. Exponent has built a decade-long track record in Ireland, investing over €1 billion to date. These investments include:
- Fintrax (now called Planet), Co. Galway-based financial technology and services firm. Investment in capabilities and new market entry resulted in operations in over 30 countries and a doubling of profits under Exponent ownership;
- Enva, leading recycling and resource recovery solutions provider in the UK and Ireland acquired from Dublin-based, FTSE 100, DCC plc. Exponent worked with management to transform Enva into a champion of environmental sustainability, partnering with Niall Wall, the former CEO of Ardagh Group, as Chair of the business;
- H&MV Engineering, specialist in high-voltage electrical engineering for the data centre and renewables industries based in Co. Limerick. Exponent, together with founder entrepreneur PJ Flanagan as CEO, is working to accelerate H&MV's international growth and expand its design and delivery resource. With a new global HQ in Limerick, it plans to create 700 jobs over the next 5 years.
Chanelle is Exponent’s sixth flagship investment in Ireland and underscores the opportunity Exponent sees in a market characterised by excellent home-grown businesses, a robust and innovative regulatory framework, and a sophisticated investment environment.
David McGovern, Partner at Exponent, said: “We are delighted to invest in Chanelle, a company we have admired for a long time. Our investment in Chanelle demonstrates our commitment to partner with market leading Irish businesses seeking to grow internationally and accelerate their growth. We look forward to working closely with Chanelle's management team to strengthen its global presence and invest in its capabilities. We applaud Michael’s leadership of the business and thank him for trusting us to take Chanelle forward.”
James Gunton, Partner at Exponent, said: “We are thoroughly impressed with the business Michael has built over the last 40 years and Exponent is proud to be the next owner of Chanelle. The business has established itself as a leading pharmaceutical manufacturer of both veterinary and medical products with an extensive portfolio of licenses. We see tremendous opportunity in the development pipeline and look forward to bringing new products to market, as well as continuing to invest in Research and Development in the years to come.”