£60million refinancing to fuel growth of Converse Pharma
One of the UK’s biggest names in pharmaceuticals has secured a £60million refinancing package to help support its ongoing growth plans.
Converse Pharma Group, a wholesale distributor of pharmaceutical products, has been backed by the new funding line from RBS Invoice Finance and Secure Trust Bank, which will enable it to continue its strong progress across its three core divisions.
Independently-owned Converse Pharma – formed in 2013 through the management buy-out of three businesses – operates DE Pharmaceuticals, based in Prudhoe, Doncaster Pharmaceutical Group and Eurodrug, which collectively have 12 sites across the UK serving over 5,500 customers.
Doncaster-based Converse Pharma, which employs around 800 people, has seen continual progress since its creation six years ago, and is now set to consolidate its position at the very forefront of the UK pharmaceutical distribution market.
The business, owned by Mark Gulliford and Andy Wilson – both of whom have over 20 years’ experience in the pharmaceutical sector – added the expertise of David Horry as chairman and chief executive following the MBO, giving Converse Pharma unrivalled top-level expertise and capability to drive the business forward.
Christopher Welch, partner in the company and commercial team at Sintons, who originally acted on behalf of Converse Pharma in the MBO, again secured the instruction, with head of banking Jane Meikle, corporate partner Adrian Dye and Sophie Townes acting in the transaction.
David Horry said: “This significant refinancing package will support the continued development of Converse Pharma Group and enable us to continue to go from strength to strength. We are committed to making ongoing investment in all three of our companies and to providing the best possible service to our customers. We have fantastic relationships with our suppliers, who will also benefit from the advances we will be making as a business, so this is great news all round.
“We are grateful to RBS for their continued support – having backed the MBO back in 2013 – and to Secure Trust Bank who we look forward to working with. Special mention must be made of Chris Welch for his continuing support of the group and Jane Meikle, together with the team at Sintons, for completing this transaction in a hugely efficient manner against a very tight timescale.”
Jane Meikle, partner in Newcastle-based Sintons, said: “Converse Pharma Group are a long-standing client of Sintons and we are pleased to have again been able to support them in a very significant transaction for the business. We look forward to seeing them continuing to grow and progress through the backing of this new refinancing package.”