Kartesia completes capital increase and acquires 100% stake in ADL Biopharma; Ignacio Urbelz appointed as new CEO
Kartesia, the European specialist provider of capital solutions for small and mid-sized companies, is pleased to announce that it has completed a 12m€ capital increase in ADL Biopharma (“ADL”) and has become the sole shareholder of the Spanish biopharmaceutical company, which focuses on the development and production of pharma APIs and specialty ingredients for the food, flavour and fragances markets.
On 1st October 2020 Kartesia reached an agreement with former shareholder ADL Bionatur Solutions and former ultimate owner BTC. It included a new tranche of 5m€ made available at closing by Kartesia for the general corporate purposes of ADL that was fully drawn weeks thereafter, and a capital increase of at least 10m€ to be completed before year-end, pro rata of the stake of each party. The total capital increase approved was enlarged by 2m€ to fund committed investments in additional production capacity for a new client.
Kartesia funded its 6m€ pro rata on 28th December 2020 and committed to contribute the shortfall of ADL Bionatur Solutions by way of a 6m€ equitisatation of debt, in accordance with the restructuring agreement. The capital increase was completed on 26th February 2021 and, consequently, Kartesia now holds 100% of the shares of ADL Biopharma.
In addition, the board of directors has been reduced to 3 seats, comprising the independent directors already appointed on 1st October 2020: Raúl Crespo, Ignacio Urbelz and Mirco Iwan. In the first board meeting held after being 100% owned by Kartesia, the board appointed Ignacio Urbelz as new CEO. Ignacio is a business leader whose experience spans companies such as Spanish food producer Grupo Pascual, Hewlett Packard and Flores Valles, where he has held top management positions including those of CEO and COO.
Jaime Prieto, Founding Partner of Kartesia, commented: “ADL is committed to becoming the preferred development and production partner for companies in growing end-markets such as alternative bio-based food, cosmetics and healthcare products. We are confident that, through our increased shareholding and the experienced leadership of Ignacio, the business is well-positioned to execute its ambitious growth plan.”
Linklaters has advised Kartesia since May 2020 in the debt restructuring and recently completed capital increase.
Kartesia is a pan-European, independent and privately-owned specialist provider of financing solutions, focused on offering customised resources across the capital structure to leading mid-market companies from a wide range of industries, with the view to accelerate their pace of growth. Kartesia manages over €3bn in assets and is operated by a team of 50 experienced professionals across investment and operating teams led by its four founding Managing Partners. The organisation has offices in Brussels, Frankfurt, London, Luxembourg, Madrid, Munich and Paris. For more information visit: www.kartesia.com
About ADL Biopharma:
ADL Biopharma is a Spanish CDMO specialised in 2 businesses: precision fermentation, both upstream and downstream, and oral & sterile antibiotics synthesis. The company is specialised in fermentation processes, thanks to the know-how accumulated in +50 years of operations, featuring one of the largest facilities for industrial fermentation in Europe and a cutting-edge pilot plant to develop and scale-up new molecules. Based in León, enjoying an optimal climate for fermentation and surrounded by a fast-growing pharma and biotech hub, ADL is optimally positioned to benefit from the expected growth in both end-markets.