News

Harvey Ingram christens new Birmingham offices with MBO of Focus Pharmaceuticals

Release date: 28/11/2007

Harvey Ingram’s first transaction from new offices in Edmund House in Newhall Street, is the completion of the £3.2 million management buy out of Focus Pharmaceuticals Limited.

The Harvey Ingram team - led by partner Mathew Harvey, with support from Heidi Hendon (associate) - advised Matrix Private Equity Partners, who financed the MBO using their integrated debt and equity package. Matrix, in addition to their investment, acquired a minority stake in the business.

Focus is a fast growing, profitable company based in the Midlands which specialises in the licensing and marketing of specialist prescription generic pharmaceuticals. Their strength is in identifying and developing niche generic opportunities which fall outside of the major generic pharmaceutical companies' areas of expertise. Focus was established in 2003 by the current management team. It employs 15 people and has annual revenues of more than £10 million.

Commenting on the transaction, Mathew Harvey said: “The MBO represents an opportunity for the management team to continue the growth of the business with the support of Matrix. It was also pleasing to be able to cement our relationship with Matrix with the first completion at our new offices.”

Matrix Partner Ashley Broomberg said: “The great strength of this business is that a team combining rare regulatory skills and a strong commercial network in the pharmaceutical industry has come together. The market drivers are strong – the UK faces an ageing demographic and there is a clear need to drive down healthcare costs by generic prescribing. Focus has a proven business model that is now really starting to accelerate in its growth through the delivery of its pipeline of products and we believe that there will be strong exit prospects for the business given the M&A activity in the sector.”