Riverside acquires enough shares to control Simcro Ltd
The Riverside Co., a U.S. private equity firm, has made its primary entry into New Zealand, taking up a large percentage of the stake in Simcro Ltd. Simcro is a Hamilton-based animal pharmaceutical delivery company. The financial details of the terms of the deal were not announced.
Simcro, founded in 1993, develops specialized animal merchandise like nozzles, injectors and fan sprays for worldwide pharmaceutical firms like Pfizer Inc , Novartis and Sanofi's animal health unit Merial Ltd.
According to a report from Riverside associate Simon Feiglin, "Simcro does an outstanding job of anticipating and meeting customers' needs, and with Riverside's global positioning, we will be working hard with the retained senior management team to extend their market reach."
Oceanic Capital Partners Ltd. presented the deal to Riverside. The debt financing was made available by Westpac Banking Corp. Will Rouse, Simcro's chief executive and Rod Walker, research & development director, will be able keep their positions and remain shareholders in the company, reports confirmed.
New Zealand's TIN100 report calculated Simcro's 2012 revenue to be US$16.8 million.