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Private equity in action - Case Study


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Country Romania
Region Vest
Investor Advent International

When Advent acquired Terapia in 2003, the Romanian pharmaceuticals market showed considerable high-growth potential. A household name with an 80-year heritage, state-owned Terapia was the second-largest pharmaceuticals manufacturer in Romania but needed to revamp its product portfolio and adopt a stronger commercial focus.

Advent’s investment in the company provided the catalyst for the company’s growth through a programme of operational and management change. By the time of exit, the company had substantially grown and gained international stature.

Stephen Stead

Former Terapia CEO

and Advent Operating Partner

The partnership between management and Advent in defining and implementing the Terapia vision was key to the success of the transaction, and access to Advent’s supporting network played a significant part in achieving the final result. Quotation Marks Graphic

product launches


sales, up from $33.2m in 2006

What did the business need?

  • Revitalisation and development of Terapia’s product portfolio
  • Sales increase and geographical expansion
  • Creation of an effective commercial department

How did private equity backing create lasting value?

  • Supported and strengthened the management team
  • Product development: 23 new products launches, acquisition of two smaller generics manufacturers
  • Boosting sales activity: five-fold increase in the sales team
  • Significant investment in R&D
  • Adoption of international operational and cleantech standards, first-of-their-kind in Romania (Decommissioning and decontamination of environmentally damaging chemicals manufacturing facilities)

What outcomes did private equity investment achieve?

  • Improved competitiveness
  • Strategically significant regional expansion into Russia and Ukraine
  • By the time of exit in 2006, sales had grown to $75m from $33.2m and EBITDA (earnings before deductions like tax) to $26m from $11m in 2002

More information

Advent International


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