11 Jan 2012
Novo A/S and Financière Star 1 S.A. which is controlled by funds managed and advised by PAI Partners SAS ("PAI") have entered into a share purchase agreement whereby Novo A/S purchases 35,419,331 shares of common stock of Chr. Hansen Holding A/S (“Chr. Hansen”) from Financière Star 1 S.A. at a price of DKK 117 per share.
The delivery of shares is subject solely to customary regulatory approvals which the parties expect to obtain during the first quarter of 2012. Upon delivery of the shares, Novo A/S will hold 25.66% of the outstanding shares in Chr. Hansen.
“Novo A/S prefers to make its direct investments within the life-science and bioindustrial areas where we can add most value as shareholders. Chr. Hansen is a well-run company and is a good fit with our investment strategy, and we believe that it will prove to be an attractive long-term investment for us. We do not intend to take control of Chr. Hansen and are excited to support Chr. Hansen as a long-term minority shareholder” says Henrik Gürtler, CEO of Novo A/S.
“After more than six years of ownership during which Chr. Hansen has been transformed and successfully listed, we are pleased to sell our stake in Chr. Hansen to Novo A/S. Novo A/S has a strong track-record as a supportive shareholder and we believe Chr. Hansen will benefit from having Novo A/S on board as a long-term, stable shareholder. We would like to thank all of Chr. Hansen’s employees who have contributed to the success of our investment”, says Frédéric Stévenin, a Partner at PAI.
SEB Enskilda Corporate Finance is acting as sole financial adviser to Novo A/S and Morgan Stanley is acting as sole financial adviser to Financière Star 1 S.A. in the transaction.