| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 21 July 2020 |
| Pathway(s) | Significant Business Asset |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100.0% of the Shares of Elviti Holdings Limited, the consideration of which exceeds $100m. |
| Consideration | ~NZ$339,500,000 1 |
| Applicant | AI Lamb (NZ) Limited and AI ICE & Cy S.C.A. AI Lamb (NZ) Limited and AI ICE & Cy S.C.A. are ultimately majority owned by funds (collectively, the "GPE IX Funds") managed and advised by Advent International Corporation (a Boston based global private equity firm) and/or its affiliates. |
| Vendor | Elviti Holdings Limited Elviti Holdings Limited is ultimately majority owned by the "Archer Funds", managed and advised by Archer Capital an Australian private equity firm. |
| Background | The Applicants are part of the Industria Chimica Emiliana Group (ICE Group), a global leading manufacturer of Ursodeoxycholic Acid (UDCA), an active ingredient primarily used in pharmaceuticals to treat liver diseases and gallstones. Elviti Holdings Limited is the holding company for NZ Pharmaceuticals Group (NZP Group), a developer and manufacturer of pharmaceutical products including high purity bile acids which are used in the manufacture of UDCA. The Applicant has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are of good character. The Applicant has also demonstrated financial commitment to the investment. |
| More information | Ben Paterson Russell McVeagh (Auckland) PO Box 8 AUCKLAND 1140 |
1 Based on the USD:NZD exchange rate of US$1:NZ$1.64 as at 30 April 2020.
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