Kartesia, the European specialist provider of capital solutions for small and mid-sized companies, today announces that it has sold the Spanish bioingredients company ADL Biopharma (“ADL” or “the Company”) to Wacker Chemie AG, a multinational chemical group. The company will be integrated into WACKER BIOSOLUTIONS, the biotechnology division of Wacker Chemie.
ADL is a leading European CDMO in the field of precision fermentation, providing scale-up and manufacturing services for a number of end-markets; such as cosmetics, flavour & fragrances, food supplements and nutrition. It operates one of the biggest upstream fermentation facilities in Europe, multiple downstream purification and recovery units, and a multi-purpose pilot plant.
Kartesia first invested in ADL in 2019 and became sole shareholder in 2021. Under the control of Kartesia, ADL has more than doubled revenues and onboarded blue chip clients to become the reference CDMO for bio-based ingredients in Europe. Kartesia has supported the Company with additional equity over the years to expand and upgrade the asset base, mainly in connection with new contracts.
The investment was structured from the Kartesia Credit Opportunities IV (KCO IV) fund, with the entirety of its stake being purchased by Wacker Chemie . The sale of ADL to a strategic buyer reflects the successful story built under Kartesia’s stewardship and signals the opportunity for continued growth under new owners.
Ignacio Urbelz, ADL´s CEO, said: “I truly believe that the incorporation of ADL into the WACKER group will give the Company a definitive boost of stability and support it alongside the growth of their BIOSOLUTIONS business. I would like to thank Kartesia for their strong technical and financial support throughout their tenure and Wacker for trusting us and welcoming our team into their family. I am especially grateful to the human team of ADL for the incredible journey together”.
Tomas Neuhaus, Investment Director at Kartesia, commented: “It has been a pleasure to work with Ignacio and his team as ADL has grown in topline, profitability, and human capital since we came on board in 2021. Kartesia is convinced that WACKER is optimally suited to bring the Company to the next level. We are confident that the business is uniquely positioned to seize the substantial growth opportunities of the market, as well as to contribute to WACKER’s strategic plans for their biotech business.”