Cofece authorizes Procaps Group to acquire Grupo Somar and Pearl Mexico
Mexico‘s Federal Economic Competition Commission (Cofece) granted Procaps Group antitrust regulatory approval for the acquisition of Grupo Somar and Pearl Mexico.
Cofece’s approval allows Procaps Group six months to close the transaction, with the option to extend that period for an additional six months upon justified request.
Founded in 1977 by the Minski family, Procaps Group is a leading international integrated pharmaceutical and healthcare company that develops pharmaceutical and nutraceutical solutions, medicines and hospital supplies.
According to its own description, Procaps Group has customers in more than 50 countries, on six of the seven continents, and has a direct presence in 13 countries in the Americas and more than 4,900 employees.
In particular, the company develops, manufactures and markets OTC and Rx pharmaceuticals, nutritional supplements and clinical solutions.
In addition, the acquisition includes Química y Farmacia, and Gelcaps and related entities of Advent International (Advent), one of the world’s largest private equity investors.
Grupo Somar generated approximately US$184 million in net revenues (on an expected combined basis).
Procaps Group
On May 20, 2022, Triana Capital, Procaps Group and Al Global Investments (Al Global), together with Triana Capital and Procaps Group, notified Cofece of their intention to enter into a concentration.
The transaction consists of the acquisition, directly or indirectly, by Procaps Group of certain issued and outstanding shares of AI Soar (Netherlands); PDM Acondifarma; Química y Farmacia Holding; Química y Farmacia; Laboratorios DIBA; Gelcaps Exportadora de México; Grupo Farmacéutico Somar; Laboratorios Serral; Lakeside Salud Humana; Somar Humana; Serral; and Pharma Inmobiliaria.
Cofece is an autonomous constitutional body in charge of promoting, protecting and guaranteeing free competition and economic competition for the efficient operation of markets.
In order to comply with its constitutional mandate, the Commission has independence in its decisions and operation, as well as in the exercise of its resources; therefore, it must comply with a process of financial, budgetary and performance audits, through audits focused on evaluating that the exercise of spending and institutional operation is in compliance with the applicable regulatory framework in force.
