Pillarstone completes first Greek transaction
17/05/2017

Pillarstone completes first Greek transaction

  • Famar provides contract manufacturing & development services to companies in the pharmaceutical industry

  • All four Greek systemic banks are lenders to the company

  • Restructuring agreed with the unanimous support of all stakeholders, including the company, its lenders, family shareholders, management and key customers

  • Pillarstone to support recovery & growth of the company through implementation of a new governance structure and a long-term business plan

London and Athens, 12 May 2017 – Pillarstone, the pan-European platform to support banks in managing exposures to non-core and underperforming assets, has announced that Famar will be the first transaction of its Greek platform. All four systemic banks in Greece are lenders to the company. The news follows the formal approval of the Pillarstone platform by the Bank of Greece, the first for an independent platform in the country.

Famar, established in 1949 in Greece, is one of Europe’s leading providers of contract manufacturing and development services to the pharmaceutical and health & beauty industries. The company operates a network of 12 production sites in 5 European countries and in North America, 4 development centres, and 3 distribution centres, offering services in pharmaceutical production, pharmaceutical development, health and beauty R&D and production and logistics to over 140 customers.

In March, an agreement between Pillarstone and Famar's lenders gave the company access to long-term capital investment from its shareholders and lenders. This agreement, in which Pillarstone played a pivotal advisory role, helped to stabilise the company's capital structure and provide the long term support necessary to grow the business. The agreement received the unanimous support of all stakeholders, including the company, its lenders, shareholders and key customers. 

In April, Famar acquired a manufacturing site from Bayer, in Pointe-Claire, Canada, to expand its presence in North America. The company has also hired Markus Hoelzl, a highly experienced financial director, as its new CFO.

Now with the full support of the Pillarstone platform, Famar will prepare for the development and implementation of a long-term business plan.  Pillarstone partners, including John Davison and Dan Haxby, have joined the board of Famar, establishing a strong governance structure.  The board is also recruiting senior industry executive talent to provide valuable operational expertise that will help the company recover and grow.

John Davison, CEO of Pillarstone, said: "Famar's long-standing values of customer focus, competitiveness, quality, service and experienced teams, together with the fresh capital and operational expertise that our platform will provide, will support the next phase of the company's growth. Pillarstone's commitment to Famar's future will help to stabilise the business after a period of uncertainty." Pillarstone is a platform established by KKR Credit with John Davison as co-investor and CEO. Pillarstone is a portfolio company of certain funds and accounts managed or advised by KKR Credit.

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About Pillarstone

Pillarstone is a platform established in 2015 by KKR Credit, with John Davison as co-investor and CEO, to partner with European banks to create value by managing their exposure to non-core and underperforming assets on their balance sheets. The platform provides long-term capital and operational expertise to help the businesses which underpin these non-performing and non-core exposures to stabilise, grow and create value. It is a unique approach based on a collaborative model that benefits a wide range of stakeholders. Pillarstone is a portfolio company of certain funds and accounts managed or advised by KKR Credit.

Media Contacts

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Thomas Varvitsiotis

V+O

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+30 210 7249000

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Olivier Blain

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