Ares, which topped 9fin’s private credit rankings as Europe’s most prolific deal maker for 2023, beat out rival firm Pemberton’s bid for the debt, sources said.

Chanelle Pharma appointed Rothschild to run the auction process last year, sources added, with Exponent outbidding sponsors HIG and Duke Street Capital for the pharma business in the final round.

Exponent announced the deal in early February and paid around €300m for the company, according to The Irish Times.

Company accounts released after the announcement show Chanelle’s pre-tax profits fell by 42% to €13.7m in the 12 months up to April 2023, largely due to higher costs.

The accounts were signed off in December however, before Exponent’s takeover was finalised.

Chanelle Pharma employs 700 staff and holds licenses to produce thousands of human and animal pharmaceutical products. It supplies 96 countries around the world.

Ares and Pemberton declined to comment. Exponent and Chanelle Pharma did not respond to requests for comment.

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