The sale of Albany Molecular Research Inc. in a $922 million deal to two private equity firms was more than a year in the making.
The Albany-based pharmaceutical manufacturer said it had been mulling its future — but not actively shopping the company — when it was first approached by representatives of GTCR, a Chicago private equity firm back in March of 2016 about a potential “financing transaction.” At the time, AMRI’s shares were trading for roughly $14.50.
Fifteen months later, AMRI would announce that GTCR and a second private equity firm, The Carlyle Group of Washington, D.C., had struck an all-cash deal to acquire it for $21.75 a share, a 49 percent premium from its March 2016 stock price. AMRI was founded in 1991 and has more than two dozen locations across the globe. Its headquarters are in Albany and it has a manufacturing facility in Rensselaer.
Behind-the-scenes details of the negotiations between AMRI, its lawyers, and various suitors over that time period contained in regulatory filings show that GTCR and Carlyle came together to partner on the deal just days before the deal was…
See the entire article.