With a new shareholder and management, LaborMed Pharma aims to become a market leader in the next years

(Bucharest, 20th of March 2008) As of February 2008, Advent International has become the majority shareholder of the LaborMed Pharma Group. The British Stephen Stead is the new CEO of the Romanian pharmaceutical producer.

The new LaborMed Pharma management and new shareholder are aiming high. The turnover shall quadruple in the following years, reaching the threshold of EUR 100 million and advancing the company at the top of the local producers.

In a press conference held on March the 20th, Stephen Stead declared that the development strategy for the company includes: the creation of modern and robust business processes across the value chain; transparency in communication and modern management; development of the team both by technical training and motivation of the current employees and by recruiting. The new members of the LaborMed Pharma management team were introduced to the press: the management buy-in team including, next to Stephen Stead, the CFO Mircea Ilie and Adrian Stroilescu, Business Development Manager.

The new CEO of LaborMed Pharma said that the company development will go through portfolio strenghtening with specialty and modern OTC medicines, a stronger brand image for the company and its products as well as the development of strategic alliances. Another development line includes the local and regional acquisitions.

I am glad to be back to Romania, a place where I made nice personal and professional memories. I am proud to be the CEO of a company as significant as LaborMed Pharma. I aim to maintain the company as a relevant partner for patients and the Romanian health system, by providing quality affordable products, declared Stephen Stead.

LaborMed Pharma was founded in 1991 by a group of Romanian physicians and pharmacists. The Group includes the pharmaceutical producer LaborMed Pharma SA and the distribution network LaborMed Pharma Trading SRL. In 2007 the company reported gross sales of EUR 28 million, boosted by the newly opened most modern pharmaceutical plant in Romania, about 500 employees and 80 products. In February 2008 the buy out of the company by the US investment Fund Advent International was finalized, through a leveraged management buy-in transaction. Worth EUR 123 million, it is the largest transaction of this type to date in Romania.

Stephen Stead, the new CEO of the Group is of British origin. He hereby returns to Romania after occupying previously the position of CEO with Terapia, from 2004 to 2006. Before being appointed at the head of the Romanian manufacturer, Stephen Stead was the CEO of Polpharma.

Funded in 1984, Advent International is one of the leading private equity funds worldwide, with USD 12 billion in cumulative capital and presence in 13 countries across Europe, North America, Latin America and Asia. Advent International started its investments in Romania in 1997 and is currently the largest global private equity investor operating in the Romanian market. Romanian investments of Advent included over several years: Düfa, Terapia, Brewery Holdings, Euromedia, Mobifon Connex and Ceramica Iaşi.