Dublin-based support services company DCC has exchanged contracts with Kent Pharmaceuticals to acquire the business for €71.2 million (£58 million).

The deal will see 100% of Kent Pharmaceutical’s share capital transferred to DCC, which is listed on the Irish and London stock exchanges, and is expected to close in early 2013. 

DCC plans to combine Kent Pharmaceuticals with its healthcare division, DCC Healthcare, to create a pharma business with aggregate revenues approaching €150 million and to become a leader in the British and Irish generic pharmaceutical market.

Mike Overy, Kent Pharmaceutical’s managing director, said: “The shareholders believe this transaction provides a fantastic opportunity to continue the growth and development of Kent Pharmaceuticals with a partner that is committed to expanding into the generic pharmaceutical market.”

Gordon Hamilton and Michael Jewell of Cavendish Corporate Finance advised Kent Pharmaceuticals on the deal.

Commenting on the transaction, Hamilton said: “We are delighted to have worked on the sale of Kent Pharmaceuticals to DCC Plc.  There has been a significant amount of consolidation in the sector in recent months and this deal creates a substantial UK generic pharmaceutical business with excellent international expansion opportunities.”