CapVest to Acquire Majority Stake in STADA from Bain Capital and Cinven
CapVest Partners LLP (“CapVest”), a global investment firm with a reputation for building essential businesses across healthcare, consumer, and services sectors, has announced that it has signed a definitive agreement to acquire a majority stake in STADA Arzneimittel AG (“STADA” or “the Company”). The acquisition comes from Bain Capital and Cinven, the two private equity firms that jointly purchased STADA in 2017 and played a central role in its transformation into one of Europe’s most diversified pharmaceutical companies.
The transaction, which is still subject to customary regulatory approvals and closing conditions, marks a new chapter in STADA’s evolution. While CapVest will assume majority ownership, both Bain Capital and Cinven will retain minority stakes in the company. This move highlights their continued confidence in STADA’s long-term growth prospects and their willingness to remain engaged as strategic partners alongside CapVest. The closing of the transaction is expected in early 2026.
STADA: From German Generics to a Global Healthcare Leader
Headquartered in Bad Vilbel, Germany, STADA has grown from its historical roots as a generics-focused pharmaceutical company into a diversified global healthcare platform with three strong strategic pillars:
- Consumer Healthcare (CHC) – Encompassing over-the-counter (OTC) medicines, wellness products, and self-care solutions that reach millions of patients and consumers worldwide.
- Generics – A broad portfolio of affordable prescription medicines, ensuring access to critical therapies across therapeutic categories.
- Specialty Pharmaceuticals – High-value, innovative medicines addressing niche or underserved medical needs, from oncology and rare diseases to biologics and biosimilars.
When Bain Capital and Cinven acquired STADA in 2017, the company was a respected but largely traditional generics business, with a strong presence in Germany and across parts of Europe. Over the last eight years, through strategic investments, operational improvements, and international expansion, STADA has been reshaped into a dynamic, multi-pronged pharmaceutical leader.
Under their ownership, STADA achieved:
- Revenue growth to more than €4 billion annually
- A compound annual net sales growth rate (CAGR) of 9%
- More than doubled EBITDA since 2017
- Expansion of its workforce to approximately 11,600 employees worldwide
This transformation not only broadened STADA’s commercial footprint but also positioned it as one of the fastest-growing pharmaceutical companies in Europe, resilient in the face of global healthcare challenges.
Why CapVest?
For STADA’s next phase of development, CapVest emerges as a strategic partner with the right combination of experience and sector expertise. Founded in 1999, CapVest has built a reputation as a leading international private equity investor that specializes in partnering with essential goods and services providers.
Healthcare has long been one of CapVest’s core areas of focus. With over 20 years of experience investing in healthcare platforms, the firm has developed deep operational expertise and a proven track record of scaling companies through both organic initiatives and acquisitions. This makes CapVest a natural successor to Bain Capital and Cinven in guiding STADA’s next era of growth.
Matthew Fargie of CapVest explained the firm’s rationale for the deal:
“We have admired STADA for several years, including its deep heritage, leading product portfolio and a culture underpinned by caring for people’s health. Peter and the entire STADA team have a best-in-class track record of performance. STADA is a unique strategic platform through which we will leverage our significant healthcare and consumer expertise to accelerate the development of the company in Germany and internationally. We intend to deploy significant new capital towards this objective.”
CapVest’s strategy aligns with STADA’s ambitions, focusing on:
- Capital investment to strengthen global operations
- Organic and acquisition-led growth to expand product portfolios and geographic reach
- Operational excellence to optimize efficiency and innovation
- Long-term value creation in line with patient and healthcare system needs
Continuity and Partnership
Although Bain Capital and Cinven are selling their majority ownership, both firms will retain minority stakes in STADA. This demonstrates not only their confidence in STADA’s continued momentum but also their commitment to supporting the company’s management team and long-term vision.
From their perspective, the partnership with STADA over the past eight years has been one of the most successful value-creation stories in the European pharmaceutical sector. Their support enabled STADA to innovate, expand into new markets, and become a global leader across its three core business areas.
Peter Goldschmidt, Chief Executive Officer of STADA, welcomed CapVest as a new majority partner while paying tribute to the company’s journey under Bain and Cinven:
“CapVest’s focus on working closely with management in transforming the size and scale of its portfolio companies through significant capital investment, a combination of organic and acquisition-led growth, operational excellence, and long-term value creation reflects the same principles that have underpinned STADA’s success to date. With their deep knowledge in the healthcare and pharmaceuticals markets, CapVest is an ideal next partner to work with us to capitalise on the many opportunities emerging in our sector and realise our ambitious plans for the company.”
He added:
“Cinven and Bain Capital have been excellent partners on our journey to become a global leader in Consumer Healthcare, Generics and Specialty Pharmaceuticals. Their support and conviction in our vision enabled us to accelerate growth, innovate, and expand internationally.”
The Road Ahead for STADA
With CapVest’s backing, STADA is poised to embark on a new stage of development. Several factors are expected to shape the company’s trajectory in the coming years:
- Further Global Expansion – Building on its existing international footprint, STADA will likely continue pursuing acquisitions and partnerships in emerging and mature markets.
- Innovation in Specialty Pharmaceuticals – Investments in niche therapeutic areas such as oncology, biosimilars, and rare diseases are expected to accelerate.
- Strengthening Consumer Healthcare – As self-care and preventive health become increasingly important, STADA is well-positioned to expand its OTC and wellness product offerings.
- Operational Investments – CapVest has signaled its intention to deploy significant capital, which could mean upgrades in manufacturing, R&D, and supply chain resilience.
The combination of a seasoned management team, proven business model, and new financial backing creates strong momentum for STADA to continue scaling globally.
Financial and Advisory Details
Although the financial terms of the deal remain undisclosed, industry observers note that transactions of this scale typically value companies like STADA in the multi-billion-euro range, especially given its size, profitability, and global reach.
The transaction is subject to the customary regulatory reviews, particularly in the European Union and other jurisdictions where STADA operates. The parties anticipate the transaction to close in early 2026.
CapVest was advised by Canson Capital Partners and Centerview Partners, acting as lead financial advisors on the transaction. Their involvement reflects the high-profile nature of the deal and the strategic importance of STADA within the global healthcare investment landscape.
CapVest’s acquisition of a majority stake in STADA marks one of the most significant private equity deals in the European pharmaceutical sector in recent years. It underscores the continued attractiveness of healthcare as a growth industry for long-term investors and highlights STADA’s position as a platform with vast potential.
As Bain Capital and Cinven hand over majority control after nearly a decade of transformative stewardship, STADA stands stronger than ever: a €4 billion-revenue global player with a balanced business model across Consumer Healthcare, Generics, and Specialty Pharmaceuticals. With CapVest’s expertise and capital, the company is well-positioned to expand further, innovate in high-value therapeutic areas, and meet the growing healthcare needs of patients and consumers worldwide.
For STADA’s employees, customers, and partners, the announcement signals continuity of vision combined with fresh opportunities. The next few years will reveal how CapVest, alongside Bain Capital, Cinven, and STADA’s leadership team, builds upon this legacy to write the next chapter in the company’s remarkable journey.
About STADA Arzneimittel AG
STADA Arzneimittel AG is headquartered in Bad Vilbel, Germany. The company focuses on a three-pillar strategy consisting of consumer healthcare products, generics and specialty pharma. Worldwide, STADA Arzneimittel AG sells its products in over 100 countries. In financial year 2024, STADA achieved group sales of € 4,059 million and adjusted constant-currency earnings before interest, taxes, depreciation and amortization (adj. cc EBITDA) of € 886 million. As of 31 December 2024, STADA employed 11,649 people worldwide.
About CapVest
CapVest is a leading international private equity investor that partners with ambitious companies supplying essential goods and services to transform their businesses. As an active and patient investor, CapVest has established a strong record of success in delivering attractive returns by working closely with management in transforming the size and scale of its portfolio companies through a combination of organic and acquisition led growth.
CapVest seeks to invest in highly resilient industries where the demand driver for the product or service is non-discretionary. Its core sectors include healthcare, consumer staples and essential services.
