Page 25 Bain Capital Healthcare
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Bain Capital Healthcare Life Sciences
By 2017, after two world wars
and decades of pan-European
expansion, STADA’s business was
vast, idiosyncratic, geographically
siloed, riven with legacy practices
and structures, and in need of
significant investment.
Following years of activist agitation,
the 122-year-old company selected
Bain Capital and a consortium partner
to take the company private and
reposition the provider of generic
and over-the-counter medicines
for growth.
“Our European colleagues had spent
many years building relationships
and understanding the local
pharmaceutical markets,” says
Andrew Kaplan, a Partner on the
North America Private Equity team.
“The US team brought a deep
understanding of the market for
generics and how those markets
were likely to evolve over time.”
Bain Capital’s roadmap to success for
STADA included a blueprint focused
on top-line growth and margin
improvement. A series of more than
25 targeted product acquisitions
followed, helping to transform the
company from a traditional German
generics business into a leading,
diversified global healthcare platform
with strategic pillars in Consumer
Healthcare, Generics, and Specialty
Pharmaceuticals. Today, STADA
stands as a multifaceted and resilient
organization, generating revenues
in excess of €4 billion, delivering
compound annual net sales growth of
9%, and more than doubling EBITDA
since 2017.
“We saw a massive opportunity to
invest in people and systems to run
the business better, to unlock STADA's
full potential,” says Chris Gordon, Co-
Head of Bain Capital’s Global Private
Equity business and Global Head of
Healthcare. “When we underwrote the
investment, we underwrote it for the
way it could be, not the way it was.
That’s what we do.”
In 2025, Bain Capital signed an
agreement to sell a majority stake
in STADA to CapVest, marking the
culmination of a highly productive
partnership. The transaction
reflects STADA’s exceptional growth,
operational transformation, and the
commitment of its people.
STADA lab workers, 1954 vs. 2020. The company was founded in 1895 by
self-described “forward-looking pharmacists.”
Bain Capital Healthcare Life Sciences
By 2017, after two world wars
and decades of pan-European
expansion, STADA’s business was
vast, idiosyncratic, geographically
siloed, riven with legacy practices
and structures, and in need of
significant investment.
Following years of activist agitation,
the 122-year-old company selected
Bain Capital and a consortium partner
to take the company private and
reposition the provider of generic
and over-the-counter medicines
for growth.
“Our European colleagues had spent
many years building relationships
and understanding the local
pharmaceutical markets,” says
Andrew Kaplan, a Partner on the
North America Private Equity team.
“The US team brought a deep
understanding of the market for
generics and how those markets
were likely to evolve over time.”
Bain Capital’s roadmap to success for
STADA included a blueprint focused
on top-line growth and margin
improvement. A series of more than
25 targeted product acquisitions
followed, helping to transform the
company from a traditional German
generics business into a leading,
diversified global healthcare platform
with strategic pillars in Consumer
Healthcare, Generics, and Specialty
Pharmaceuticals. Today, STADA
stands as a multifaceted and resilient
organization, generating revenues
in excess of €4 billion, delivering
compound annual net sales growth of
9%, and more than doubling EBITDA
since 2017.
“We saw a massive opportunity to
invest in people and systems to run
the business better, to unlock STADA's
full potential,” says Chris Gordon, Co-
Head of Bain Capital’s Global Private
Equity business and Global Head of
Healthcare. “When we underwrote the
investment, we underwrote it for the
way it could be, not the way it was.
That’s what we do.”
In 2025, Bain Capital signed an
agreement to sell a majority stake
in STADA to CapVest, marking the
culmination of a highly productive
partnership. The transaction
reflects STADA’s exceptional growth,
operational transformation, and the
commitment of its people.
STADA lab workers, 1954 vs. 2020. The company was founded in 1895 by
self-described “forward-looking pharmacists.”
