Industrial holding group DCC has expanded its healthcare business with the acquisition of 80 per cent of the Welsh manufacturer of soft gelatin capsules, Eurocaps, for £2.1 million sterling (£2.5 million).
The shares in Eurocap have been sold to DCC by institutional investors, venture capital group 3i and the Welsh Development Agency. Eurocaps founder and managing director Mr Harry Niece is retaining his 20 per cent stake but this is subject to put and call options from March 2002 onwards.
Eurocaps was founded by Mr Niece in 1994 and manufactures soft gelatin capsules for the healthcare and vitamin supplements markets. Sales in the year to March 1998 were £4.6 million sterling with operating profits of £483,000 sterling.
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