SEP secures £4.75m from Beringea to support further growth
Speciality urology company has offices in London, Paris, Dusseldorf as well as Copenhagen and Frosinone
Pan European speciality urology company Speciality European Pharma Ltd has secured £4.75m from provider of asset based and working capital finance, Beringea Growth Finance.
Founded in 2006 to provide pharmaceutical products and medical devices primarily aimed at the European urology or urogynaecology markets, SEP says it has grown rapidly seeing a near doubling in its number of employees throughout Europe since 2010.
The company also claim a near six-fold increase in revenues and an active sales presence in more than 75% of the EU market.
In 2013 SEP acquired Contura – a Danish company focused on the development of soft tissue fillers – and took over worldwide distribution rights to its primary products: Aquamid and Bulkamid. In total it has rights to six products and medical devices – five of which are for its target market.
The funding will allow the company to accelerate its growth further, allowing it to stay ahead of competitors, and develop pioneering treatments such as its promising early stage osteoarthritis treatment – which has shown encouraging early results.
SEP CEO, Patrick Banks commented: “The finance provided by Beringea Growth Finance will enable SEP to consolidate its position as a leading pan European speciality urology company and support us in future growth.
“We are very pleased to be working with Mark Taylor and the team at Beringea, who have extensive experience of our sector and of working with private equity backed businesses. The investment process was refreshingly clear and efficient and we look forward to working in partnership.”
Head of Beringea Growth Finance, Mark Taylor, said:
“SEP is an impressive business – well established and delivering some fantastic products to market. […] We look forward to supporting them in their continued growth plans.”