A DORDA team - Jürgen Kittel (Partner, M&A, Supervisory Board Member of Croma-Pharma), Christoph Brogyányi (Partner, Head of the Corporate Team and Co-Head of the Capital Markets Team), Clemens Burian (Attorney, Capital Markets and Corporate), Philipp Pärtan (Associate, M&A, Corporate and Capital Markets) and Isabel Maurer (Associate, M&A, Corporate and Capital Markets) - assisted Austria-based Croma-Pharma GmbH, a fast-growing and internationally leading family-owned company in the fields of minimally invasive aesthetics and reconstructive medicine, in entering into a Business Combination Agreement (BCA) with European Healthcare Acquisition & Growth Company B. V. (EHC). EHC is a Dutch special purpose acquisition company (SPAC) founded and managed by experienced managers around ex-McKinsey Germany head Cornelius Baur, whose shares are listed for trading on Euronext Amsterdam.
The closing of the transaction - the first De-SPAC transaction in Austria - is expected for the second quarter of 2023. Through this transaction, Croma will be indirectly listed on Euronext Amsterdam and thus gives access to the capital market, which is important for the financing of the further growth course.
DORDA's legal services covered all relevant Austrian legal aspects of the transaction, including assistance in the negotiation and finalization of the relevant transaction documents. On Dutch law Croma was advised by a team from Loyens & Loeff (Menno Baks, Michel van Agt). EHC was advised by Sullivan & Cromwell (Carsten Berrar, Lars Rüve), Schönherr (Sascha Hödl) and Houthoff.
Jürgen Kittel: "We are very pleased that after many years of cooperation we were able to accompany Croma - already a champion in the field of aesthetics and reconstructive medicine - in this transaction and realization of this further milestone in its corporate history."
Christoph Brogyányi: "Access to the capital market via SPAC transactions is still in its beginnings in Austria. Therefore, it was particularly exciting for us to accompany this transaction."
Croma-Pharma is a global company in the field of minimally invasive aesthetics and a leading manufacturer of high-quality hyaluronic acid fillers as well as HA-based products for reconstructive applications in orthopedics and ophthalmology. Founded in 1976 by the pharmacist couple Prinz in Vienna, the family-owned company is headquartered in Leobendorf near Vienna. With 550 employees, 13 subsidiaries in Europe and Brazil, two joint ventures and 60 exclusive export partners, it distributes its products in 80 markets worldwide and operates as a contract manufacturer in ophthalmology and orthopedics.
European Healthcare Acquisition & Growth Company B.V. (EHC) was established as a specialty acquisition company with the objective of acquiring one or more companies in the European healthcare market. With its exclusive focus on healthcare, EHC is the first acquisition company of its kind in Europe and benefits from excellent investment opportunities due to underlying market trends and excellent value creation potential.