European mid-market investor, Duke Street, has sold specialty pharma group, Kent Pharmaceuticals, to Phoenix Labs, an integrated healthcare company operating in the prescription and OTC market segments, with two manufacturing sites across UK & Ireland. The acquisition will expand Phoenix’s operations in the UK and provide synergies across the product portfolio and geographies.
Financial terms have not been disclosed.
Kent Pharma is a UK-headquartered distributor of specialty and generic pharmaceuticals in the UK and Ireland. An important partner to the NHS, it is a one of the top suppliers of injectables to UK hospitals.
Duke Street invested in Kent Pharma & Athlone Laboratories in 2019, when it was carved out of DCC Healthcare (a subsidiary of DCC). It was subsequently established as a fully standalone business, including the setup of an ERP system and the hiring of personnel for core functions.
Since its investment, Duke Street has backed the management team to execute a strategy of expansion and portfolio diversification through product launches, acquisitions – in 2021, Kent acquired Dalkeith Labs, a UK-based distributor of generic pharmaceutical and over-the-counter (OTC) products to wholesale, pharmacy and supermarket channels – and in-licensing. It has also and invested capital in IP for new product development.
Together with management, Duke Street has driven operational improvements and accelerated the growth of new products across new and established market channels, including the expansion into Ireland in 2020. In late 2025, is sold the non-core antibiotics manufacturing facility, Athlone Labs, to the Irish manufacturing platform, Gaelic Laboratories.
“Under our ownership, management has delivered a significant transformation across the business, establishing it as a leading independent player in the UK and Irish pharmaceutical markets,” said Charlie Troup, managing partner at Duke Street. “We have invested significantly in NPD to grow and shape the portfolio whilst also expanding the capabilities of the business . . . ultimately, we have secured an exit to trade, further strengthening Duke Street’s record of c. 85% of sales to strategic parties.”
Jefferies acted as financial advisors for Duke Street, DLA Piper provided legal advice and BDO, IQVIA and PWC supported on tax, commercial and financial vendor diligence, respectively.
