The Carlyle Group has agreed to sell Qualicaps (Nara, Japan) to Mitsubishi Chemical Holdings (Tokyo, Japan) subject to regulatory approvals. Qualicaps is a global manufacturer of hard gelatin capsules and non-gelatin cellulose-based capsules, including Quali-V, a pharmaceutical grade vegetarian capsule for the pharma and nutrition industries. According to news reports, Mitsubishi Chemical will pay about $654.2 million for Qualicaps, and estimates that Qualicaps will bring in ¥19.1 billion in sales in 2012. Carlyle acquired Qualicaps, formerly Shionogi Qualicaps, in October 2005. Its expansion strategy resulted in an increase in revenue and EBITDA of more than 50% and 120% respectively for Qualicaps. Mitsubishi Chemical said in a statement that the capsule market has enjoyed stable single-digit growth in recent years and now has a roughly ¥100 billion market size. In 2011 Pfizer sold Capsugel, a maker of hard capsules, for $2.38 billion. Capsugel generated approximately $750 million in revenue in 2010.
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