Advised on Sale of Company


ACG Worldwide

Production of HGCs and associated equipment India

Acquired 100% of shares

Lukaps d.o.o.

Hard Gelatine Capsule Production Croatia

Advised Lukaps d.o.o. on its sale to ACG Worldwide



Lukaps is a leading manufacturer of two-piece hard capsules in Central Europe and a major supplier for leading pharmaceutical companies in Europe including Russia. Lukaps is an established brand name. Continuous compliance with health regulations, adoption of new technologies and high standards of production of pharmaceuticals has earned the company both the ISO 9001:2000 Certificate and the GMP Certificate of the Ministry of Health of the Republic of Croatia.

Unique Selling Points

Strong regional presence, good market share in Central and Eastern Europe, offering good opportunities for investors looking to have access to the EU and Central and Eastern Europe.

The Investor

ACG Worldwide, the Associated Capsule Group, is the pharmaceutical industry's preferred global partner in solid dosage delivery systems. Over the last four decades, from its base in India, ACG has grown and partnered with some of the world's best-known pharmaceutical names. As a global giant in the manufacture of gelatin and HPMC capsules, ACG distributes products in over 65 countries and has more than 3,200 employees in five continents.

The Deal

ACG Worldwide acquired an undisclosed majority stake in Lukaps.


Dražen Dedi

CEO of Farmal d.o.o.

Well, we have just completed our third transaction in four years with IMAP. We have successfully attracted the first investment from an Indian group and most recently we have successfully partnered up with Dermapharm AG of Germany, a leading generic drug producer in the EU. As a result, we will gain access to new products, and we will have a much lower entry price of drugs and raw materials. With a new owner we ensure better financial restructuring and further growth in our share of the regional markets. Given the economic situation this is essential.


Not one of these deals were easy and even though we have become transaction experts and M&A scholars we always have relished and relied upon the thoughtful, energetic and professional help that Jurgis and his team bring to the deal.


Our company's four pillars are: quality, customer relationships, employees and socially responsible conduct. In many ways IMAP mirrors these with its own way of doing things. They are delivering a quality product with the client centre stage. They work as a real team, taking as much of the stress from the process and their approach has always been fair, honest and rigorous. Thank you!

Experts who worked on the transaction