After $2.6B deal, JLL targets more CMOs

Private equity outfit JLL Partners bet big on contract manufacturing last week with its $2.6 billion deal to combine Dutch Royal DSM with its portfolio CMO Patheon, and the fund's cofounder said the company's not done yet. The CMO industry is fragmented and inefficient, JLL's Paul Levy told Reuters, and his firm believes it can squeeze out some more value through tuck-in buys over the next few years. Story