Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 29.10.2020  
C(2020 ) 7617 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M.9967 – KOHLBERG / MUBADALA / PARTNERS GROUP / 
PIONEER UK MIDCO 1  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 1 October 2020 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger Regulation by which  the 
undertakings Kolhberg & Co L.L.C.  (U.S.A.) , Mubadala Investment Company PJSC  
(U.A.E.)  and Partners Group AG  (Switzerland)  acquire withi n the meaning of Article 
3(1)(b) and Article 3(4) of the Merger Regulation  joint control of the whole of Pioneer 
UK Midco 1 Limited  (U.K.)  and its subsidiary PCI Pharma Services. The 
concentration is accomplished by way of purchase of shares .3 
2. The business  activities of the undertakings concerned are:  
 Kohlberg & Co., L.L.C.: a U.S. private equity management company specialised 
in investments in middle market companies, with a portfolio of companies active 
in various industries, such as industrial manufactur ing, consumer products, 
business services, healthcare services and financial services , 
 Mubadala Investment Company PJSC: an Emirati public joint stock company 
focused on investment and development across a number of industries, including 
aerospace, ICT, se miconductors, metals and mining, renewable energy, oil and 
gas, petrochemicals, utilities, healthcare, real estate, pharma and medtech, 
agribusiness and it has a global portfolio of financial holdings , 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 335, 09.10.2020 , p. 9. 

2  Partners Group AG: a Swiss private markets investment management company 
operating globally in the areas of private equity, private real estate, private 
infrastructure and private debt , 
 Pioneer UK Midco 1 Limited: a U.K. holding company which owns and controls 
the group of companies doing business as PCI, the  latter being a global provider 
of services to the pharmaceutical and biotech industries in clinical trial services, 
commercial packaging and development and manufacturing of pharmaceuticals.  
3. After examination of the notification, the European Commission h as concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5 (b) of the Commission  Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the re asons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Art icle 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .