Charterhouse wins out on French pharmaceuticals firm Cooper - source

(Adds detail on fundraising, background)

LONDON, Oct (HKSE: 3366-OL.HK - news) 14 (Reuters) - British private equity firm Charterhouse has agreed to buy French pharmaceuticals company Cooper, the first acquisition from its new fund, a source familiar with the matter said on Wednesday.

Charterhouse had been competing against other buyout houses in the sale of the company, which media reports had valued at as much as 700 million euros ($799 million).

Charterhouse has informed its investors of the purchase, the source said, adding that the buyout house, which is currently raising its tenth fund, reached a first close of 1.5 billion euros at the end of September.

Cooper was sold by French investment firm Caravelle. The over-the-counter pharmaceuticals company had revenues of 198.7 million euros in 2013, according to its website.

Charterhouse and Caravelle declined to comment.

A source previously told Reuters that the firm is seeking to raise 3 billion euros in total for Charterhouse X - less than its previous fund, Charterhouse IX, which came in at 4 billion euros.

That fund, which included investments such as UK retailer Card Factory (LSE: CARD.L - news) and energy research firm Wood Mackenzie, has already returned all its committed capital to investors, averaging a multiple of more than three times its money on its five exits so far, the first source said, declining to be named discussing a private matter.

A first close allows a company to begin investing the proceeds from its new fund, before it has reached its final fundraising target.

Last year the discreet London-based firm managed to see off a high-profile court case brought by one of its former partners, who said the buyout house owed him millions of pounds.

Charterhouse is currently in the process of selling UK medical firm Tunstall, which provides care services and assisted living for elderly and disabled people at home. (Reporting by Freya Berry, additional reporting by Emiliano Mellino; editing by Pamela Barbaglia and David Evans)