Crescent Capital Group LP, a leading alternative credit investment firm, announced today that its European Specialty Lending strategy has provided financing to support Astorg Mid-Cap’s acquisition of a majority stake in Avania, a leading global full-service contract research organization (“CRO”) focused on medical technology, from Kester Capital, which will retain a minority stake in the company. Crescent served as Sole Arranger and Lender for the transaction, for which terms were not disclosed.
Headquartered in the Netherlands with eight offices across North America, Europe and Asia Pacific, Avania provides outsourced clinical trial services specifically focused on medical technology, covering the full regulatory lifecycle across a broad range of therapeutic areas. Avania serves approximately 300 medical device OEMs of different sizes from around the world through an integrated service offering including clinical trial management, biostatistics, regulatory consulting, data analytics, medical writing and reimbursement.
This transaction comes 17 months after Crescent worked with sponsor Kester Capital to provide capital for the company’s refinancing, which was announced in February 2021. The company has experienced strong organic growth, and with this most recent transaction, the company expects to continue expanding its service offering and geographic coverage, while actively executing on M&A opportunities.
“We are proud to once-again work with Avania and Kester Capital on this transaction, and believe Astorg will be a valuable partner as the company continues its strong growth trajectory to become a clear global leader in the fast-growing medtech CRO market,” said Christine Vanden Beukel, Managing Director and head of Crescent’s European Specialty Lending strategy. “At Crescent, we value the opportunity to work on multiple transactions with high-quality companies and their sponsors, which allow us to participate in an exceptional growth story for a company like Avania, whose offerings play a key role in improving patient health and well-being.”
About Crescent Capital Group
Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. With more than 95 investment professionals and over 200 employees, the firm invests at all levels of the capital structure, with a significant focus on below investment grade credit through strategies that invest in senior bank loans, unitranche loans, high yield debt, mezzanine debt, and other private debt securities. As of March 31, 2022, Crescent Capital Group managed approximately $38 billion of privately-originated debt investments as well as marketable securities. For more information about Crescent Capital Group, please visit www.crescentcap.com.
Avania is a leading, global full-service contract research organization focused on the management of clinical studies for medical technology, IVDs, biologics, and device-drug combination products internationally. Avania supports products from the first-in-human phase through the post-market phase with the same customized approach. When you need to advance your medical technology, it takes Avania. Avania’s vision is to be your trusted global partner in the evolution of your medical technology from innovation to commercialization to improving patient health and well-being. For further information about Avania, please visit: www.avaniaclinical.com
Astorg is a European private equity firm with over €17 billion of assets under management. Astorg works with entrepreneurs and management teams to acquire market leading global companies headquartered in Europe or the US, providing them with the strategic guidance, governance and capital they need to achieve their growth plans. Enjoying a distinct entrepreneurial culture, a long- term shareholder perspective and a lean decision-making body, Astorg has valuable industry expertise in healthcare, software, technology, business services and technology-based industrial companies. Astorg has offices in London, Paris, New York, Frankfurt, Milan and Luxembourg. For more information about Astorg: www.astorg.com
About Kester Capital
Kester Capital is a primary buy-out specialist. Kester focuses on the healthcare, data & information and technology sectors, targeting businesses that require capital in order to unlock their potential. For more information about Kester Capital: www.kestercapital.com
Crescent Capital Group
Bill Mendel, +1-212-397-1030