Crescent Capital Group LP, a leading alternative credit investment firm, announced 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.
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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.
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“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.”
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