Finance News

Crescent European Specialty Lending Announces Financing for Astorg’s Majority Stake Acquisition in Avania

Crescent European Specialty Lending Announces Financing for Astorg’s Majority Stake Acquisition in Avania

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.

Latest Fintech News: Nickel Digital Arbitrage Fund Cuts Crypto Volatility by More Than 20X

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.

Latest Fintech News: M&T Bank Names Dominique Goss Executive Director of M&T Charitable Foundation

“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.”

Latest Fintech News: Supermojo Announces Completion of Seed Round to Streamline NFT Access

[To share your insights with us, please write to sghosh@martechseries.com]

Related posts

DeepTarget Creates an Immersive, Social Media-Influenced Experience for Financial Institutions with its New 3D Storyteller Digital Experience

Fintech News Desk

Ironclad Raises $150 Million Series E Funding, Led by Franklin Templeton

Fintech News Desk

Velo Labs, TEMPO Payments and Bitazza Establish a $17 Billion Shipping Corridor Between Europe And Thailand With Stellar Blockchain

Fintech News Desk
1