Crescent Capital Group LP, a leading alternative asset management firm, announced today that its European Specialty Lending strategy has provided refinancing to the existing banking facilities of Avania, a leading global full-service contract research organization ("CRO") focused on medical technology development. Avania is a portfolio company of Kester Capital. Terms of the financing were not disclosed.
Headquartered in Bilthoven, the Netherlands and serving sponsors worldwide, Avania is focused on the management of clinical studies for medical devices, medical device/drug combinations and biological and cell-based products internationally. Avania was acquired by Kester Capital in 2016, and with that investment, Avania started a successful journey to establish global presence through organic growth and multiple acquisitions in Europe, U.S. and Australia.
"We are proud to support Avania and Kester Capital on this refinancing, which we believe will continue to support the company's growth trajectory as a leading, global MedTech-focused CRO. We have been impressed with Avania's ability to navigate the COVID-19 pandemic and post strong growth in 2020," said Christine Vanden Beukel, Managing Director and head of Crescent's European Specialty Lending strategy. "This transaction demonstrates Crescent's ability to provide flexible financing solutions to support high-growth companies and their sponsors."
About Crescent Capital Group LP
Crescent is a global credit investment manager with approximately $30 billion of assets under management. For nearly 30 years, the firm has focused on below investment grade credit through strategies that invest in marketable and privately-originated debt securities including senior bank loans, high yield bonds, as well as private senior, unitranche, and junior debt securities. Crescent is headquartered in Los Angeles with offices in New York, Boston, and London and more than 180 employees globally. For more information about Crescent, visit www.crescentcap.com.
About Avania
Avania is a leading, global full-service contract research organization focused on the management of clinical studies for medical devices, 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.
About Kester Capital
Kester Capital is a primary buy-out specialist, led by entrepreneurial and experienced investors, and focused on UK businesses that require capital in order to unlock their potential. Established in 2007, Kester has been making European private equity investments focused on Healthcare, Business Financial Services, TMT and Niche Consumer. For more information, please visit http://www.kestercapital.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210226005069/en/
Contacts:
Crescent Capital Group
Mendel Communications
Bill Mendel, +1-212-397-1030
bill@mendelcommunications.com
