Avania, a leading global full-service contract research organization (CRO) focused on medical technology (MedTech) development, today announced that it has successfully refinanced its existing banking facilities with Crescent Capital Group.
"This new banking facility allows us to accelerate our next phase of organic and acquisitive growth over the next few years," said Edo van Houten, CFO of Avania. "This transaction is also a reflection of the progress we have made in our brand strategy and position in the market, and it demonstrates the confidence of the financial community in our operational and strategic plan."
Avania has navigated confidently through the COVID-19 pandemic, posting a strong year of growth in 2020 despite the pandemic. The company will continue its growth trajectory as a global MedTech-focused CRO, supporting products from concept through post-market support. MedTech is all Avania does, navigating innovative medical technologies to market effectively and efficiently, with expertise and integrity.
Avania was acquired by Kester Capital ("Kester") in 2016, and with that investment, Avania started a successful journey to establish global presence through organic growth and multiple acquisitions in Europe, the U.S. and Australia. Adam Maidment, managing partner at Kester, stated, "We are very happy to support Avania in this refinancing and look forward to continuing the successful buy and build strategy we started in 2016."
Sapna Hornyak, CEO of Avania, said: "We are delighted with this refinancing, which is not only a strong endorsement of our performance, but it also enables us to execute our plans to further scale the business globally in order to continue to benefit our clients with our compelling offering, quality and dedicated team."
Avania was advised on the transaction by Deloitte (lead debt advisor), BDO (financial diligence), NautaDutilh (legal diligence and legal counsel, Netherlands), Smith Anderson (legal counsel, U.S.), Addisons (legal diligence, Australia) and Travers Smith (legal advisor banking facilities).
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 Crescent Capital Group LP
Crescent is a global credit investment manager with approximately $29+ 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 has more than 180 employees globally. For more information about Crescent, visit www.crescentcap.com.
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Edo van Houten, CFO
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