MDW Capital arranges significant new acquisition financing during CV19 crisis


MDW Capital (“MDW”) is pleased to announce the completion of another European financing. MDW advised the Ardena Group, one of Europe’s leading Contract Development & Manufacturing Organisations who provides a full service offering covering chemistry and pharmaceutical development, product and bioanalytical support and CMC dossier development services to global customers.


The financing was arranged after funds managed by GHO Capital Partners (“GHO”) acquired Ardena in an all-equity deal in December 2019. GHO and Ardena engaged MDW on the basis of the firm’s international financing track record and its deep experience in the CDMO and wider pharmaceutical services sectors.


Having launched the financing process just before the global CV19 crisis and pan-European lockdown struck, MDW successfully managed the debt raise process resulting in a €53 million debt facility to refinance the equity bridge and transaction fees, also arranging substantial committed capex and acquisition facilities. These will provide significant fire power to support organic growth and add on acquisitions.


Alan MacKay, Executive Partner and Founder of GHO commented “This was a highly professional credit placing that achieved an above expectation outcome, your approach and the quality of your advice is greatly appreciated.”


David Culpan, Managing Partner at MDW, remarked “little did we realise when we launched the transaction that 10 days later the financing markets would be thrown into a period of instability that arguably exceeds even the global financial crisis. Carefully articulating the opportunity and providing level-headed delivery of key information ensured lenders fully understood the critical credit dynamics of the business through this uncertain period. We are delighted that the outcome exceeded all of GHO’s and Ardena’s objectives, positioning it with significant additional capital to support the group’s growth strategy.”