Canyon Partners has arranged and anchored NZ$300 million of financing supporting Advent International’s acquisition of NZCR Group, a clinical trials and medical research organization operating across New Zealand and Australia. Canyon served as arranger and anchor lender for the financing.
NZCR is a physician-led clinical research organization with more than 35 years of research experience across early- and later-stage clinical studies.
Headquartered in Auckland, the company operates across Australia and New Zealand and works with biotechnology and pharmaceutical sponsors.
The financing will support Advent’s investment and NZCR’s next phase of growth.
Advent plans to work with the existing management team to expand NZCR’s capabilities across the clinical trial spectrum, strengthen relationships with sponsors and contract research organizations and increase the company’s international reach.
Canyon said its investment thesis is supported by continued expansion of the Australia and New Zealand clinical research market and NZCR’s position with biotechnology and pharmaceutical companies globally.
The transaction also extends Canyon’s relationship with Advent and expands its financing activity supporting transactions sourced through Advent’s Australian office.
Canyon manages approximately $30 billion across public and private corporate credit, asset-backed credit and real estate strategies.
KEY QUOTES:
“We are excited to support NZCR’s continued development and to work again with Advent, whose deep sector expertise and strong track record of partnering with management teams make them an ideal fit for the business. It’s our pleasure to leverage our capabilities as a global investment firm to support Advent on deals originated from their new Australian office and be a reliable financing partner in the ANZ market as we long have in the United States, Europe and beyond.”
Davide Amico, Partner and Co-Head of Private Credit at Canyon
“NZCR has built a strong platform with meaningful growth momentum, and we see significant opportunity as the ANZ market continues to attract an increasing share of global clinical trial activity. We are pleased to support Advent as they bring their expertise to this next stage of growth, working alongside existing management to help the business capitalize on these opportunities.”
Maximilian Lichtenheld, Managing Director at Canyon
“Advent has been following NZCR Group’s success and growth for over 18 months, and we continue to be impressed by the quality of the platform, its clinical leadership, and the trust it has built with biopharma and biotech clients. We look forward to partnering with management and existing shareholders to unlock NZCR Group’s full potential and introduce the business into Advent’s global network. We see exceptional opportunities to build on NZCR Group’s strengths while preserving the clinical focus that underpins its success.”
Beau Dixon, Managing Director and Head of Australia and New Zealand at Advent International
