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Jun 09, 2023 16:14 EEST
June 9 (SeeNews) - Anglo-Estonian private equity and growth capital firm EdgeCap Partners said on Friday that it has acquired a majority stake in Bulgarian clinical research solutions provider Comac Medical.
The transaction was completed this month through funds advised by EdgeCap, the firm said in a press release, without disclosing the financial terms of the deal.
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Comac Medical's founder and CEO, Dr Milen Vrabevski, as well as other shareholders, will retain a minority stake in the company and continue in their current roles as executive managers. Joining Comac's board of directors are EdgeCap co-founders Kristjan Piilmann and Chris Backes, along with senior operating partner Dr Günter Schmid.
"Our investment in Comac reflects EdgeCap's thematic focus on the healthcare and life sciences industry, as well as our commitment to partner with exceptional founders and management teams. We look forward to working alongside Milen and his team to accelerate the Company's growth organically and to drive consolidation in the contract research organisation (CRO) space via a targeted buy-and-build strategy," Piilmann said.
In April, the Bulgarian competition authority said it was requested to evaluate a planned transaction under which UK-based Comet International Holding, owned by EdgeCap Partners, would fully acquire Comac Medical and its subsidiaries.
Founded in 1997, Comac Medical is a CRO and site management organisation (SMO) services provider operating across over 30 countries. The firm offers a range of early to late-phase drug development services to the global pharmaceutical and biotech sectors.
EdgeCap, headquartered in London and Tallinn, is focused on investing in high-quality European mid-market companies. Backed by family capital, the firm aims to deploy between 10 million euro and 100 million euro per investment.
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