Verdane sells CRF Health to Vitruvian

Verdane held a majority stake in the company through its SEK 1.5bn Verdane Capital VII fund; other exiting investors include Ferd Capital and Hamilton Lane.

The GP's exit comes less than two years after it bought CRF Health in 2013 through the acquisition of the Nordic Venture Partners I fund's portfolio of companies.

After the early 2013 acquisition, the GP bought out a minority shareholder to gain a majority stake in CRF Health. It was also joined by Ferd and Hamilton Lane as investors.

Alcentra was the debt lead in the transaction.

Company
Founded in 2000, CRF Health is a provider of electronic clinical outcome assessment products for clinical trials.

The Helsinki-based company employs around 280 people, and had revenues of €20m in 2012/13, according to publicly available information.

People
Lars Thoresen is a managing partner at Verdane Capital Advisors and Philip Russmeyer is a partner at Vitruvian. Rachael Wyllie is the CEO of CRF Health.

Advisors

Equity – BDO, Jamie Austin, Alexander McDonnell, Michelle Ronan, Kai Liang (Corporate finance); Shearman Sterling (Legal); EY (Financial due diligence).

Vendor – Travers Smith Brainwhite (Legal); Jefferies International Limited (Financial due diligence).

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• Topics
• Nordics
• Buyouts
• Healthcare
• Finland
• Verdane Capital Partners
• Vitruvian Partners
• Secondary buyout
• Unq2015Feb