GHO Capital buys Ardena from Mentha

The sale process saw Ardena marketed based on EBITDA of at least €10m, according to a press report from Unquote sister publication Mergermarket published in March last year.

GHO plans to further strengthen Ardena's service proposition through organic and inorganic opportunities, while supporting its international expansion.

The acquirer is investing via GHO Capital II, which closed on €975m in Q4 2019, exceeding its target of €800m. The fund provides equity cheques of €25-125m to companies operating in the healthcare industry, primarily pharma, medtech and outsourced services. Targets have enterprise values in the €100-400m range. 

Previous funding
Ardena was formed in 2017, following the merger of three companies: Belgium-based Pharmavize (acquired by Mentha in 2015), Netherlands-based Crystallics (2016) and Analytical Biochemical Laboratory (2017). The business then kept pursuing a buy-and-build strategy, acquiring ChemConnection and Syntagon in 2018.

Company
Ardena is a multi-service CDMO, assisting small- to mid-sized biopharma companies with services spanning the full development lifecycle. Some of the company's services include drug substance and drug product manufacturing, as well as bioanalytical services. Headquartered in Gent, it operates across several sites in the Netherlands, Sweden and Latvia. As of 2018, Ardena employed 225 scientists.

People
Ardena – Harry Christiaens (CEO).
Mentha Capital – Gijs Botman (partner).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• Exits
• Benelux
• Healthcare
• Belgium
• Mentha Capital