The managers of Novalpina 1 have made a major step in the winding down of the liquidated fund by selling crown jewel asset Laboratoire XO to Stanley Capital.
Consultancy firm Berkeley Research Group (BRG) took over the management of the EUR 1bn fund in July 2021. Laboratoire XO's debt backer, Ares Management, briefly seized control of the company in May in a move that was ultimately overturned by BRG, as reported.
Ares is still the main incumbent lender on the new deal, according to a statement.
Laboratoire XO was considered the most valuable asset in the defunct fund. NSO Group, the controversial spyware maker backed by Novalpine since 2019, has been deemed "valueless" by BRG, and the fund's third asset is a Baltic gambling firm, Olympic Entertainment Group.
LPs in Novalpina I include Mubadala Capital, pension fund Oregon Investment Council, Alaska's sovereign wealth fund, and local government pension schemes in the UK.
Buyer Stanley Capital, a mid-market private equity firm that invests in healthcare, technology and resource efficiency, said that the completed deal brings assets under management to USD 440m.
The firm said it would work with management to strengthen and develop the company through its next phase of growth, adding that there is capital reserved for bolt-on investments.
Headquartered in Saint Cloud, France and founded in 2015, Lab XO specialises in mature market authorisations to sell and market drugs across various therapeutic areas such as pain, central nervous system, cardiology, oral care, and women’s health. With a turnover of EUR 60m, 26 brands, and a distribution network of more than 45 countries (US, Europe, the Maghreb, and the Francophone world).
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