Investcorp acquires clinical trials company Sanos

Eliza Punshi
15 December 2020

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Investcorp has acquired a majority stake in Danish clinical trials conductor Sanos Group, alongside its management.

The US-based GP is deploying equity from its European Buyout Fund, which held a final close on €1bn in January 2019.

The deal is the result of a sale process launched in August by Sanos, with the company hiring Nordic M&A to help with the process.

Unquote sister publication Debtwire described the process as highly competitive; Investcorp beat two other rival bidders in the final bidding stage. The company was marketed based on EBITDA of DKK 60m (€8.1m), sources told the publication.

Investcorp partner Sebastian Inger told Unquote that the company had been growing fast, with a 20% growth rate. He added that the GP had identified three growth areas for the company, including gaining a leading position in the osteoarthritis market, expanding into other therapeutic niches either organically or via acquisitions, and gaining a footprint internationally, particularly in the US.

Sourcing debt for the deal was not difficult, Inger told Unquote, adding that "there is a lot of capital available in both debt and equity right now, and there was a lot of demand for Sanos as a debt story". Bridgepoint provided debt financing for the transaction.

Company
Founded in 2018 and based near Copenhagen, Sanos is a clinical research centre focused on recruiting patients for clinical trials. It has four research clinics in Denmark and employs 70 staff.

People
Sanos Group – Jeppe Ragnar Andersen (CEO).
Investcorp – Sebastian Inger (partner).

Advisers
Company – Nordic M&A (M&A); Mazanti Law Firm (legal).
Equity – Carnegie (financial due diligence); EY (financial due diligence); LEK (commercial due diligence); Kromann Reumert (legal).