Background

Swiss firm 1MED is a fast-growing clinical research organisation (CRO) that helps MedTech companies secure regulatory approval for new medical devices, food supplements and pharmaceuticals. The company provides specialist services including regulatory strategy, clinical trial management and quality assurance services in what is a high-growth market place that is benefiting from regulatory change at the EU level.

Specialist healthcare investor Apposite Capital, which has extensive experience in investing in high growth businesses across Europe, engaged FRP’s Debt Advisory team to source bank and credit fund finance to support both the acquisition of 1MED, and a continuing buy-and-build strategy.

Action

Our Debt Advisory team worked alongside the client to develop high-quality debt briefing materials, as the limited trading history of 1MED meant that significant work was required to sell the resilience and growth potential of the business to the debt markets.

The team also managed lender Q&As, negotiated four fully credit-backed offers, developed a covenant model and undertook negotiations on behalf of Apposite Capital, managing the final transaction through legal documentation.

Outcome

FRP’s Debt Advisory team supported Apposite Capital in its successful leveraged acquisition of 1MED, securing debt financing with substantial headroom provided by a local bank and private credit fund. The deal will also provide further financial support to Apposite in its buy-and-build strategy in the medical device and regulatory industry.