H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $65 billion of capital under management, is pleased to announce the sale of its portfolio company, BIOVECTRA Inc. (“BIOVECTRA” or the “Company”), a leading contract development and manufacturing organization (CDMO) of active pharmaceutical ingredients and intermediates, to Agilent Technologies, Inc. (NYSE: A) for a purchase price of $925 million.
Headquartered in Charlottetown, Prince Edward Island, Canada, BIOVECTRA has approximately 650 employees and eight facilities with over 270,000 square feet of facility space. The Company produces biologics, highly potent active pharmaceutical ingredients, and other molecules for targeted therapeutics.
H.I.G. acquired BIOVECTRA in November 2019 and successfully established the Company as an independent, standalone organization. H.I.G. supported the Company in strengthening the executive management team, successfully completing three major facility build-outs, and growing the sales pipeline significantly while shifting the Company’s business profile to focus more on commercial products. Due to these strategic initiatives, the Company achieved an industry-leading growth profile, resulting in an outstanding outcome for shareholders.
Oliver Technow, BIOVECTRA’s CEO, commented, “Today is a testament to the reputation BIOVECTRA has built as a trusted partner with our marquis roster of clients and to our efforts to continuously grow our service offering, ultimately better serving patients’ lives. We are grateful for H.I.G.’s role in our success these past five years and are excited to further build on this success with Agilent through this synergistic pairing.”
Mike Gallagher, Managing Director at H.I.G., commented, “The BIOVECTRA team has consistently done an exceptional job at executing value-added strategic initiatives, and we have been pleased to support them throughout our partnership to become a leader in the pharma CDMO space. We believe Agilent is a first-class organization that will help BIOVECTRA grow to even greater heights.”
Scott Zhu, Managing Director at H.I.G., added, “It has been a privilege to collaborate with Oliver and the entire BIOVECTRA team. Their hard work and commitment have driven exceptional growth, and we are proud to have helped them enhance their capabilities during this pivotal phase. We look forward to following the team’s continued success.”
Moelis & Company LLC, Morgan Stanley & Co. LLC, and RBC Capital Markets, LLC, were financial advisors to H.I.G.
About BIOVECTRA
Headquartered in Charlottetown, Prince Edward Island, Canada, BIOVECTRA is a contract development and manufacturing organization for key ingredients used in branded drugs to treat a broad range of complex diseases. The Company has over 650 employees and eight facilities in Charlottetown, Prince Edward Island and Nova Scotia, with over 270,000 square feet of facility space. Its processes and capabilities are uniquely designed to support its clients from the early stages of clinical development to scale-up and commercial manufacturing. For more information, please visit biovectra.com.
About H.I.G. Capital
H.I.G. is a leading global alternative investment firm with $65 billion of capital under management.* Based in Miami, and with offices in Atlanta, Boston, Chicago, Los Angeles, New York, and San Francisco in the United States, as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, São Paulo, Dubai, and Hong Kong. H.I.G. specializes in providing both debt and equity capital to middle market companies, utilizing a flexible and operationally focused/value-added approach:
- H.I.G.’s equity funds invest in management buyouts, recapitalizations, and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.’s debt funds invest in senior, unitranche, and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. also manages a publicly traded BDC, WhiteHorse Finance.
- H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
- H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.
Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The Firm’s current portfolio includes more than 100 companies with combined sales in excess of $53 billion. For more information, please refer to the H.I.G. website at hig.com.
*Based on total capital raised by H.I.G. Capital and affiliates.
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