CVC Credit Partners refinances Ardena’s credit facilities

CVC Credit Partners refinances Ardena’s credit facilities

13 Jul 2020

CVC Credit Partners teams up with GHO Capital to support Ardena’s international growth strategy

CVC Credit Partners is pleased to announce that it has provided financing to Ardena, a specialist pharmaceutical contract development and manufacturing organisation (CDMO). The funding is in the form of a first lien loan to refinance existing debt as well as an acquisition facility to support the business’ ongoing expansion of its international footprint. MDW Capital served as the debt advisor for the transaction.

Founded in 2013, Ardena is a multi-service CDMO, assisting small-to-mid sized biopharma with services spanning the full development life cycle. The business offers a comprehensive ‘Make, Analyse, File’ model from drug substance and drug product manufacturing and bioanalytical services to regulatory dossier development. With a strong reputation for quality and a flexible service delivery model, Ardena’s differentiated high science approach caters to a diversified base of over 300 customers throughout Europe, the US, Japan and Korea. Headquartered in Ghent, Belgium, it also operates sites in the Netherlands, Sweden and Latvia.

Harry Christiaens, CEO of Ardena, commented: “We are pleased to have completed the refinancing of our credit facility and to have finalised access to a committed acquisition facility. We are now well positioned to continue our strong organic growth profile and drive the next stage of international expansion to better serve our global customer base.”

The partners at GHO Capital added: “Operating within a highly fragmented market, Ardena is the market leading platform from which to build a fully integrated early stage CDMO, serving Biopharma clients globally. CVC Credit Partners are engaged with our vision for the future of the business and their experience of the healthcare sector as well as supporting numerous international growth strategies will be highly beneficial to realising Ardena’s full potential.”

Neale Broadhead, Head of European Private Debt in CVC Credit Partners’ European Private Debt business, said: “Ardena is a quality business which is well positioned to benefit from positive underlying growth trends in its markets. It has a respected and highly qualified team, and an experienced partner in GHO Capital. We are pleased to be able to support Ardena and GHO and look forward to working closely with them both in the years ahead.”

Categories: News


3i creates single use bioprocessing platform


3i Group plc (“3i”) today announces that it has established a single use bioprocessing platform serving the biopharmaceutical sector with the acquisitions of Cellon, Silicone Altimex and TBL Performance Plastics.  Cellon, based in Luxembourg, and TBL, based in New Jersey, were acquired from their founder owners, who will continue to serve as key leaders of the platform.  Silicone Altimex had been a UK based subsidiary of 3i-backed Q Holding (“Q”) that was acquired in 2015 from its owners, who remain advisors to the company.

Cellon is a manufacturer of single-use products for bioprocessing, storage, and transport of sterile solutions for pharmaceutical and biotech companies in the production of biological drugs, vaccines and therapies. Its products include sterile bottles for the production of biologic drugs, custom tube and bottle sets and platinum-cured silicone tubing. The company has a 54,000 sq. ft. manufacturing facility in Luxembourg.  Cellon serves leading developers of biologics, vaccines and cell & gene therapies.

TBL is a vertically integrated thermoplastic manufacturer of high purity tubing, sanitary fittings, over-moulded connections and other products for biopharmaceutical production facilities.  It operates a 20,000 sq. ft. facility in Sparta, NJ, where it provides injection moulding, extrusion and ISO Class 7 clean room assembly services.  TBL serves leading OEMs, as well as leading integrators and distributors serving the bioprocessing production market.  Silicone Altimex provides high quality, integrated elastomeric solutions to biopharmaceutical manufacturers.  Its products include a broad range of silicone tubing, clean room assemblies and other components.

As the biopharmaceutical industry continues to transition to single-use bioprocessing technologies (“SUT”) given their flexibility, cleanliness and cost advantage in comparison to stainless steel equipment, manufacturers are seeking partners that can deliver flexible solutions, innovative products and faster turnaround times.  The newly established platform will offer industry leading products, such as the PharmaTainerTM bottles and carboy product line, aSURE® fittings, Tri-Clamp® ends, Bio-EaseTM clamps, a wide range of tubing solutions such as Cellgyn® and cleanroom bioprocessing assembly capacity in North America and Europe for custom solutions. These products support the research, development and commercial production of life saving therapies, accelerating production setup times and time to market with lower required capital investment.

Thomas J. Hook, CEO, Q, said:

“With Cellon and TBL, it became clear we had a unique opportunity to establish a standalone platform in the SUT market.  We believe a dedicated approach is in the best interests of serving the market and the combined customer base of leading biopharma and vaccine manufacturers, integrators and distributors.  Q Holding will be reinvesting proceeds to support a significant expansion of its production capacity for our cardiovascular and peripheral vascular catheter product lines.”

Richard Fry, CEO, Cellon, said:

“We are excited to work with 3i given its international team and shared vision for opportunities to support Cellon’s continued growth and complement its product offering and geographic footprint. We believe they will be a great partner for us as we look to expand our production capacity and portfolio of innovative and high quality products.”

Bob DuPont, CEO, TBL, commented:

“The partnership opportunity between TBL, Cellon and Silicone Altimex is very exciting and significantly expands the portfolio of products and solutions we can provide to the industry.  We look forward to discussing with our customers and partners how we can better serve their needs as a global organisation.”

Richard Relyea, Partner, 3i US, commented:

“3i has been looking for some time to build a platform serving the high growth SUT market. In combining Cellon, TBL and Silicone Altimex we are establishing a platform with a strong product suite of leading SUT solutions and clean room production capacity in North America and Europe.  We will continue to invest in innovation, production capacity and geographic footprint to better serve our customers.”

3i is actively looking for additional opportunities to grow the platform through further acquisitions and organic investment that would enable it to expand its suite of innovative products, increase its capacity and capabilities and better serve its market leading global customers.


Categories: News


Q Acquires TBL Performance Plastics


SOLON, OH, October 2019 – Q announced today that it has entered into an agreement to acquire TBL Performance Plastics, Sparta, NJ, a leading manufacturer of single-use bio-process components and systems including fittings, tubing, single-use assemblies, and fabrication.

TBL represents a strategic acquisition for Q’s Biopharma Business, creating a flexible and multi-faceted biopharma component and single-use assembly manufacturer with North American and European production and distribution centers.

Together, Q and TBL will offer an in-depth suite of development and manufacturing services, material technologies, and industry expertise. The combined business will also offer complete product lifecycle management with cleanroom assembly and packaging services.

Thomas J. Hook, Chief Executive of Q, commented: “We are delighted to have reached this agreement to purchase TBL. The businesses are highly complementary and the acquisition represents a critical milestone in building Q’s Biopharma Business. It will significantly enhance the value we can deliver to our North American customer base.”

P. Robert DuPont Jr., CEO of TBL, added, “We are excited to be working with Q to build an industry-leading Single-Use Technology (“SUT”) business. Q’s operational excellence, synergistic capabilities, and silicone products are powerful resources. Combined with TBL’s portfolio of other non-metallic products and services for the biotech industry, our companies are strategically aligned as key players in the industry. The alignment will benefit our customers by providing them with a greater global network, product development, and manufacturing capabilities.”

Richard Relyea, Managing Director 3i North America, commented: “3i is pleased to support Q in this strategic acquisition of TBL. The combination further supports our commitment to expanding our offering in the biopharma market. We will continue to invest to further expand our capabilities, geographic footprint and differentiated products to better support our global customer base.”

About Q
Q provides world class engineered and elastomeric solutions for the global life sciences, automotive,
and industrial markets. With Centers of Excellence in North America, Mexico, Europe, the Middle East,
India and China, Q goes to market in the life sciences as Silicone Altimex and Q Medical Devices (Qure,
Degania, Biometrix, Arthesys) and in electrical management as Quality Synthetic Rubber (QSR).

About TBL
TBL Performance Plastics manufactures non-metallic single-use products tailored for biopharmaceutical
manufacturers, CMOs, drug development companies and related OEMs. TBL offers industry-leading
expertise in developing non-metallic fluid transfer and storage products with a heavy focus on quality,
regulatory compliance, and meeting the application-specific needs of our clients.

Categories: News