Funds advised by EdgeCap Partners (EdgeCap) have acquired a majority equity interest in Comac Medical. The deal was announced in a June 9 press release. Comac’s founder and CEO, Dr. Milen Vrabevski, as well as other shareholders, will retain a significant minority stake and continue in their current roles as executive managers, thereby providing continuity to all its clients and partners.
Comac Medical is a full-service clinical research organization (CRO), present in more than 30 countries and providing a comprehensive range of early to late-phase drug development services to the global pharmaceutical and biotech industries across a variety of therapeutic areas. The company is headquartered in Sofia, Bulgaria and established in 1997.
EdgeCap Partners is a mid-market private equity and growth capital firm targeting investments into high-quality companies in Europe.
Kristjan Piilmann, Chris Backes and Dr. Günter Schmid, Senior Operating Partner for EdgeCap, will join Comac’s Board of Directors. Wolf Theiss provided legal counsel to EdgeCap, and Kingsley Napley LLP provided legal counsel to the shareholders of Comac Medical in connection with the transaction. Deloitte LLP conducted financial and tax due diligence, and Health Advances LLC conducted commercial due diligence for EdgeCap. Financial terms of the deal were not disclosed.
According to data captured in the LevinPro HC database, this transaction marks the 17th CRO transaction of the year.
