Private Equity Fund Investments
HIG Capital to buy 75% in Take Solutions' US CRO arm Navitas for $102-M
Chennai-based, publicly-listed IT- and healthcare-focused company Take Solutions is to sell a 75% stake in its subsidiary Navitas Life Sciences to global investor HIG Capital for about USD 101.63 million, including USD 91.63 million in cash and USD 10 million in Sellers Note. Princeton, NJ (USA)-headquartered Navitas is a full-service CRO and functional service provider in data sciences and regulatory and safety solutions for pharma and biotech clients across North America, Asia Pacific and Latin America. The transaction is expected to close in the fourth quarter of 2021. Navitas contributed around 68% of Take Solutions' revenues as on March 31, 2021. Its current management team will stay on post-deal. Take Solutions will use the proceeds to trim debt and expand its business. Avendus Capital served as the financial advisor, Cyril Amarchand Mangaldas and Stark & Stark acted as legal counsels, and Ernst & Young as the accounting and tax diligence advisor to Take Solutions. Crosstree Capital Partners served as the advisor to HIG. McDermott Will & Emery and AZB & Partners provided legal advice.
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