CVC Credit Partners refinances Ardena’s credit facilities

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

13 July 2020

CVC Credit Partners (“CVC Credit”) 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 businesses 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.”


About CVC Credit Partners

CVC Credit Partners is the credit management business of CVC. CVC Credit Partners is a global credit asset manager with offices in the U.S. and Europe, 60 investment professionals and US$26 billion assets under management, as at 31 March 2020.

CVC Credit Partners seeks to generate for its investors positive absolute returns and attractive risk-adjusted returns on capital throughout the credit cycle.

CVC Credit Partners has built a diverse platform which creates significant synergies across its three investment strategies: Performing Credit, Credit Opportunities & Special Situations and Private Debt. For further information about CVC Credit Partners please visit:


About Ardena Group

The Ardena Group (‘Ardena’) is a world-class Contract Development and Manufacturing Organisation. Ardena assists pharmaceutical companies, from virtual biotech to big pharma, in bringing their valued molecules to the clinic and the market. Ardena provides a comprehensive range of services from early drug substance development to finished dosage form including: drug substance development & manufacturing; solid state research; drug product development & manufacturing; drug product packaging, labelling & supply; bioanalysis; dossier development and, nanomedicine. For further information, please visit


About GHO Capital

Global Healthcare Opportunities, or GHO Capital Partners LLP, is a leading specialist healthcare investment advisor based in London. We apply global capabilities and perspectives to unlock high growth healthcare opportunities in Europe, building market leading businesses of strategic global value. Our proven investment track record reflects the unrivalled depth of our industry expertise and network. We partner with strong management teams to unlock value in a global system that demands the delivery of better, faster, more accessible healthcare. For further information, please visit