EdgeCap acquires majority stake in Comac Medical, founder and management retain significant minority interest

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LONDON, June 9, 2023 /PRNewswire/ -- Comac Medical (Comac or the Company) announced today that funds advised by EdgeCap Partners (EdgeCap) acquired a majority equity interest in the Company. Comac's founder and CEO, Dr. Milen Vrabevski, as well as other shareholders, retain a significant minority stake and will continue in their current roles as executive managers, thereby providing continuity to all its clients and partners. 

Headquartered in Sofia, Bulgaria, and established in 1997, Comac Medical is the leading full-service clinical research organisation (CRO) in Southern Eastern Europe, 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.

Chris Backes, EdgeCap's co-founder, said: "We are excited to invest in Comac Medical, which over the past 25 years has grown under Milen's leadership into an outstanding business that customers overwhelmingly praise for its quality of service, deep medical expertise in early phase clinical development as well as its speed and agility, specifically with regards to patient recruitment across therapeutic areas and rare indications. We think Comac is uniquely positioned to capitalise on the CRO market's favourable growth prospects and untapped potential."

Kristjan Piilmann, EdgeCap's co-founder, said: "Our investment in Comac reflects EdgeCap's thematic focus on the healthcare & life sciences industry, as well as our commitment to partner with exceptional founders and management teams. We look forward to working alongside Milen and his team to accelerate the Company's growth organically and to drive consolidation in the CRO space via a targeted buy-and-build strategy."

Dr. Milen Vrabevski, Comac Medical's founder, said: "This transaction is a significant milestone for Comac Medical and its over 350 employees who contribute to our success daily. To continue our strong growth trajectory in the years to come and to meet our customers' needs, we are looking to significantly expand operations while preserving our unique culture that has served as the foundation of our success. EdgeCap supports this vision and is committed to investing significant resources to capitalise on an exciting opportunity ahead. I am thrilled to start this next chapter in our journey and partner with Kristjan and Chris as we work towards the growth and success of Comac Medical."

The transaction has been completed in June 2023. Kristjan Piilmann, Chris Backes, and Dr. Günter Schmid, Senior Operating Partner for EdgeCap, will join Comac's Board of Directors.

Financial terms of the deal were not disclosed.

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.

About Comac Medical

Comac Medical, established in 1997 in Sofia, Bulgaria, is one of the largest full-service clinical research organisations (CRO) in South-Eastern Europe, present in more than 30 countries, 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 with a differentiated expertise and track record for indications within oncology, dermatology, gastroenterology, and respiratory diseases.

The Company has a global customer base consisting of emerging biotech and established pharmaceutical companies, offering full outsourced clinical trial support across the entire clinical development timeline. Comac Medical's FDA and EMA-inspected Clinical Research Unit (CRU) for Phase I, Bioavailability and Bioequivalence studies has 18 years of experience in early phase clinical research and counting over 260 completed clinical trials to date. The facility is the largest in the region and comprises 42 beds, an on-site pharmacy as well as a clinical and bioanalytical laboratory.

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About EdgeCap Partners

EdgeCap  is a London- and Tallinn-based private equity and growth capital firm focused on investing in high-quality European mid-market companies. Founded by Kristjan Piilmann and Chris Backes, EdgeCap is backed by family capital and seeks to deploy between EUR 10-100 million per investment.

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