CLAIRVEST ANNOUNCES US$20 MILLION INVESTMENT IN LYOPHILIZATION SERVICES OF NEW ENGLAND
March 26, 2008 – Clairvest Group Inc. and Clairvest Equity Partners III Limited Partnership today announced a combined US$20-million minority investment in Lyophilization Services of New England Inc. (or “LSNE”).
LSNE is a Manchester, NH-based contract manufacturing organization (CMO) focused on providing lyophilization (freeze-drying) services to biotech, pharmaceutical and medical device manufacturers. The company is a leading player in the lyophilization space in the U.S and currently operates from two facilities: one in Manchester NH, the other in nearby Bedford.
The lyophilization industry generates estimated revenue of $1.3 billion per year. It is growing at a double digit rate, driven by the continuing development of a broad range of biotech drugs as well as an increasing trend of companies to outsource manufacturing to CMOs like LSNE. Clairvest’s investment will assist LSNE in the construction of a third, larger facility to accommodate future growth.