Crescent backs safety valve manufacturer MBO

The MBO of UK-based ChargePoint was supported by a unitranche facility from Crescent and a “multi-million pound” equity investment from LDC.

Crescent Capital has provided the debt financing in a management buyout of UK-based pharmaceutical manufacturer ChargePoint Technology.

The unitranche facility was combined with a “multi-million pound” equity investment from LDC. No figures were disclosed.

ChargePoint specialises in producing sterile transfer valves to its client base of pharmaceutical, bio-pharmaceutical and chemical companies. Established in 1996, the firm developed the valve with a predecessor of pharmaceutical company GlaxoSmithKline. The company is headquartered in Liverpool.

Richard Yarwood was appointed non-executive chairman as part of the deal. He is a former chief executive of Penn Pharma, a company backed by LDC in the past. LDC managing directors Ged Gould and Chris Wright join as non-executive directors.

Christine Vanden Beukel, managing director at Crescent Capital, said: “The financing and investment from LDC will be instrumental to the continued growth of ChargePoint, which is a market leader in providing operator safety and sterility assurance for the pharmaceutical industry.”

The financing will assist in ChargePoint’s plan to take advantage of increasing opportunities in North America, Europe and Asia. The firm has reported an increase of 100 percent in profits over the last three years and is aiming to double its workforce of 60 by 2020.

Chris Eccles, managing director at ChargePoint, said: “We have created a strong platform for future growth and bringing LDC on board as an investment partner is a clear statement of intent regarding our future ambitions.”

In December, Crescent reached a final close on its latest mezzanine vehicle after raising $3.5 billion in capital commitments. It’s the firm’s seventh fund and attracted commitments from the Michigan Department of Treasury and the Florida State Board of Administration, LPs which both contributed $150 million to the fund, according to PDI data.