Golub Capital was the Sole Lead Arranger and Administrative Agent on a financing to support the acquisition of California Cryobank by Longitude Venture Partners and NovaQuest Capital Management.
“Golub Capital brought unique value to the transaction by tailoring its financing solution to meet California Cryobank’s growth plan,” said Dr. Gregory Grunberg, Managing Director at Longitude. “We appreciated their solution-oriented approach.”
California Cryobank (CCB) is a provider of reproductive tissue donor services and storage and stem cell banking. The company provides a resource for frozen donor sperm and specialized reproductive services, including private egg and embryo storage services. In addition, since 1997, CCB has provided stem cell services through its FamilyCord subsidiary, including both cord blood and cord tissue banking. CCB operates throughout the United States, as well as Europe, South America, and Asia. CCB is registered with the FDA, accredited by the AATB (American Association of Tissue Banks), licensed by the states of California and New York, and has three CLIA-certified clinical laboratories. The company was founded in 1977 by Dr. Charles Sims and Dr. Cappy Rothman and is headquartered in Los Angeles (www.cryobank.com).
“With its leading market position, differentiated value proposition, and best-in-class leadership team, CCB is well-positioned to capitalize on the attractive growth opportunities within reproductive tissue donor services and storage and stem cell banking,” said Jonathan Pearl, Principal at Golub Capital. “We are excited to support the company’s growth and partner again with Longitude and NovaQuest and the management team at CCB.”
Golub offers buy-and-hold products ranging from $10 million to $75 million and includes one-loan financings, senior, 2nd lien and subordinated debt, preferred stock and co-investment equity. The firm underwrites and syndicates first lien loans up to $300 million. Golub Capital will hold up to $200 million per transaction. Industries of interest include consumer products, business and consumer services, defense, manufacturing, value-added distribution, media, healthcare services and restaurants. Golub has offices in New York and Chicago (www.golubcapital.com).
Longitude Capital invests from $10 million to $30 million in companies active in the life sciences, medical device and biotechnology sectors. Longitude Capital has over $700 million in assets under management and most recently raised $385 million for its second fund, Longitude Venture Partners II, LP, in 2012. The firm was founded in 2006 and has offices in Menlo Park, CA and Greenwich, CT (www.longitudecapital.com).
“Consistent with our prior experience, Golub has proven again to be a reliable partner”, added William Robb, Partner at NovaQuest.
NovaQuest Capital Management invests in companies active in the healthcare industry with a specific interest in biopharmaceuticals. The firm is based in Raleigh, NC (www.novaquest.com).
2014 PEPD • Private Equity’s Leading News Magazine • 8-21-14
