Clairvest sells LSNE to Permira

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By Ted Liu

Clairvest Group Inc. (TSX: CVG), together with Clairvest Equity Partners III Limited Partnership (CEP III), has completed the sale of Lyophilization Services of New England, Inc. (LSNE) to a company backed by the Permira funds.

LSNE is a contract manufacturing organization, providing outsourced lyophilization services to the pharmaceutical industry.

LSNE Founder and CEO Matt Halvorsen will maintain a significant equity stake in the company and will continue to lead the company in his current role.

Clairvest and CEP III invested nearly US $30 million since its initial investment in LSNE in 2008, realized total proceeds of approximately US $87 million.

Wells Fargo Securities served as exclusive financial advisor to LSNE.

photo credit: LSNE