Babson Capital Management has provided undisclosed funding to back Exponent Private Equity‘s buy of BBI. Babson teamed up with Crescent Capital and EQT Credit on the financing. Based in the UK, BBI is a provider of diagnostic testing components for food safety, healthcare and other applications.
CHARLOTTE, N.C. (August 25, 2015) – Babson Capital Management, a leading global asset management firm with over $218 billion in assets under management (together with its global affiliates, “Babson”), today announced that it acted as a mandated lead arranger of financing to support Exponent Private Equity’s acquisition of The BBI Group (“BBI”), the leading global manufacturer of niche diagnostic ingredients used in rapid testing applications.
Babson co-arranged the unitranche financing in support of Exponent’s acquisition of BBI from Alere Inc. alongside Crescent Capital and EQT Credit, as well as jointly provided a capex/acquisition facility to support BBI’s future growth strategy.
Headquartered in Cardiff, U.K., and founded in 1986, BBI is a leading global manufacturer and distributor of niche diagnostic testing components for food safety, healthcare and other applications. BBI has developed a strong scientific know-how in the diagnostic testing industry, and benefits from a diverse portfolio of niche products and long-standing relationships with its customer base.
“Exponent Private Equity is pleased to collaborate with Babson on our investment in BBI,” said Oliver Bower of Exponent Private Equity. “Babson’s deep middle-market experience, combined with its ability to offer innovative and creative financing solutions and its speed of execution, continues to make it a valuable partner to Exponent.”
“Babson values its longstanding partnership with Exponent Private Equity, and we are delighted to support its investment in BBI,” said Adam Eifion-Jones, Managing Director and Co-Head of European Private Finance at Babson. “We are excited about BBI’s potential to further develop its position in the diagnostic testing industry and capture new opportunities in a high-growth market.”
About Exponent Private Equity
Exponent Private Equity is a private equity firm which typically invests in UK headquartered businesses with enterprise values between £75m and £350m. Its team, which has over 175 years of collective experience, works with businesses across a broad range of sectors; seeking to unlock value and drive growth by finding the right companies, identifying their potential and working with the right people to develop them. The company’s aim is to make excellent returns for investors and deliver profitable relationships for managers. Learn more at www.exponentpe.com
About Babson Capital Management
Babson Capital Management is a leading global asset management firm with over $218 billion in assets under management as of June 30, 2015. Through proprietary research, analysis and a focus on investment fundamentals, the firm and its global affiliates develop products and strategies that leverage its broad expertise in global fixed income, structured products, middle market finance, commercial real estate, alternatives and equities. Part of the MassMutual Financial Group, Babson maintains a strong global footprint with operations on four continents and clients in over 20 countries. Learn more at www.babsoncapital.com