Greyrock Capital Group, which raised its second mezzanine fund last January with $122 million in capital commitments, has sold Marietta, Ga.-based Alaven Pharmaceutical to a Swedish pharmaceutical company — Meda, AB — for $350 million. The return equates to a cash-on-cash return of more than 6x for Greyrock, which was formed as an SBIC in 2002 with $72 million, and has since invested in more than 30 companies and opened offices in San Francisco, Chicago, and Westport, Conn.
Greyrock Capital Group has exited its investment in Alaven Pharmaceutical LLC. Alaven, which provides both prescription and OTC products primary for gastroenterology and women’s health markets, was sold to Meda, AB, a Swedish pharmaceutical company, in a transaction that valued the company at $350 million. Greyrock partnered with DFW Capital Partners in 2006 to provide mezzanine debt and preferred equity to support Alaven’s product acquisition, in-licensing and development strategies, and realized a cash-on-cash return in excess of 6.0x its invested capital.
Greyrock Capital Group provides mezzanine debt and equity to finance buyouts, recapitalizations and internal growth needs of middle-market companies. Greyrock is currently investing out of its second independent fund and serves management teams and equity sponsors nationwide through offices in San Francisco, Chicago and Westport, CT.