Longitude and NovaQuest acquire California Cryobank
Published on August 20, 2014 at 8:15 AM
California Cryobank (CCB), a global leader in reproductive tissue donor services and storage and stem cell banking, announced today that it has been acquired by equity investors Longitude Venture Partners II, L.P. ("Longitude") and NovaQuest Pharma Opportunities Fund III, L.P. ("NovaQuest").
Founded in 1977 by Dr. Charles Sims and Dr. Cappy Rothman, California Cryobank has built a strong, global presence in both fertility and cellular therapy, two of the most important and fastest-growing areas in healthcare. CCB's Reproductive Division has helped thousands of parents grow their families as the largest provider of anonymous donor sperm services and private reproductive tissue storage, and CCB's Stem Cell Division is one of most active stem cell banking businesses in the world. The acquisition of CCB was financed through a combination of equity contributed by Longitude and NovaQuest and debt provided by Golub Capital. Additional terms of the acquisition were not disclosed.
"CCB is a market-leading, high-growth and profitable company whose products represent the highest level of quality and customer service in major areas of medical need," said Dr. Gregory Grunberg, Managing Director at Longitude, "We believe CCB's senior management team has the vision and the operational strength to expand the Company's business and meet the growing needs of customers in the fertility and cellular therapy markets."
Dr. Sims, the CEO and Medical Director of CCB, commented, "California Cryobank is recognized worldwide for its leadership in reproductive tissue and stem cell banking. Our partnership with Longitude and NovaQuest provides key additional resources and allows us to expand and grow within these areas. Our commitment is always to ensure our products meet the highest scientific standard and continued innovation for the families that choose CCB."
William Robb, Partner at NovaQuest, stated, "NovaQuest is extremely pleased to begin its ownership relationship with CCB. In the four decades since its founding, CCB has become the leading global reproductive tissue services company, with unparalleled customer service and operating practices. We are excited to join CCB's outstanding management to build on this solid foundation and expand both the scale and scope of CCB's business.