Clearwater International advises the management of EFOR and Raise Invest on raising debt and equity from Andera and Capza

Clearwater International has advised the management of EFOR, a prominent player in European life sciences consulting, and Raise Invest, a pioneer in sustainable finance, on securing debt and equity investments from private equity firms, Andera and Capza. This strategic transaction further strengthens EFOR’s position as a leader in the industry.

EFOR, with a decade of existence, boasts a workforce of 2,000 employees across 19 offices in four countries. In 2023, the company achieved €175m in revenue, effectively addressing the evolving needs of the pharmaceutical, biotechnology, and medtech sectors.

Since its inception, EFOR has demonstrated continuous annual growth exceeding 20%. This is in a resilient market characterised by globalisation and the increasing demand for trusted partners to outsource strategic activities throughout the product life cycle, requiring highly specialised technical and scientific expertise.

In line with its vision, EFOR aims to establish itself as a global leader in its market within five years. To achieve this goal, the plan is to expand its international presence, particularly in Europe and the US, invest in the development of its offerings and expertise, and reach a workforce of 5,000 employees by 2028.

EFOR’s strategy encompasses maintaining its organic growth rate and intensifying acquisitions, by targeting companies that share a similar DNA and values. The ambition is clear – to bring together champions from different regions to establish undisputed global recognition.

In reaffirming the entrepreneurial spirit of the group, Mathieu Roger leveraged this transaction to increase his ownership from 50% to 66%, which involved 15 new operational managers. Consequently, 30 associated managers now collectively hold over 20% of the company's capital.

Raise Invest's substantial reinvestment in EFOR underscores its support and confidence in the project. Andera Acto, an incoming investor as a sponsorless fund, further enhances manager capital participation through an investment primarily composed of convertible bonds. As a true reflection of the group's values, Raise Invest has added a remarkable societal dimension to the agreement by integrating its philanthropic fund 'Investir pour l’enfance’committing to donate half of its profits to child-focused associations. Capza complements this powerful consortium by providing unitranche financing and an equity stake.