German secondary direct specialist HeidelbergCapital has taken a controlling stake in portfolio company Accovion after increasing its holding.
Accovion, which is based in Frankfurt, Germany, is a spin-off of French pharmaceutical group Aventis (now Sanofi-Aventis), Established in 2002, it provides software consulting services for clinical studies and the approval process for drug developments, and has carried out studies with more than 3,000 clinics in 31 countries.
HeidelbergCapital acquired its original stake in Accovion in June 2008 as part of a portfolio of 21 investments from British private equity house 3i. 3i acquired a 36.69% stake in the company in June 2006 alongside venture capital house Creathor Venture, a German early-stage investor.
HeidelbergCapital was founded in 2007 by Prof. Dr. Martin Weiblen, a former managing director of a British family office and a life science fund advisor. He was joined in the running of the firm by former 3i partner Dr. Clemens Doppler in 2008.
The firm is investing from its maiden fund, HeidelbergCapital Private Equity Fund I, which is backed by US alternative asset manager Auda to the tune of US$150m. The fund invests in later-stage venture businesses to established mid-size companies.