Investment Summary

NovaQuest Invests In Covenant

On November 30, 2021, private equity firm NovaQuest invested in consumer services company Covenant from TechAccel

Investment Highlights
  • This is NovaQuest’s 2nd transaction in the Consumer Services sector.
  • This is NovaQuest’s 11th transaction in the United States.
  • This is NovaQuest’s 4th transaction in North Carolina.

Investment Summary
Date 2021-11-30
Target Covenant
Sector Consumer Services
Investor(s) NovaQuest
Sellers(s) TechAccel
Deal Type Stake Purchase

Target

Covenant

Raleigh, North Carolina, United States
Covenant is a novel product development that addresses critical market needs across production animals and companion animals and advances new assets into industry partner portfolios. The company’s experienced team of animal health and technology development and advancement professionals brings decades of expertise in the rapid evaluation, development, and partnering needed to deliver critical solutions to animal health manufacturers and distributors. Covenant was founded in 2018 and is based in Raleigh, North Carolina.

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Investor(S) 1

Investor

NovaQuest

Investor

Category Private Equity Firm
Founded 2010
PE ASSETS 3.0B USD
Size Large
Type Sector Focused
DESCRIPTION

NovaQuest Capital Management is a private equity firm focused on acquiring and investing in growth-stage middle-market healthcare companies. Specific areas of interest include life science, medical technology, healthcare/facility services, and healthcare focused IT. The Firm targets profitable companies valued up to $500 million with $20 to $100 million of revenue. NovaQuest Capital Management was established in 2000 and is based in Raleigh, North Carolina.

DEAL STATS #
Overall 14 of 14
Sector (Consumer Services) 2 of 2
Type (Stake Purchase) 2 of 2
State (North Carolina) 4 of 4
Country (United States) 11 of 11
Year (2021) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-23 Pro-ficiency

Raleigh, North Carolina, United States

Pro-ficiency is an eLearning provider of tech-enabled training and compliance solutions for clinical trials. The Company provides a comprehensive suite of services, including a turn-key offering of customized, virtual training simulations, training, and compliance monitoring tools, and real-time data & predictive analytics. Pro-ficiency was founded in 2014 and is based in Raleigh, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-06-12 Pro-ficiency

Raleigh, North Carolina, United States

Pro-ficiency is an eLearning provider of tech-enabled training and compliance solutions for clinical trials. The Company provides a comprehensive suite of services, including a turn-key offering of customized, virtual training simulations, training, and compliance monitoring tools, and real-time data & predictive analytics. Pro-ficiency was founded in 2014 and is based in Raleigh, North Carolina.

Sell $100M

Seller(S) 1

SELLER

TechAccel

Overland Park, Kansas, United States
Category Company
Founded 2014
Sector Business Services
DESCRIPTION

TechAccel is a Kansas City-based technology and equity company investing in scientific breakthroughs to produce healthier plants, animals, and foods. TechAccel sources invest in and acquire early-stage innovations in the agriculture, animal health & nutrition, and food technology sectors. TechAccel was founded in 2014 and is based in Overland Park, Kansas.

DEAL STATS #
Overall 1 of 1
Sector (Consumer Services) 1 of 1
Type (Stake Purchase) 1 of 1
State (North Carolina) 1 of 1
Country (United States) 1 of 1
Year (2021) 1 of 1
Mergr

Product

Company

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