Advent – NZCR Group Holdings

WA-30039

Funds managed or advised by Advent International, L.P. (**Advent**) propose to acquire 100% of the issued share capital in NZCR Group Holdings Limited (**NZCR Group**) from Waterman NZCR LP and NZCR Nominee Limited. The Acquisition will be made through Trident NZ BidCo Limited (**Trident**), a special purpose vehicle established by Advent on behalf of its managed or controlled funds and affiliates and / or designated affiliates, entities, or co-investors (the **Acquisition**). As part of the Acquisition, Advent has offered Waterman NZCR LP and certain beneficial shareholders of NZCR Group who are still active in the business an opportunity to roll over a portion of their shares in NZCR Group into shares in a newly incorporated New Zealand vehicle, Trident NZ TopCo Limited (**TopCo**), which will be majority owned and controlled by Advent. Advent has also offered select members of management the opportunity to reinvest, on completion, a portion of the cash proceeds or bonus amounts that they receive in connection with the Acquisition to acquire shares in TopCo. Advent is a global private equity investment firm based in Boston, Massachusetts and registered as an investment adviser with the United States Securities and Exchange Commission. Advent is focused on equity stakes and the management of investment funds in five core sectors, including business and financial services, consumer, healthcare, industrial and technology. NZCR Group is a New Zealand based company. It is a physician-led clinical trials and medical research organisation that partners with global pharmaceutical and biotechnology companies to design and conduct early- to late-phase trials for new medicines across New Zealand and Australia. Its Australian business operations are undertaken by CMAX Clinical Research Pty Ltd (**CMAX**), which focuses on early-phase trials, along with its subsidiary Fusion Clinical Research Pty Ltd (**Fusion**), which focuses on synergistic later-phase clinical trials.