Four years of partnership, 4x revenue with Avia Pharma

We talk a lot about our belief in the transformative power of partnerships, shared visions and strong execution. Avia Pharma is a standout example of how well that philosophy performs in practice.

When Avia Pharma set out to build a leading Nordic specialty pharmaceutical platform, the ambition was clear, but the path was complex. Their strategy involved acquiring established, cash-generative pharma and OTC brands and bringing them together into a focused commercial organisation. This required more than capital. It called for conviction, thoughtful structuring, and a partner ready to support the journey while enabling the founders to remain in control.

We first invested in Avia in 2022, providing a SEK 350m senior secured acquisition facility to finance three simultaneous acquisitions: Allergika in Germany, Decem in Finland, and Unimedic's Vitamin D portfolio.

In a single transaction, the company effectively doubled in size.

Backing conviction with structure Financing of this nature required careful structuring. While entry leverage was over 7x, our team was impressed by the underlying quality of the assets: mature OTC and pharmaceutical products with long market track records, predictable cash flows and an implied LTV below 50%. Going beyond the high leverage, we saw durable, stable businesses with compelling downside protection and a highly skilled and experienced management team.

A relationship beyond funding As our passion lies in partnerships, we like to engage with our businesses beyond the traditional mechanics of covenant monitoring. Avia has conducted substantial integrations, cost synergies and market expansions during our relationship, and we have stayed close during it all. When Avia identified the opportunity to strengthen the German platform through the acquisition of dermatology business Neubourg, we were ready to support with an incremental EUR 19m facility.

"We worked very closely with PCP and had a great relationship with Petra and her team. It was a true partnership, where both sides brought real expertise and commitment to make it work. The financing enabled us to grow the business significantly while avoiding dilution and keeping full ownership, which traditional Nordic banks couldn't do. We're grateful for what PCP provided and everything we built together."

As Avia’s strategies delivered both scale and efficiency, revenue grew approximately 4x and EBITDA approximately 8x over the holding period. At the natural end of our partnership, leverage had fallen significantly from entry levels.

A new chapter begins In February 2026, Avia refinanced our facilities as part of a broader capital structure review.

With a transformed credit profile, reduced leverage, significantly larger size and profitability, the company was well-positioned to access a broader range of financing options at stronger terms. And that, says our Managing Director Petra Elväng, is the whole idea.

"Avia is exactly the kind of company we exist to back, skilled entrepreneurs with a clear vision, real assets, and a plan that traditional lenders struggled to get comfortable with at the time. Four years later, the alternatives are there. That's the whole idea."

Congratulations to the entire Avia Pharma team on reaching this milestone. We can’t wait to see how your next chapter unfolds.