NZCR acquisition gets approximately $170M of Canyon financing

NZCR Group runs clinical trials for pharmaceutical and biotechnology companies across Australia and New Zealand, carrying studies from early human testing through later phases. Canyon Partners said on Sept. 29 that it arranged and anchored approximately $170 million of financing to support Advent International’s acquisition of the business. Figures are in US dollars, converted at Sept. 29, 2026 reference rates.

The financing is part of the majority deal, not a disclosed equity round for NZCR. Canyon described itself as the arranger and anchor lender but didn’t identify the borrower or publish the loan’s pricing, maturity or other terms. Advent had agreed in August to acquire a majority shareholding; NZCR now says that acquisition has occurred.

NZCR combines four operating brands—NZCR, CMAX, Optimal and Fusion—into one physician-led clinical-research network. The group offers Phase I through Phase IV capabilities, so it can handle work across a medicine’s development rather than serving only one segment of the trial process.

At the operating level, the group provides research facilities and clinical teams that conduct complex studies in healthy volunteers and patients. Participants can register for trials through NZCR, while drug developers and contract research organizations use its investigators and sites to carry out studies.

That breadth is the operating attraction behind the deal. A sponsor can work with the network on early- or later-phase research in the region, while Advent sees room to bring in more international sponsors and deepen relationships with contract research organizations.

Clinician shareholders, management and Waterman Capital are retaining a significant minority interest, according to Advent’s original deal announcement. Advent plans to work with NZCR CEO Tony Moffatt and the existing team to expand capabilities and international reach, while Canyon’s new financing supplies the credit behind that ownership change.