Skip to main content
New Deal ADL Bionatur

Kartesia provides a EUR 25 million loan to secure the business plan of biotech business ADL Bionatur Solutions

Kartesia is pleased to announce the completion of an investment in ADL Bionatur Solutions (“ADL”), a leading biotech CDMO specialised in industrial fermentation for healthcare, beauty, food and beverage applications, listed on the Madrid alternative stock market (MAB).

The agreement comprises a senior secured financing of EUR 25 million and the option of an additional EUR 5 million, that can be drawn at the request of ADL within the next 6-18 months, subject to certain covenants.

The proceeds will be used to finance the existing capex plans to modernize ADL’s facilities, fund working capital to respond to the growing demand from its CMO´s clients and refinance certain debt agreements, ensuring the execution of its business plan for the next four years. The second tranche will provide ADL additional funding to accelerate growth by further increasing its production capacity.

“The growth capital provided by Kartesia will allow us to continue our strong thriving trend from the past 24 months, which has resulted in an annual doubling of revenues and positive EBITDA already in Q1 2019. The financing attests to the momentum of our robust performance so far and strengthens the case for our positive guidance in 2019 and beyond, ensuring our business strategic plan for the next four years, says Pilar de la Huerta, CEO of ADL Bionatur Solutions. “The support by a well-known international and strong partner demonstrates trust in our business model and provides the additional financial resources to drive ADL’s long-term growth strategy.”

Jaime Prieto, Managing Partner at Kartesia, commented: “We have built a strong relationship with the management team led by Pilar and are delighted to announce our investment in the business after a thorough assessment of the industry trends, the resilient business model and the vast production capacity, where there is room for growth. We are confident that with this investment, ADL has the funds to secure its strategic plan.”


About ADL Bionatur Solutions:
ADL Bionatur Solutions (MAB: ADL) is a company specialized in biopharma manufacturing plus research and development of health, cosmetic and beauty products, services and industrial fermentation production. The Company, that owns the largest fermentation production plant in Southern Europe, carries out high value-added product development, scale-up and production for third parties. International healthcare companies as well as first-in-class academic and industrial laboratories mainly from Europe and the US are part of ADL’s customer base. The biopharma manufacturing business is complemented by a research and development division, which creates a proprietary product pipeline in animal and human health. ADL is listed on the MAB, Spain’s Alternative Stock Market (ISIN ES0184980003) and its major shareholder is the investment fund Black Toro Capital holding 71%. More information is available at


Stay in touch

Sign Up for our mailing list to get our latest updates and news

Subscribe to our newsletter

Our Brochures

View our latest newsletter and press release.


CSR Brochure