LONDON, Aug. 22, 2016 /PRNewswire/ -- International private equity firm, Cinven, today announces that it has agreed to acquire Bioclinica, a global provider of clinical trial services and technology to contract research organizations (CROs) and pharmaceutical companies, based in Pennsylvania, from Water Street Healthcare Partners and JLL Partners. The consideration is not disclosed.
Bioclinica operates in a number of high growth areas to improve the efficiency and productivity of clinical trials performed around the world. This is achieved through standardisation, streamlining labor-intensive tasks and implementing technology-enabled solutions. Bioclinica benefits from structural tailwinds such as growing clinical trial activity, increased outsourcing and the adoption of clinical software services.
The Company serves more than 400 pharmaceutical, biotechnology and medical device clients through a network of offices and medical facilities in the U.S., Europe and Asia. Bioclinica has a highly respected management team, led by CEO John Hubbard, with a long term vision to grow the business both organically and through acquisitions.
The Cinven healthcare team identified Bioclinica as a compelling investment opportunity based on its direct experience in the global clinical services market through its investment in Medpace, a leading CRO headquartered in Ohio. Cinven took Medpace public in New York earlier this month in a highly successful IPO, having acquired the business in April 2014 for a total consideration of US$915 million.
Commenting on the transaction, Alex Leslie, Partner at Cinven, said:
"Cinven's global expertise, deep industry relationships and investment experience in the healthcare industry, including the CRO sector with Medpace, make us the ideal partner for Bioclinica. This is an excellent opportunity to invest in a leading provider of technology-enabled services to the clinical trial industry with a collection of high growth businesses across the globe. We look forward to supporting John and the exceptionally talented and experienced team at Bioclinica to develop the business in the years ahead."
Anthony Santospirito, Principal at Cinven, added:
"Bioclinica is a very successful business with exciting growth opportunities. The Company's strong position in its markets will enable it to grow both organically and through targeted investment in M&A activity. Bioclinica has already proven its ability to acquire and integrate businesses successfully, and the Cinven team intends to accelerate the Company's growth through acquisitions in the space. Cinven is also going to work with management to support Bioclinica's expansion into Asia, with the help of our portfolio team based in Hong Kong."
John Hubbard, Ph.D., Bioclinica President and CEO, said:
"We are extremely excited about this new partnership with Cinven and see great things on the horizon for Bioclinica. We experienced tremendous growth under our prior ownership and look forward to leveraging the strategic leadership and investment that will come with Cinven. Bioclinica is on a quest to accelerate and bring clarity to clinical trials, and this move will help us to achieve these goals."
The transaction is subject to customary approvals. Jefferies LLC acted as exclusive financial advisor to Bioclinica in connection with the transaction.
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- Cinven is a leading international private equity firm focused on building world-class European and global companies.
- Its funds invest in six key sectors: Business Services, Financial Services, Healthcare, Industrials, Consumer, and Technology, Media and Telecommunications (TMT).
- Cinven funds acquire companies that are based predominantly in Europe, or have / will have significant European operations, which require an equity investment of €100 million or more.
- Cinven has offices in Guernsey, London, Paris, Frankfurt, Milan, Madrid, Luxembourg, Hong Kong and New York.
- Since 1988, Cinven funds have invested in 117 companies worth around €90 billion and realised proceeds of €30 billion. Today Cinven has €11 billion in assets under management.
- Cinven raised €7 billion (approximately US €8 billion) for the Sixth Cinven Fund in 2016.
- Cinven takes a responsible approach towards its portfolio companies, their employees, suppliers, local communities, the environment and society.
- Cinven Limited, Cinven Capital Management (V) General Partner Limited and Cinven Capital Management (VI) General Partner Limited are each authorised and regulated by the Guernsey Financial Services Commission and Cinven Partners LLP, the advisor to the Cinven Funds, is authorised and regulated by the Financial Conduct Authority.
- In this press release 'Cinven' means, depending on the context, any of or collectively, Cinven Group Limited, Cinven Partners LLP, Cinven (LuxCo1) S.A., and their respective Associates (as defined in the Companies Act 2006) and/or funds managed or advised by the group.
- For more information, please visit www.cinven.com