KING OF PRUSSIA, Pa., April 28, 2011 /PRNewswire/ -- Omnicare Clinical Research (CR), a leading global, full-service contract research organization (CRO), announced today that it has been acquired by Nautic Partners, LLC, a private equity firm based in Providence, R.I. The signing of the deal not only makes official the separation of Omnicare CR from former parent company, Omnicare, Inc., it achieves the company's most visible step in a comprehensive two-year plan to accelerate Omnicare CR into the future.
With over 25 years of quality service, Omnicare CR has established its own strategic business-unit model to best serve the most complex trials. Over the last five years, Omnicare CR has successfully completed over 1,500 studies worldwide with more than 337,000 participating patients. Now, as the CRO takes this next step forward, added support from Nautic will allow Omnicare CR to meet customer needs even more quickly.
"Our new affiliation with Nautic is very exciting for all of us at Omnicare CR. This marks a new era for our business that will provide us the ability to more efficiently make vital, strategic decisions, placing us in control of our own destiny," said Dr. James M. Pusey, president & CEO of Omnicare CR. "The group in the best position to benefit from this reorganization is our current and future customer base. With our renewed strength, Omnicare CR will be able to deliver an even higher level of customer service while maintaining the teams currently in place who support our customers on a day-to-day basis."
According to Pusey, the affiliation with Nautic was the best possible partnership for the company. "The interest in Omnicare CR has been intense and our new partnership with Nautic gives us the opportunity to further specialize our business model, invest in the company's future and grow our high-quality organization."
Nautic's managing director, Chris Crosby, led the deal with Omnicare CR's leadership team. According to Crosby, "It was the 900 capable, intelligent people of Omnicare CR, including James Pusey and his leadership team, who initially interested Nautic in the company as a potential investment opportunity. Once we looked at the financials, it was evident that this was a healthy company with great potential in a growing market."
Since its founding in 1986, Nautic has completed over 110 investments and the Omnicare CR transaction continues the firm's successful history of investing in the healthcare services industry.
"Nautic will fully support Omnicare CR on a strategic level and with additional capital for growth. We have complete confidence that with our added support, company leadership will maximize efforts around the great work that has already being done, adding to Omnicare CR's profitability," continued Crosby.
Looking ahead, Omnicare CR's senior leadership anticipates added growth among its specialized business units including early phase, phase II/III, late phase, medical device, technical services and pharmaceutics.
"We're looking forward to a bright future with support from Nautic. As Omnicare CR continues to grow, exciting times lie ahead for our employees and our customers across the globe," concluded Pusey.
About Omnicare Clinical Research
Omnicare Clinical Research (CR) is a leading global, full-service contract research organization (CRO) headquartered in King of Prussia, Pennsylvania. With office locations in 32 countries, the firm has relationships with customers all across the globe comprised of some of the world's leading pharmaceutical, biotech and medical device companies. Omnicare specializes in specific, client-focused business units – early phase, phase II/III, late phase, medical device, technical services and pharmaceutics. For more information on Omnicare CR, visit: http://www.omnicarecr.com.
About Nautic Partners
Founded in 1986, Nautic Partners is a middle-market private equity firm with over $2.5 billion of equity capital under management. The firm has completed over 110 transactions in partnership with management and delivered successful results to investors over three decades. Nautic targets equity investments of $25-$75 million, representing majority ownership in niche businesses with strong market share and growth potential, identified value enhancement opportunities and strong management teams. Areas of focus include business services, manufacturing, healthcare, and communications. For more information, please visit www.nautic.com.
SOURCE Omnicare Clinical Research