Bracket has been acquired by Parthenon Capital Partners from Express Scripts Holding Company. Bracket was previously a business unit within United BioSource Corporation, which was acquired by pharmacy benefit manager Medco Health Solutions in September 2010, which was then acquired by Express Scripts in April 2012.
“We are excited to partner with Parthenon given their extensive investment experience in healthcare and deep understanding of technology’s power to advance medicine. They have a long track record of partnering with growth oriented healthcare companies like Bracket and we welcome their support as we look to grow Bracket globally through continued investment in innovative technology and cutting-edge science. As an independent company, Bracket will now have the autonomy, flexibility and resources to pursue our growth strategy and continue to provide best in breed technology enabled solutions for our clients,” said Catherine Spear, Bracket’s President.
Bracket is a services provider that assists pharmaceutical companies and contract research organization with clinical trials. Bracket provides scientific, technological and operational support services, from Phase I to post approval. Bracket has worked on more than 1,100 clinical trials across 47 therapeutic areas with a particular emphasis on the central nervous system. The company is headquartered in Wayne, PA (www.bracketglobal.com).
“We are excited to have the opportunity to partner with the Bracket management team. We have been studying the clinical trials specialty services market for several years and believe Bracket offers a unique and highly compelling set of solutions to the industry,” said David Ament, Managing Partner at Parthenon.
As part of this transaction, Ian Lennox has joined the Bracket board of directors as Executive Chairman. Mr. Lennox has invested, built and been engaged in a number of companies in the clinical trial and pharmaceutical services industry, including Drug Royalty, MDS Pharma Services, Aptiv Solutions and Celerion. “Ian has a long and distinguished track record as a board member, executive, and investor in the life science industry and we welcome his insight and expertise as we embark on the next chapter of Bracket’s growth,” said Ms. Spear.
Parthenon Capital invests from $20 million to $80 million in middle-market companies with enterprise values of $50 million to $500 million and EBITDAs greater than $10 million (lower EBITDAs are considered for high growth companies). Sectors of interest include financial and insurance services, healthcare, business and government services, technology-enabled services, and distribution & logistics. The firm has approximately $2 billion of capital under management and has offices in Boston and San Francisco (www.parthenoncapital.com).
“We believe life sciences companies will continue to increase their utilization of technology enabled solutions designed to optimize trial efficiency and ensure data integrity. Bracket is well positioned to further its market leadership in these areas and help increase precision in clinical trials for years to come,” said Bradley Sloan, Principal at Parthenon.
© 2013 PEPD • Private Equity’s Leading News Magazine • 8-16-13
