Nautic Partners has completed the sale of Theorem Clinical Research to Chiltern International, a UK-based contract research organization.
Theorem Clinical Research is a full-service contract research organization (CRO) that conducts early phase, Phase II/III and late phase clinical trials for pharmaceutical, biotech and medical device and diagnostic customers. The company is based in King of Prussia, PA, and has more than 1,500 employees in 30 countries across North America, Asia-Pacific, Europe and Latin America (www.theoremclinical.com).
Nautic Partners acquired Theorem Clinical Research (then named Omnicare Clinical Research) in April 2011 from healthcare giant Omnicare. “We are very fortunate to have partnered with the outstanding management team at Theorem,” said Chris Crosby, managing director of Nautic. “During our ownership period, the company grew its revenue by approximately 18 percent per annum by repositioning itself with a greater focus on small- and medium-sized pharma and biopharma companies. This portion of the market is underserved by the larger CROs, and Theorem’s focus on this segment helped drive the company’s expansion. The revenue growth paired with the management team’s operational improvements also drove increases in profitability during our ownership period.”
Nautic Partners is a middle-market private equity firm with over $3 billion of equity capital under management. Nautic targets majority equity investments of $25 million to $75 million. Sectors of interest include business services, manufacturing, and healthcare. The firm was founded in 1986 and is headquartered in Providence, RI (www.nautic.com).
“Speaking on behalf of the senior management team, we greatly enjoyed our time working with Nautic,” said John Potthoff, chief executive officer and president of Theorem. “Nautic’s strategic guidance and disciplined approach allowed us to establish our leadership position in our target market niche.”
Chiltern International is a privately held contract research organization with 3,700 employees in 47 countries. The company was founded in 1982 and is based west of London in Berkshire, UK (www.Chiltern.com).
Robert W. Baird & Co. (www.rwbaird.com) served as financial advisor to Theorem, while Goodwin Procter (www.goodwinprocter.com) acted as legal counsel.
© 2015 PEPD • Private Equity’s Leading News Magazine • 9-15-15
