Audax Group has acquired Chesapeake Research Review, a provider of independent review board services to assure the protection and welfare of human subjects in clinical trials.
Chesapeake Research Review is a provider of institutional review board (IRB) services to pharmaceutical, biotech and medical device companies, universities, academic medical centers, and hospital systems. Chesapeake performs independent reviews of proposed research projects and principal investigators to assure the protection and welfare of human subjects in clinical trials. The company is headquartered in Columbia, MD (www.chesapeakeirb.com).
Madison Capital Funding provided financing to support the acquisition of Chesapeake by Audax Group.
“Chesapeake operates an independent IRB with a leading reputation and a differentiated 21 CFR Part 11 compliant IT platform in a fragmented and growing market. We look forward to working with Dr. Felix Gyi and his team to grow the business organically and through strategic add-on acquisitions and expanding into adjacent services,” said Geoffrey Rehnert, Co-CEO of Audax Group. (Editor’s note: Title 21 CFR Part 11 is an FDA guideline on electronic records and electronic signatures. Part 11, as it is commonly called, defines the criteria under which electronic records and electronic signatures are considered to be trustworthy, reliable and equivalent to paper records).
The Audax Group makes control investments of $10 million to $100 million in middle market companies with transaction values of $25 million to $500 million. Sectors of interest include industrial manufacturing; energy; outsourced industrial services; consumer products; healthcare devices and services; non-asset based logistics; technology; aerospace & defense; business services; and direct marketing. The firm was founded in 1999 and has offices in Boston and New York (www.audaxgroup.com).
“We are excited to partner with Audax Group as we embark on this new stage for our business. Their operational expertise and successful track record in sourcing and integrating add-on acquisitions will be an asset as we continue to build Chesapeake’s market presence as a leading IRB,” said Dr. Felix Gyi, Founder and CEO of Chesapeake.
© 2013 PEPD • Private Equity’s Leading News Magazine • 5-22-13
