Water Street Healthcare Partners and JLL Partners have signed an agreement to sell Bioclinica to private equity firm Cinven. The transaction is expected to close in the fourth quarter of 2016.
In March 2014, Bioclinica, a portfolio company of JLL Partners acquired in January 2013, merged with CCBR-SYNARC, a portfolio company of Water Street acquired in April 2013. Today, Bioclinica is a provider of outsourced clinical trials to more than 400 pharmaceutical, biotechnology and device organizations – including all of the top 20 – through a network of offices in the US, Europe and Asia. The company is headquartered north of Philadelphia in Doylestown, PA (www.bioclinica.com).
Since the merger in 2014, Bioclinica has completed eight add-on acquisitions and in the past two years the company’s revenues have increased more than 60 percent and its employee count has more than doubled. “It has been rewarding to work with Water Street and JLL Partners to build Bioclinica into an industry leader that offers exceptional scientific expertise and technology across a global service platform,” said Dr. John Hubbard, CEO of Bioclinica. “They have been excellent partners in supporting our team to build a differentiated business that creates clarity and efficiency in the complex clinical trial process.
“We are extremely pleased that our partnership with John and JLL achieved our goal of transforming Bioclinica into a high-growth global leader,” said Peter Strothman, a Partner at Water Street. “It is gratifying to see our combined work culminate in a sale that will deliver an outstanding return to our investors.”
Water Street invests from $50 million to $500 million in companies that are active in four health care sectors: medical and diagnostic products and devices; specialty distribution; outsourced health care services; and specialty pharmaceutical products and services. The firm has particular expertise in corporate divestitures from healthcare companies. Water Street, founded in 2005, has more than $1 billion of capital under management and is based in Chicago (www.waterstreet.com).
JLL Partners invests in companies across a range of manufacturing and service industries. Sectors of specific interest include healthcare, building products, financial services, aerospace, and business services. Since its founding in 1988, the firm has invested approximately $5 billion across seven funds. JLL Partners is based in New York (www.jllpartners.com). Dan Agroskin, Managing Director, led the transaction for JLL Partners.
Cinven, the buyer of Bioclinica, invests in excess of €100 million of equity in companies with enterprise values typically greater than €300 million Sectors of interest include business services, financial services, healthcare, industrials, consumer, and technology, media and telecommunications. The firm was founded in 1977 and is headquartered in London (www.cinven.com).
© 2016 Private Equity Professional • 8-24-16
