Comvest Partners has completed the sale of its portfolio company Aptiv Solutions, a pharmaceutical contract research organization, to ICON plc.
Aptiv Solutions was acquired in 2005 through Comvest Investment Partners II. At that time the company was called Averion International and was later merged into Aptiv to create a contract research organization platform of greater scale. The sale of Aptiv was the last remaining portfolio company in Comvest II.
Aptiv Solutions operates a clinical research organization to support biopharmaceutical and medical device companies. Aptiv has more than 850 professionals in North America, Eastern and Western Europe, Israel and Japan. The company is headquartered in Reston, VA (www.aptivsolutions.com).
ICON, the buyer of Aptiv Solutions, is a provider of outsourced development services to the pharmaceutical, biotechnology and medical device industries. The company specializes in the strategic development, management and analysis of programs that support clinical development – from compound selection to Phase I-IV clinical studies. ICON currently has approximately 10,300 employees, operating from 76 locations in 37 countries. The company is headquartered in Dublin, Ireland (www.iconplc.com).
The Comvest Group provides debt and equity to middle-market companies. For debt investments the firm will invest from $2 million to $20 million per transaction in companies with $10 million to $200 million of revenue that have positive or negative EBITDA. For equity investments the firm will invest from $10 million to $50 million per transaction in companies with $15 million to $500 million of revenue that have positive or negative EBITDA. Since 2000, Comvest has invested more than $1.9 billion of capital in over 130 public and private companies. The firm is based in West Palm Beach (www.comvest.com).
2014 PEPD • Private Equity’s Leading News Magazine • 6-9-14