The acquisition is the first investment from the firm's €7bn ($7.92bn) Sixth Cinven Fund, which was raised to support further growth in Europe as well as across the globe. Cinven previously purchased Medpace in April 2014 for $915m. It also owns AMCo, a specialty pharmaceuticals company, and Synlab, a clinical diagnostic laboratory.
As Outsourcing-Pharma.com previously reported, Cinven’s move into the medical research industry follows a string of private equity investments in the market. Most recently, inVentiv canceled its planned IPO after the on-boarding of the global private equity investor, Advent International.
According to the company, Cinven will use its global capabilities to strengthen Bioclinica’s international operations and services, particularly in Europe and Asia. Dr. John Hubbard will continue as president and CEO and all executive officers will remain in their current positions.
"Similar to our prior owners, Cinven sees great potential in Bioclinica and will support our vision for our long-term success in supporting our customer’s needs. We are very excited about the potential opportunity that comes with this transition, and see it as beginning the next stage of Bioclinica’s evolution," Dr. John Hubbard told us.
"Cinven is a highly-regarded company with a proven track record of taking good companies and making them great, in particular further internationalizing businesses and working with management teams to successfully execute and integrate acquisitions. This can only bring more benefits to our customers as we invest in our products and services to bring even more value to the life sciences industry," he added.
The transaction, which follows several investments from Bioclinca, is expected to close in the fourth quarter of 2016.