JLL and Water Street Announce Agreement to Sell Bioclinica
CHICAGO and NEW YORK – August 22, 2016 – Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry, and JLL Partners, a leading middle-market private equity firm, announced today that they have signed a definitive agreement to sell Bioclinica, Inc. to international private equity firm, Cinven. Headquartered in Doylestown, Pa., Bioclinica is one of the world’s leading providers of specialty outsourced clinical trial solutions.
“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. 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 look forward to continuing to broaden our services and deepen our client relationships in partnership with Cinven,” said Dr. John Hubbard, chief executive officer, Bioclinica.
JLL Partners and Water Street merged Bioclinica and CCBR-SYNARC to create a market leader in 2014. Under their stewardship, Bioclinica completed eight strategic acquisitions that strengthened and broadened its capabilities across every major phase of clinical development. Bioclinica expanded its customer base to encompass more than 400 of the world’s premier pharmaceutical, contract research organizations and medical device companies, including all of the top 50 pharmaceutical companies and top 10 CROs. In the past two years, Bioclinica’s revenues have increased more than 60 percent and its employee population has more than doubled.
“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, partner, Water Street. “It is gratifying to see our combined work culminate in a sale that will deliver an outstanding return to our investors. We believe that Cinven will be an excellent partner with management as they continue to execute Bioclinica’s strategic plan.”
Dan Agroskin, managing director, JLL Partners, added, “We are delighted that the strategic plan we have implemented led to outstanding growth at Bioclinica. John and the management team have done an excellent job of building Bioclinica into a global leader.”
The transaction is expected to close in the fourth quarter of 2016. Financial terms are not being disclosed.
Bioclinica is a specialty services provider that utilizes expertise and technology to create clarity in the clinical trial process. Bioclinica is organized by three business segments to deliver focused service supporting multifaceted technologies. The Medical Imaging and Biomarkers segment provides medical imaging and cardiac safety services and includes a molecular marker laboratory. The eHealth Solutions segment comprises the eClinical Solutions platform; Clinverse Financial Lifecycle Solutions; Safety and Regulatory Solutions; Strategic Consulting Services; App xChange Alliances; and eHealth Cloud Services. Under the Global Clinical Research segment, Bioclinica offers a network of research sites, patient recruitment-retention services, and a post-approval research division. The Company serves more than 400 pharmaceutical, biotechnology and device organizations – including all of the top 20 – through a network of offices in the U.S., Europe and Asia. Learn more at www.bioclinica.com.
About JLL Partners
JLL Partners is a leading middle-market private equity firm with a 28-year track record of adding value to complex investments through its financial and operational expertise. Since its founding in 1988, JLL Partners has committed approximately $5 billion across seven funds, and developed significant expertise in the health care sector. JLL Partners is a control investor and sources its deals from its deep network of industry contacts, applying its proven, value-oriented and growth-driven investment approach to provide limited partners with attractive risk-adjusted returns throughout all investment cycles. The firm is headquartered in New York. For more information about JLL Partners, visit jllpartners.com.
About Water Street
Water Street is a strategic investor focused exclusively on health care. The firm has a strong record of building market-leading companies across key growth sectors in health care. It has worked with some of the world’s leading health care companies on its investments including Johnson & Johnson, Medtronic, Smith & Nephew and Walgreen Co. Water Street’s team is comprised of industry executives and investment professionals with decades of experience investing in and operating global health care businesses. The firm is headquartered in Chicago. For more information about Water Street, visit waterstreet.com.