Kohlberg to Acquire Majority Stake in Worldwide Clinical Trials
Slice of Healthcare Team
08/07/2023
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The transaction is anticipated to close in the fourth quarter of 2023, with the terms remaining undisclosed.
Key Highlights
- Strategic Acquisition: Kohlberg, with over 35 years of experience in partnering with management and companies, will acquire Worldwide Clinical Trials, marking a significant step in the pharmaceutical and biotechnology sectors.
- Worldwide Clinical Trials' Expertise: Based in Research Triangle Park, N.C., Worldwide Clinical Trials offers customized solutions that advance new medications. Their services range from bioanalytical laboratory services to Phase I-IV clinical trials and post-approval studies. The company has a strong presence in nearly 60 countries with over 3,200 employees.
- Shared Vision for Growth: Peter Benton, President and Co-CEO of Worldwide, expressed gratitude towards TJC for their years of support. He is optimistic about the partnership with Kohlberg, given their extensive experience in outsourced pharma services. Benton envisions a brighter future in bringing new medications and treatments to patients globally.
- Leadership Insights: Matt Jennings, Operating Partner of Kohlberg, will assume the role of Chairman of Worldwide’s Board of Directors upon the transaction's closure. Jennings praised Worldwide Clinical Trials for its high science-based approach and is eager to partner with them for further growth.
- Kohlberg's Perspective: Chris Anderson, Partner at Kohlberg, highlighted Worldwide's scientific heritage as a competitive advantage. He emphasized the alignment of Worldwide's business with Kohlberg's Pharmaceutical & Medical Products & Services industry practice and expressed enthusiasm in supporting Worldwide's growth goals.
- TJC's Continued Support: Dave Butler, Partner at TJC, praised Worldwide's unique approach driven by medicine and science. He expressed pride in their partnership and looks forward to supporting Worldwide's future success.
About Worldwide Clinical Trials: Worldwide Clinical Trials About Kohlberg & Company: Kohlberg & Company, LLC Source: Business Wire
SoH's Take
- Potential for a Significant ROI for Kohlberg: Although financial details have not been disclosed, we believe this deal could result in a significant ROI for Kohlberg, given the growth projections for the CRO industry.
- Worldwide Clinical Trials Will Grow Even More: Having Kohlberg's financial backing and strategic expertise could allow the company to expand its services and enter new markets.
- Strategic Expansion for Kohlberg: Acquiring Worldwide Clinical Trials will provide Kohlberg with a strong foothold in the CRO market.
