M&A Deal Summary

Advarra Acquires Chesapeake IRB

On November 7, 2017, Advarra acquired life science company Chesapeake IRB from Linden Capital Partners and Audax Private Debt

Acquisition Highlights
  • This is Advarra’s 1st transaction in the Life Science sector.
  • This is Advarra’s 2nd transaction in the United States.
  • This is Advarra’s 1st transaction in Maryland.

M&A Deal Summary

Date 2017-11-07
Target Chesapeake IRB
Sector Life Science
Buyer(s) Advarra
Sellers(s) Linden Capital Partners
Audax Private Debt
Deal Type Merger

Target

Chesapeake IRB

Columbia, Maryland, United States
Chesapeake Research Review, Inc. is a provider of independent IRB services for pharmaceutical companies, universities, individual researchers, academic medical centers, and community hospitals. Chesapeake Research Review was formed in 1993 and is based in Columbia, Maryland.

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Buyer(S) 1

Buyer

Advarra

Columbia, Maryland, United States

Category Company
Founded 1983
Sector Life Science
DESCRIPTION

Advarra is a provider of IRB, IBC, and compliance consulting services in North America. Fully accredited by AAHRPP, the company serves pharmaceutical, biotechnology, and medical device research sponsors and contract research organizations (CROs), as well as academic medical centers, hospital systems, investigative site networks, and patient advocacy groups. Advarra was founded in 1983 and is based in Columbia, Maryland.


DEAL STATS #
Overall 2 of 10
Sector (Life Science) 1 of 3
Type (Merger) 2 of 2
State (Maryland) 1 of 1
Country (United States) 2 of 9
Year (2017) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-07 Schulman Associates IRB

Cincinnati, Ohio, United States

Schulman Associates IRB, Inc. is a Independent institutional review board overseeing the review of research protocols and consent documents used to protect human subjects participating in pharmaceutical, biotech, and medical device trials.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-05 Quorum Review

Seattle, Washington, United States

Quorum Review, Inc. is a provider of institutional review board (IRB) research through faster study start-up, reduced fulfillment time, and the largest offering of complementary study support services.

Buy -

Seller(S) 2

SELLER

Linden Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 3.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Linden LLC is a private equity firm that invests in businesses involved in the healthcare and life science sectors. However, the firm also executes any size private equity transaction between $10 million to $2 billion through the firm's alliance with Madison Dearborn Partners. Linden is not a venture capital investor. The firm specializes in investments in non-core businesses owned by large corporations, as well as traditional management buyouts of independent companies. Linden LLC was formed in 2004 and is based in Chicago, Illinois.


DEAL STATS #
Overall 15 of 27
Sector (Life Science) 2 of 5
Type (Merger) 1 of 1
State (Maryland) 1 of 3
Country (United States) 15 of 27
Year (2017) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-07 Advarra

Columbia, Maryland, United States

Advarra is a provider of IRB, IBC, and compliance consulting services in North America. Fully accredited by AAHRPP, the company serves pharmaceutical, biotechnology, and medical device research sponsors and contract research organizations (CROs), as well as academic medical centers, hospital systems, investigative site networks, and patient advocacy groups. Advarra was founded in 1983 and is based in Columbia, Maryland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-08 Young

Algonquin, Illinois, United States

Young develops, manufactures and markets supplies and equipment used by dentists, dental hygienists, dental assistants, and consumers. The Company's consumables product offering includes disposable and metal prophy angles, prophy cups and brushes, dental micro-applicators, moisture control products, infection control products, dental handpieces (drills) and related components, endodontic systems, orthodontic toothbrushes, flavored examination gloves, children's toothbrushes, and children's toothpastes. Young was founded in 1995 and is based in Algonquin, Illinois.

Sell -
SELLER

Audax Private Debt

New York, New York, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 5.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Mezzanine is the mezzanine finance arm of the Audax Group. The Firm focuses on investing in both private and public, US-based middle market companies with a strong history of cash flows and consistent revenue growth. Audax will consider subordinated mezzanine debt commitments, second lien or junior secured debt, preferred stock and common stock. The Firm seeks to invest in companies valued between $10 and $60 million. Types of transaction include MBOs, LBOs, growth capital financings, acquisition financings, and recapitalizations.


DEAL STATS #
Overall 39 of 51
Sector (Life Science) 1 of 1
Type (Merger) 1 of 1
State (Maryland) 2 of 3
Country (United States) 39 of 51
Year (2017) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-23 Rocore

Indianapolis, Indiana, United States

Rocore is a designer and manufacturer of heat exchangers and related equipment used to cool air, water, or oil for a variety of applications. Rocore maintains five operating facilities in the USA & one outside the USA, plus multiple sales offices. Rocore supplies a wide variety of heat exchange solutions, products and services into its identified end market segments. Rocore was founded in 1984 and is based in Indianapolis, Indiana.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-29 US Med-Equip

Houston, Texas, United States

US Med-Equip is a distributor and rental and related services provider of mission-critical moveable medical equipment used in hospitals. The Company provides equipment rentals across four product categories respiratory, infusion, monitoring, and central supply / NICU. US Med-Equip was founded in 2003 and is based in Houston Texas.

Buy -