Investment Summary

William Harris Investors and Geneva Glen Capital Exits Clinical Resource Network

On October 23, 2019, ICON invested in healthcare services company Clinical Resource Network from William Harris Investors and Geneva Glen Capital

Investment Highlights
  • This is ICON’s 4th transaction in the Healthcare Services sector.
  • This is ICON’s 17th transaction in the United States.
  • This is ICON’s 2nd transaction in Illinois.

Investment Summary

Date 2019-10-23
Target Clinical Resource Network
Sector Healthcare Services
Investor(s) ICON
Sellers(s) William Harris Investors
Geneva Glen Capital
Deal Type Add-on Acquisition

Target

Clinical Resource Network

Vernon Hills, Illinois, United States
Symphony Clinical Research is a provider of specialized in-home and alternate-site clinical services to biotechnology, pharmaceutical, and other healthcare companies of specialized in-home and alternate-site clinical services utilized primarily to expedite clinical trial studies in most therapeutic areas and age groups. Symphony Clinical Research was founded in 2003 and is based in Vernon Hills, Illinois.

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Investor(S) 1

Investor

ICON

Dublin, Ireland

Category Company
Founded 1990
Sector Life Science
Employees39,900
Revenue 8.3B USD (2024)
DESCRIPTION

ICON is a global provider of outsourced development services to the pharmaceutical, biotechnology and medical device industries. The company specialises in the strategic development, management and analysis of programs that support clinical development – from compound selection to Phase I-IV clinical studies. ICON was founded in 1990 and is based in Dublin, Ireland.


DEAL STATS #
Overall 27 of 29
Sector: Healthcare Services M&A 4 of 4
Type: Add-on Acquisition M&A Deals 23 of 25
State: Illinois M&A 2 of 2
Country: United States M&A 17 of 18
Year: 2019 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-23 MeDiNova Research

Coventry, United Kingdom

MeDiNova Research is a network of 33 active clinical research sites in the UK, Spain, South Africa, Poland, and Romania. The company has experience operating a number of different site models, including dedicated research sites, integrated research sites and working closely with affiliate sites.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-19 MedPass International

Paris, France

MedPass International is a European medical device CRO and consultancy. MedPass International is based in Paris, France.

Buy -

Seller(S) 2

SELLER

William Harris Investors

Chicago, Illinois, United States

Category Family Office
Founded 1976
Size Small
Type Sector Agnostic
DESCRIPTION

William Harris Investors is a diversified investment and wealth management firm. In addition to providing clients with asset management services, the Firm also offers illiquid investment opportunities and will invest in direct private equity transactions. The Firm's direct private equity group looks to invest in North American mid-sized companies with long operating histories, loyal customers, strong managment, and defensible market positions. WHI generally looks to invest $5 to $15 million of equity in transactions valued up to $75 million. Target companies typically have revenues of at least $10 million and minimum EBITDA of $3 million. Sectors of interest include manufacturing, value-added distribution, and specialty services. WHI prefers control investments where management also participates. William Harris Investors is based in Chicago, Illinois.


DEAL STATS #
Overall 4 of 4
Sector: Healthcare Services M&A 1 of 1
Type: Add-on Acquisition M&A Deals 2 of 2
State: Illinois M&A 2 of 2
Country: United States M&A 4 of 4
Year: 2019 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-01 Veridiam

El Cajon, California, United States

Veridiam is an integrated manufacturer of precision engineered metal components and assemblies. The company manufactures assemblies, sub-assemblies, machined components, and precision metal tubing for medical device, nuclear, aerospace, and power generation applications from high-performance alloys including stainless steel and titanium. Veridiam was founded in 1961 and is based in El Cajon, California.

Sell -
SELLER

Geneva Glen Capital

Chicago, Illinois, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 2008
Size Small
Type Sector Agnostic
DESCRIPTION

Geneva Glen Capital is a private equity firm that invests in lower middle-market companies. The Firm partners with management when pursuing private companies with leading market positions, significant growth potential, and stable cash flows. Target businesses are located in the US or Canada and have $2 to $20 million of EBITDA. Sectors of interest include business/consumer services, consumer products, environmental services, education, healthcare, niche manufacturing, publishing, chemicals, insurance, and value-added distribution. Geneva Glen will not invest in high technology, retail, restaurants, real estate, or early-stage companies. Geneva Glen Capital was formed in 2008 and is based in Chicago, Illinois.


DEAL STATS #
Overall 9 of 11
Sector: Healthcare Services M&A 2 of 3
Type: Add-on Acquisition M&A Deals 6 of 8
State: Illinois M&A 2 of 2
Country: United States M&A 9 of 11
Year: 2019 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-13 Reusability

El Segundo, California, United States

Reusability is a provider of recoverable shipping racks to the nursery industry. The Company's pallet racks and recovery services allow nurseries to efficiently ship their products to retailers nationwide on a cost effective basis, while also increasing store efficiency for retailers via reduced labor and waste. Reusability was founded in 2000 and is based in El Segundo, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-01 Envision

Orem, Utah, United States

Envision provides skilled home health and hospice care services as well as palliative and specialty treatments directly to patients in their homes, independent living facilities, assisted living facilities, and skilled nursing facilities across Utah, Washington, and Colorado. The Company prides itself on providing the best service and care for patients to increase quality of life and patient independence through the principles of compassion, integrity, knowledge, and uncompromising service. Envision is based in Orem, Utah.

Buy -