M&A Deal Summary

Virginia Capital Partners and The Carlyle Group Acquires PRA Health Sciences

On October 1, 1996, private equity firms Virginia Capital Partners and The Carlyle Group acquired life science company PRA Health Sciences, Inc. for 19M USD

Acquisition Highlights
  • This is Virginia Capital Partners’ 1st and The Carlyle Group’s 1st transaction in the Life Science sector.
  • This is Virginia Capital Partners’ 2nd and The Carlyle Group’s 129th largest (disclosed) transaction.
  • This is Virginia Capital Partners’ 1st and The Carlyle Group’s 5th transaction in the United States.
  • This is Virginia Capital Partners’ 1st and The Carlyle Group’s 1st transaction in North Carolina.
Investment Fate
  • PRA Health Sciences was sold to a financial buyer in 2001.
  • PRA Health Sciences was sold to a financial buyer in 2007 for 790M USD.
  • PRA Health Sciences was sold to a financial buyer in 2013 for 1.3B USD.
  • PRA Health Sciences was sold to a strategic buyer in 2021 for 12.0B USD.

M&A Deal Summary

Date 1996-10-01
Target PRA Health Sciences, Inc.
Sector Life Science
Buyer(s) Virginia Capital Partners
The Carlyle Group
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 19M USD

Target

PRA Health Sciences, Inc.

Raleigh, North Carolina, United States
website
PRA Health Sciences' corporate headquarters in Raleigh, North Carolina.
PRA Health Sciences' corporate headquarters in Raleigh, North Carolina.
PRA Health Sciences, Inc. is an international clinical research organization. PRA provides services on a contract basis to the pharmaceutical and biotechnology industries. Comprehensive services include the filing of Investigational New Drug (IND) and similar regulatory applications, management and implementation of Phase I through IV clinical trials, preparation and submission of New Drug Applications (NDAs), and post-marketing surveillance on an international basis. PRA was formed in 1976 and is based in Raleigh, North Carolina.

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Buyer(S) 2

Buyer

Virginia Capital Partners

Richmond, Virginia, United States

Investor Investor

website


Category Private Equity Firm
Founded 1996
PE ASSETS 50M USD
SizeSmall
Type Sector Agnostic
DESCRIPTION

Virginia Capital Partners (VCP) is a private investment firm that invests in profitable, rapidly growing private companies located in the South Atlantic region of the US. Target businesses are typically valued between $500,000 to $10 million Sectors of interest include business services, healthcare services, media/communications, insurance, and consumer services. Virginia Capital Partners is based in Richmond, Virginia.


DEAL STATS #
Overall 1 of 9
Sector (Life Science) 1 of 2
Type (Buyout (LBO, MBO, MBI)) 1 of 6
State (North Carolina) 1 of 2
Country (United States) 1 of 9
Year (1996) 1 of 1
Size (of disclosed) 2 of 2
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1997-03-03 InnoTech, Inc.

Roanoke, Virginia, United States

InnoTech developed and marketed in-office production systems for the fabrication of multi-focal lenses using proprietary molds and resins. The Company was based in Roanoke, Virginia.

Sell $134M
Buyer

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1987
PE ASSETS 84.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.


DEAL STATS #
Overall 5 of 688
Sector (Life Science) 1 of 15
Type (Buyout (LBO, MBO, MBI)) 3 of 199
State (North Carolina) 1 of 12
Country (United States) 5 of 333
Year (1996) 3 of 3
Size (of disclosed) 129 of 133
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1996-04-06 Elgar Electronics Corp.

San Diego, California, United States

Elgar Electronics Corp. is a designer and manufacturer of AC and DC programmable power supplies, Elgar's products are used in designing and testing power-sensitive electronics that must operate in environments where power quality is uncertain.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1997-06-01 Pacific Telecom Cable, Inc.

Vancouver, Washington, United States

Pacific Telecom Cable, Inc. was engaged in the development, operation and maintenance of submarine fiber optic cable facilities. Carlyle exited the transaction in 1999 by providing to investors a series of cash dividends and merging the company into Neptune Communications.

Buy -