M&A Deal Summary

Warburg Pincus Acquires ReSearch Pharmaceutical Services

On December 28, 2010, private equity firm Warburg Pincus acquired life science company ReSearch Pharmaceutical Services from Merion Investment Partners, Cartesian Capital Group, First Analysis and Argentum Capital Partners for 227M USD

Acquisition Highlights
  • This is Warburg Pincus’ 18th transaction in the Life Science sector.
  • This is Warburg Pincus’ 33rd largest (disclosed) transaction.
  • This is Warburg Pincus’ 101st transaction in the United States.
  • This is Warburg Pincus’ 5th transaction in Pennsylvania.
Investment Fate
  • ReSearch Pharmaceutical Services was sold to a strategic buyer in 2013.

M&A Deal Summary

Date 2010-12-28
Target ReSearch Pharmaceutical Services
Sector Life Science
Buyer(s) Warburg Pincus
Sellers(s) Merion Investment Partners
Cartesian Capital Group
First Analysis
Argentum Capital Partners
Deal Type Secondary Buyout
Deal Value 227M USD
Advisor(s) Jefferies (Financial)
Drinker Biddle & Reath LLP (Legal)

Target

ReSearch Pharmaceutical Services

Fort Washington, Pennsylvania, United States
website
ReSearch Pharmaceutical Services, Inc. is a provider of integrated global clinical development solutions to the bio-pharmaceutical industry based on its comprehensive therapeutic expertise, robust clinical operations infrastructure, and highly trained and experienced employee base.

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Buyer(S) 1

Buyer

Warburg Pincus

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1966
PE ASSETS 83.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Warburg Pincus is a mega-sized, global private equity firm focused on investment opportunities across North America, Asia, and Europe. Warburg will consider investing at various company stages, from early-stage opportunities to distressed situations. Warburg Pincus is organized by industry groups. Verticals include financial services, healthcare, technology, media & telecommunications, energy, consumer & industrial, and real estate. Within financial services, Warburg will consider asset/wealth managers, banks, exchanges, financial technology, insurance, transaction processing, private banking, and specialty/consumer finance. Within healthcare, specific areas of interest include medical devices, healthcare services, and biotech/pharmaceuticals. Within technology/media/communications, Warburg targets software, media/internet/information, financial technology, telecom, business services, and systems/semiconductors. Within energy, specific areas of interest include oil/gas exploration, power generation/transmission, and alternative energy. Warburg Pincus raised its first fund in 1966 and is based in New York City.


DEAL STATS #
Overall 183 of 473
Sector (Life Science) 18 of 27
Type (Secondary Buyout) 21 of 61
State (Pennsylvania) 5 of 9
Country (United States) 101 of 234
Year (2010) 32 of 32
Size (of disclosed) 33 of 47
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-09 58.com

Beijing, China

58.com operates an online marketplace serving local merchants and consumers, as measured by monthly unique visitors on both its website and mobile applications. 58.com was founded in 2005 and is based in Beijing, China.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-01-01 Banco Indusval & Partners

São Paulo, Brazil

Banco Indusval & Partners (BI&P) is a commercial bank with over 40 years of experience serving small and mid-sized enterprises. Focusing on credit products in both Brazilian and foreign currencies, BI&P supports its clients through short-term working capital loans, trade finance, import/export lending and agriculture financing.

Buy -

Seller(S) 4

DESCRIPTION

Merion Investment Partners is a mezzanine finance firm that provides subordinated debt to middle-market growth Companies generating at least $10 million in sales and at least $2 million in EBITDA. Merion focuses on opportunities in business services, specialty manufacturing, and healthcare services and products. Merion's invests in the range of $4 and $20 million per transaction. Merion Investment Partners was formed in 2003 and is based in King of Prussia, Pennsylvania.


DEAL STATS #
Overall 4 of 26
Sector (Life Science) 1 of 1
Type (Secondary Buyout) 1 of 9
State (Pennsylvania) 3 of 6
Country (United States) 4 of 26
Year (2010) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-12-01 Elite Health Solutions

Dunmore, Pennsylvania, United States

Elite Health Solutions, through its operating subsidiary Lackawanna Mobile Diagnostic Services, is a regional provider of portable x-ray and related mobile diagnostic health services. Lackawanna serves nursing homes, hospitals, physician offices, private homes and correctional facilities from operating hubs in northeast Pennsylvania, the greater Philadelphia area and West Virginia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-01-06 Databank IMX

Beltsville, Maryland, United States

Databank IMX LLC is a provider of outsourced imaging and information solutions, including document scanning, indexing, physical and electronic document storage, and software to manage information. The company provides these services to customers in the government, higher education, healthcare, energy and general industrial markets.

Buy -
SELLER

Cartesian Capital Group

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2006
PE ASSETS 2.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Cartesian Capital Group LLC is a private equity firm that invests in high growth businesses in emerging markets across the globe. Cartesian focuses on profitable companies with strong growth prospects and experienced management. The Firm looks to invest $25 - $125 million (generally minority positions). Specific areas of interest include financial and business services, telecommunications, specialized retail, transportation and logistics, and material products. Cartesian Capital Group LLC was formed in 2006 and is based in New York City.


DEAL STATS #
Overall 1 of 7
Sector (Life Science) 1 of 1
Type (Secondary Buyout) 1 of 2
State (Pennsylvania) 1 of 1
Country (United States) 1 of 2
Year (2010) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-06-03 Iris Reinsurance

Hamilton, Bermuda

Formed in 2009 as a joint venture between Cartesian Capital Group and Aspen Insurance Limited, Cartesian Iris is strategically positioned within island of Bermuda. Cartesian Iris is an investment manager focused on investments in natural catastrophe risk. Often referred to as Insurance Linked Securities (ILS), this emerging asset class has a demonstrable history of providing uncorrelated returns with traditional financial markets. Our goal is to deliver attractive consistent long-term returns for our investors through a focus on portfolio construction, detailed analytics, market dynamics and market relationships.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-03-23 TAB Gıda Sanayi ve Ticaret A.Ş.

Istanbul, Turkey

TAB Gida A.S is the master franchisee for Burger King, Popeyes, Sbarro, and Arby’s and operates more than 1,000 restaurants in Turkey and surrounding countries. TAB is part of a larger ecosystem of companies, which includes the largest cold-chain logistics operator in Turkey, the country’s largest French fry manufacturer, and a leading meat processor.

Buy -
SELLER

First Analysis

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website


Category Venture Capital Firm
Founded 1981
PE ASSETS 800M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

First Analysis is a financial advisory and investment firm. First Analysis' private equity arm targets investments in growth companies at all stages of development. The Group looks for opportunities based primarily in the US and can commit up to $10 million of equity per transaction. Sectors of particular interest include outsourced services, (business/government services, education, environmental services, healthcare services, marketing services); information technology, (business integration, call centers, healthcare IT, network security, open source, sensor systems, transaction processing); and chemistry enabled businesses (advanced materials, chemicals, healthcare products, polymers, purification). First Analysis was formed in 1981 and is based in Chicago, Illinois.


DEAL STATS #
Overall 44 of 71
Sector (Life Science) 1 of 2
Type (Secondary Buyout) 7 of 11
State (Pennsylvania) 2 of 2
Country (United States) 44 of 70
Year (2010) 7 of 7
Size (of disclosed) 10 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-02 SeQual Technologies

Ball Ground, Georgia, United States

SeQual Technologies, founded in 1991, is a market-driven, technology-based company with the mission to develop, manufacture and market unique products for medical, military, industrial and commercial applications that utilize the Company’s proprietary pressure swing adsorption (PSA) technology for air separation. It provides oxygen concentrators based on its unique and patented air separation technology.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-01-24 Teradata - Marketing Applications

Indianapolis, Indiana, United States

Teradata Marketing Applications is a provider of marketing cloud applications and services, including solutions for Marketing Resource Management, Digital Marketing, Omni-Channel Marketing and Data Management.

Sell $525M
SELLER

Argentum Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Growth Capital Firm
Founded 1988
PE ASSETS 400M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Argentum Capital Partners is a private equity firm focused on investing in small to mid-sized companies with proven business models and the ability to become market leaders. Prospective transaction situations include growth capital financing, management buyouts, platform acquisitions, and recapitalization. The firm typically takes minority positions, except in the case of management buyouts. Industry sectors of interest include business services, healthcare, and technology. Argentum generally prefers opportunities located in the Eastern US, but will consider companies across the US. Argentum Capital Partners was formed in 1988 and is based in New York City.


DEAL STATS #
Overall 23 of 43
Sector (Life Science) 1 of 1
Type (Secondary Buyout) 2 of 6
State (Pennsylvania) 1 of 1
Country (United States) 22 of 41
Year (2010) 2 of 2
Size (of disclosed) 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-07-07 Wimba

New York City, New York, United States

Wimba is a provider of collaborative software applications to the education industry, including both communication enabling tools and content authoring programs. Clients consist primarily of universities, colleges and post secondary educational providers.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-02-07 Beacon Energy Holdings

Cranford, New Jersey, United States

Beacon Energy Holdings, Inc. (OTCBB: BCOE) is engaged in the production and marketing of biodiesel. Beacon's biodiesel efforts are centered around the utilization and processing of lower grade feedstocks, primarily animal fats such as beef tallow, choice white grease and poultry fat. Since its formation in 2006, Beacon has successfully completed strategic investments in three companies dedicated to the production of biodiesel and one company dedicated to the collection of low cost waste products that may serve as the raw materials for biodiesel. The facilities in which Beacon has invested currently have the capacity to produce more than 15 million gallons of biodiesel per year, and once construction of the St. Joseph, MO facility is completed in Q1 2009, the annual capacity will increase to over 30 million gallons.

Sell -