LONDON â€" The European private equity firm Cinven said Monday that it had acquired a majority stake in Medpace, a clinical research firm, for $915 million.
Cinven purchased the stake from the private equity firm CCMP Capital Advisors, which acquired Medpace in 2011.
Medpace provides management services to the research and development departments of small to midsize pharmaceutical, biotechnology and medical device companies that are in the clinical trial process.
Consolidation in the industry “has created a gap in the market serving the mid-cap pharma and smaller biotech players - where Medpace operates and where we intend to capitalise on organic growth opportunities,†Supraj Rajagopalan, a Cinven partner, said in a statement.
Medpace, which was founded in 1992, is based in Cincinnati and operates in more than 45 countries. It employs more than 1,500 people. In 2013, the company posted adjusted earnings before taxes, depreciation and amortization of $94 million.
The company will continue to be led by August Troendle, the founder of Medpace and its president and chief executive.
The deal is subject to regulatory approval.
Cinven was advised by Barclays and Wells Fargo, while Medpace was advised by Jefferies and Fairmont Partners.
