RALEIGH, N.C. & NEW YORK--(BUSINESS WIRE)--
PRA International ("PRA"), a leading clinical research organization,
today announced that funds managed by KKR, a leading global investment
firm, are acquiring PRA from Genstar Capital, LLC ("Genstar"), a private
equity firm based in San Francisco.
PRA is one of the world's leading global contract research organizations
("CROs"), providing outsourced clinical development services to the
biotechnology and pharmaceutical industries. PRA has more than 5,300
employees located in over 50 offices worldwide. Since 2000, PRA has
performed approximately 2,000 clinical trials in over 80 countries on
behalf of over 300 clients.
"PRA is a well-positioned global CRO platform led by a talented
management team with a long track record of success. As one of the
fastest growing companies in the CRO sector, PRA is known for its strong
client relationships and differentiated therapeutic expertise. PRA
management and KKR share the common ambition of building on this
platform by continually improving service offerings to clients and
providing compelling career opportunities for employees," said Jim
Momtazee, Member of KKR and Head of KKR's Health Care investing team.
"This transaction marks the next stage of our evolution. With KKR as our
new partner, we look forward to working with them to accelerate our
innovation and growth while continuing to make a difference not only for
our clients but also for our people," said Colin Shannon, President and
Chief Executive Officer of PRA.
The transaction, which is subject to regulatory approvals and other
customary closing conditions, is expected to close in the third quarter
Jefferies LLC acted as exclusive financial advisor and Latham & Watkins
acted as legal advisor to PRA. Credit Suisse, UBS Investment Bank, and
Wells Fargo Securities, LLC served as financial advisors to KKR. Simpson
Thacher & Bartlett LLP served as legal counsel to KKR. Fully committed
debt financing will be provided by Credit Suisse, Jefferies, UBS
Investment Bank, and KKR Capital Markets.
About PRA International
PRA International, headquartered in Raleigh, NC, is a leading
international CRO with over 5,300 employees offering services in 80+
countries. The company provides services on a contract basis to the
pharmaceutical and biotechnology industries. PRA offers comprehensive
services including the filing of Investigational New Drug and similar
regulatory applications, management and implementation of Phase I
through IV clinical trials, preparation and submission of New Drug
Applications, and post-marketing surveillance on an international basis.
Founded in 1976 and led by Henry
Kravis and George
Roberts, KKR is a leading global investment firm with $78.3 billion
in assets under management as of March 31, 2013. With offices around the
world, KKR manages assets through a variety of investment funds and
accounts covering multiple asset classes. KKR seeks to create value by
bringing operational expertise to its portfolio companies and through
active oversight and monitoring of its investments. KKR complements its
investment expertise and strengthens interactions with fund investors
through its client relationships and capital markets platform. KKR & Co.
L.P. is publicly traded on the New York Stock Exchange (NYSE: KKR), and
"KKR," as used in this release, includes its subsidiaries, their managed
investment funds and accounts, and/or their affiliated investment
vehicles, as appropriate. For additional information, please visit KKR's
website at www.kkr.com.
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Roger Boutin, 434-951-3924
Source: KKR & Co. L.P.
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