PRA International, a leading clinical research organization, has announced that funds managed by KKR, a leading global investment firm, are acquiring PRA from Genstar Capital, LLC, a private equity firm based in San Francisco.
PRA is one of the world’s leading global contract research organizations, 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.
The transaction, which is subject to regulatory approvals and other customary closing conditions, is expected to close in the third quarter of 2013.
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.
