Avista Capital Partners and Ontario Teachers’ Pension Plan Agree to acquire INC Research, Inc.
NEW YORK, NY - Avista Capital Partners, a leading private equity firm, and Ontario Teachers' Pension Plan, through its private investor department, Teachers' Private Capital, announced today that they have signed an agreement to acquire INC Research, Inc. from an investor group led by Crosspoint® Venture Partners and Adams Street Partners. INC Research is a privately-held, therapeutically focused global contract research organization with deep expertise in managing late stage clinical development programs. INC Research employs 2,000 people in 40 countries worldwide.
David Burgstahler, Partner and President of Avista Capital Partners, said, "Avista and our partners at Teachers' Private Capital are delighted to add INC Research to our respective healthcare portfolios. INC Research has an excellent reputation amongst its premier customer base for quality service and therapeutic expertise, and is well positioned to continue to expand its global footprint and capabilities as a leading contract research organization. We look forward to partnering with the existing management team to support INC Research's next phase of accelerated growth
"We are enthusiastic to partner with James Ogle, CEO of INC Research, and his talented management team, who have a strong track record of success," added Neil Petroff, Teachers' Executive Vice-President And Chief Investment Officer. "Under Mr. Ogle's leadership, we are confident INC Research will continue to capitalize on favorable trends in the clinical development outsourcing market and utilize its global reach to enhance its market share."
"This is an exciting time for INC Research, and we are thrilled to be partnering with Avista Capital Partners and Teachers' Private Capital as we embark on the next phase of the Company's development," said Mr. Ogle. "Avista Capital Partners and Teachers' Private Capital are well-regarded investors in healthcare, and we look forward to benefitting from their extensive industry knowledge and experience. We feel confident that these investment partners will enhance the longstanding support our company has offered to help customers bring drugs to market and improve world health."
Jefferies & Company, Inc. acted as financial advisor to INC Research and DLA Piper, LLP served as legal counsel. Weil, Gotshal & Manges served as legal counsel for Avista Capital Partners.
The transaction is expected to close in the fourth quarter of 2010, subject to the satisfaction of customary closing conditions and regulatory approvals.
About INC Research
INC Research is a therapeutically focused contract research organization with a high performance reputation for conducting global clinical development programs of the highest integrity. Pharmaceutical and biotechnology companies look to INC Research for a complete range of customized Phase I through Phase IV programs in therapeutic areas of specialty, and in innovative pediatric and women's health trials. INC Research's Trusted Process® methodology and therapeutic foresight leads its customers to more confident, better-informed drug and device development decisions.
About Avista Capital Partners
Avista Capital Partners is a leading private equity firm with offices in New York, Houston, and London. Founded in 2005, Avista's strategy is to make controlling or influential minority investments primarily in growth-oriented healthcare, energy, and media companies. Through its team of seasoned investment professionals and industry experts, Avista seeks to partner with exceptional management teams to invest in and add value to well-positioned businesses For more information, visit www.avistacap.com.
About Teachers' Private Capital
Teachers' Private Capital is one of the world's largest private equity investors. It is the private investment department of the Ontario Teachers' Pension Plan. With $96.4 billion in assets as of December 31, 2009, the Ontario Teachers' Pension Plan is the largest single-profession pension plan in Canada. It is an independent corporation responsible for investing the fund and administering the pensions of Ontario's 289,000 active and retired teachers. For more information visit www.otpp.com.
For INC Research:
Trisha Vonder Reith,
Corporate Communications and Marketing,
+1 (858) 597-6418
For Avista Capital Partners:
Kekst and Company,
+1 (212) 521-4805
For Teachers' Private Capital:
Director, Communications and Media Relations
Ontario Teachers' Pension Plan