Kinderhook Industries’ portfolio company CRA Holdings has acquired Radiant Research. Financial terms of the transaction were not disclosed. Based in Tempe, Arizona, CRA is a trial management organization that provides Phase II – IV clinical trials management services to the pharmaceutical and biotechnology industries.
Kinderhook Industries, LLC announced today the acquisition of Radiant Research, Inc. (“Radiant”) by CRA Holdings, Inc. (“CRA” or the “Company”), an existing portfolio company. The deal was sourced on an exclusive basis and represents the 8th healthcare services transaction completed by Kinderhook. Financial terms of the transaction were not disclosed.
Based in Tempe, Arizona, CRA is a leading trial management organization (“TMO”) that provides Phase II – IV clinical trials management services to the pharmaceutical and biotechnology industries. The Company matches pharmaceutical, biotechnology and contract research organizations with its partner medical practices to recruit patients and conduct clinical trials. CRA has provided research services to the pharmaceutical and medical device industries since 1990, and has successfully completed over 1,800 clinical trials.
Headquartered in Cincinnati, Ohio, Radiant is the largest, comprehensive clinical research and development company in the United States serving the biopharmaceutical and medical device industries. Radiant has successfully completed over 9,000 clinical trials across 18 therapeutic specialties.
“We are excited about the acquisition of Radiant and their team. The acquisition accomplishes multiple strategic objectives, including expanding our clinical expertise and breadth of therapeutic capabilities,” said Paul Cifelli, Managing Director at Kinderhook Industries. “Furthermore, the acquisition will continue to diversify our customer base and extend our geographic reach. Radiant’s services are highly complementary to CRA’s and this acquisition reinforces our commitment to meeting the growing demand of our customers and the market, while giving us expertise in expanded therapeutic areas.”
Chris Michalik, Managing Director at Kinderhook Industries stated that, “This marks a significant day in CRA’s history. Combining two of the largest and most respected TMO’s in the country will enable the Company to continue to deliver the level of service our life science partners have come to expect while at the same time expanding our service offerings. Radiant and CRA have both experienced exceptional growth and the acquisition will position the Company for accelerated future growth.”
Financing for the transaction was provided by TCF Bank. Kirkland & Ellis served as legal counsel to CRA.
About Kinderhook Industries
Founded in 2003, Kinderhook Industries is a private equity firm with $770 million of committed capital and an investment philosophy based on combining senior management and operating experience in a variety of industries with the financial and investment know-how of private equity professionals. Kinderhook primarily makes control investments in companies with transaction values of $10-$75 million in which the firm can achieve significant financial, operational and growth improvements. The firm targets orphaned non-core subsidiaries of corporate parents, existing small capitalization public companies lacking institutional support and management-led recapitalizations of entrepreneur-owned companies. By providing access to capital, strategic advice and an extensive network of relationships, Kinderhook Industries has a history of successfully building privately held firms in partnership with management.
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