ACE III funds IRB Schulman

American Capital Equity III has made an investment in Schulman. No financial terms were disclosed. Based in Cincinnati, Schulman is an institutional review board that primarily serves the pharmaceutical and medical device sectors.


BETHESDA, Md., Dec. 4, 2014 /PRNewswire/ — American Capital Equity III, LP (“ACE III”) announced today that it has invested in Schulman Associates IRB Holding Company, Inc. (“Schulman” or the “Company”). Schulman is a leading independent Institutional Review Board (“IRB”) that provides clinical trial oversight services to pharmaceutical firms, contract research organizations, hospitals and academic medical centers throughout the United States and Canada.

“We are extremely pleased to announce ACE III’s first platform investment since launching the fund earlier this year,” said Justin DuFour, American Capital Equity Partner. “Schulman is an excellent example of the type of businesses we are targeting in ACE III – lower middle market companies with proven management teams, niche market leadership positions, stable recurring revenue streams and attractive growth potential.”

Founded in 1983 and based in Cincinnati, Ohio, Schulman is one of the largest IRBs in the United States. The Company primarily serves the pharmaceutical and medical device industries as a central IRB on research involving drugs, medical devices and biologics. Schulman reviews research protocols and consent documents from clinical trials to evaluate compliance with human subject protection regulations. Schulman is fully accredited by the Association for the Accreditation of Human Research Protection Programs (AAHRPP).

“Over its 31 year history, Schulman has successfully grown into an industry leader in the protection of human subjects in clinical trials,” said Eugene Krichevsky, American Capital Equity Partner. “With its best-in-class regulatory compliance record, extensive range of therapeutic expertise and differentiated technology platform, Schulman is poised to meet the growing IRB demand for complex, multi-site clinical trials.”

“We are very excited to partner with Michael Woods and the rest of the Schulman team,” said Scott Kauffman, American Capital Equity Principal. “They have done a remarkable job in driving significant historical growth and we are confident in their ability to continue to deliver strong results going forward.”

“American Capital Equity’s insights into the healthcare services industry and significant financial support will allow us to meet the needs of our clients and continue to execute our strategic plan,” said Michael Woods, Schulman CEO.

American Capital Equity III, LP (“ACE III”) is a $1.1 billion private equity fund focused on acquiring control equity and equity-related positions in companies with $5 to $25 million of EBITDA. ACE III is managed by an affiliate of American Capital Asset Management, LLC, and based in Bethesda, MD. For more information, click here:

American Capital, Ltd. (Nasdaq: ACAS) is a publicly traded private equity firm and global asset manager. American Capital, both directly and through its asset management business, originates, underwrites and manages investments in middle market private equity, leveraged finance, real estate, energy & infrastructure and structured products. American Capital manages $21 billion of assets, including assets on its balance sheet and fee earning assets under management by affiliated managers, with $80 billion of total assets under management (including levered assets). Through an affiliate, American Capital manages publicly traded American Capital Agency Corp. (Nasdaq: AGNC), American Capital Mortgage Investment Corp. (Nasdaq: MTGE) and American Capital Senior Floating, Ltd. (Nasdaq: ACSF) with approximately $11 billion of total net book value. From its eight offices in the U.S. and Europe, American Capital and its affiliate, European Capital, will consider investment opportunities from $10 million to $750 million. For further information, please refer to