New York-based private equity firm Arsenal Capital Partners has acquired Western Institutional Review Board, providing an exit for BV Investment Partners. Terms of the deal were not released. Western Institutional is a provider of information-based services used in the clinical trial process for new drugs and medical devices.
Arsenal Capital Partners, a leading New York-based private equity firm that invests in middle market healthcare, specialty industrial, and financial services companies, announced today the acquisition of Western Institutional Review Board (WIRB), a provider of information-based services which play an integral role in the clinical trial process for new drugs and medical devices.
WIRB is the leading independent institutional review board (IRB) services provider which operates federally mandated IRB panels. IRBs review and approve the handling of ethical issues in research protocols before research involving human subjects can begin. WIRB pioneered the concept of an independent IRB and is currently recognized as the “gold standard” in the industry. The company has offices in the US and Canada and provides review services to research institutions, CROs and major sponsors in all 50 states and in more than 60 countries around the world.
Stephen McLean, a Partner at Arsenal and Head of the firm’s Healthcare Group, said, “We are delighted to invest in this important company. WIRB has a long standing reputation of applying best practices in protecting human subjects involved in clinical research. Our investment in WIRB affords us the opportunity to apply Arsenal’s unique healthcare industry resources to enhance and extend the essential IRB capabilities WIRB provides its clients.”
“After evaluating a number of other options, we chose Arsenal Capital as our partners in creating the next chapter of our evolution. We were impressed with Arsenal’s expertise and capabilities in supporting our company’s growth in the U.S. and globally. This is an extraordinarily positive development for our employees, our clients, and for the human subjects we protect,” said Dudley Slater, CEO of WIRB.
Dr. Donald A. Deieso, Operating Partner in Arsenal’s Healthcare Group will become Executive Chairman of WIRB. Dr. Deieso commented, “The globalization of clinical research has created a number of new challenges for protecting human subjects. WIRB will draw upon its longstanding knowledge of regulations and ethical practices to address these exciting challenges.”
About Arsenal Capital Partners
Arsenal Capital Partners is a leading New York-based private equity firm that invests in middle market specialty industrial, healthcare and financial services companies. Arsenal makes investments in sectors where the firm has significant prior knowledge and experience. Arsenal targets businesses that have the potential for further value creation by working closely with management to accelerate growth and leverage the firm’s operational improvement capabilities. Arsenal currently has $800 million of committed equity capital. For additional information on Arsenal Capital Partners, please visit www.arsenalcapital.com.
About Western Institutional Review Board
WIRB was founded in 1968 and is the leading provider of independent IRB, biosafety and other human protection services to the research institutions, CROs and major sponsors. The company has offices in the US and Canada and provides review services in all 50 states and in more than 60 countries around the world.