Audax Private Equity sells Chesapeake IRB to Linden Capital

Audax Private Equity has completed the sale of Chesapeake IRB to Linden Capital Partners. Financial terms weren’t announced. Columbia, Md.-based Chesapeake provides independent institutional review board services to pharmaceutical, biotech and medical device companies, universities, academic medical centers, and hospital systems. Goulston & Storrs PC was the attorney for Audax. Houlihan Lokey provided financial advice to Chesapeake and Audax. Kirkland & Ellis LLP served as legal counsel to Linden.

PRESS RELEASE

January 04, 2016 11:40 AM Eastern Standard Time
BOSTON–(BUSINESS WIRE)–Audax Private Equity (“Audax”) has completed the sale of Chesapeake IRB (“Chesapeake”) to Linden Capital Partners (“Linden”), a Chicago-based private equity firm.
Chesapeake is a leading technology-enabled provider of legally-mandated, institutional review board (IRB) services designed to ensure the protection and welfare of human subjects involved in clinical trials in the United States and Canada. Since Audax’ initial investment in 2012, Chesapeake has completed three acquisitions, expanding the company’s market share and geographic reach across the United States and Canada.
Geoffrey S. Rehnert, Co-CEO of Audax Group, said, “Jeff Wendel and the Chesapeake team have done a tremendous job in building a differentiated market leader in the IRB space through acquisitions and organic growth.”
Jeff Wendel, President & CEO of Chesapeake, said, “Audax’ continued support and expertise in executing its buy and build strategy was extremely valuable as we rapidly expanded our market share and geographic reach over the past three years.”
Goulston & Storrs PC served as legal counsel to Audax. Houlihan Lokey advised Chesapeake and Audax. Kirkland & Ellis LLP served as legal counsel to Linden.
ABOUT CHESAPEAKE IRB
Chesapeake is a leading technology-enabled provider of legally-mandated, institutional review board (IRB) services designed to ensure the protection and welfare of human subjects involved in clinical trials in the U.S. and Canada. The Company is one of the most highly regarded players in the industry and a trusted partner to a diversified client base including pharmaceutical, biotech, medical device companies, contract research organizations (CROs), institutions, and academic medical centers (AMCs). Chesapeake’s fine-tuned processes and customized, cloud-based technology backbone result in industry-leading turnaround times and enhanced client efficiency. The Company is fully accredited by the Association for the Accreditation of Human Research Protection Programs.
ABOUT AUDAX PRIVATE EQUITY
Since its founding in 1999, Audax has been focused on building leading middle market companies. Audax has invested over $3 billion in 93 platform and 440 add-on companies. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. Audax Private Equity is an integral part of Audax Group, an alternative asset management firm specializing in investments in middle market companies. With offices in Boston, New York, and Menlo Park, Audax Group has over $9 billion in assets under management across its Private Equity, Mezzanine, and Senior Debt businesses.