Audax Recaps Chesapeake IRB

Audax Group said Tuesday it completed the recap of Chesapeake Research Review, which does business as Chesapeake IRB. 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. Madison Capital Funding provided financing for the deal.

PRESS RELEASE

BOSTON–(BUSINESS WIRE)–Audax Group announced it has completed the recapitalization of Chesapeake Research Review, Inc., d/b/a Chesapeake IRB (“Chesapeake”). Headquartered in Columbia, Maryland, Chesapeake is a leading provider of independent institutional review board (“IRB”) services to major pharmaceutical, biotech and medical device companies, universities, academic medical centers, and hospital systems. Chesapeake performs independent reviews of proposed research projects and principal investigators to assure the protection and welfare of human subjects in clinical trials.

Geoffrey S. Rehnert, Co-CEO of Audax Group, said “Chesapeake operates an independent IRB with a leading reputation and a differentiated 21 CFR Part 11 compliant IT platform in a fragmented and growing market. We look forward to working with Dr. Felix Gyi and his team to grow the business organically and through strategic add-on acquisitions and expanding into adjacent services.”

Dr. Felix Gyi, Founder and CEO of Chesapeake, said “We are excited to partner with Audax Group as we embark on this new stage for our business. Their operational expertise and successful track record in sourcing and integrating add-on acquisitions will be an asset as we continue to build Chesapeake’s market presence as a leading IRB.”

Goulston & Storrs and Kirkland & Ellis LLP served as counsel to Audax Group. Shea & Associates, Inc. advised Chesapeake. Madison Capital Funding LLC provided financing to support the transaction.

ABOUT AUDAX GROUP

Audax Group, founded in 1999, is a leading investor in lower-middle market companies. With offices in Boston and New York, Audax has over $5 billion in assets under management in its Private Equity, Mezzanine, and Senior Debt businesses. For more information visit the Audax Group website www.audaxgroup.com.