A couple of months ago, I mentioned that Berkshire Partners had been particularly quiet on the deal-making front. Just one PIPE and a pair of bolt-on acquisitions since October 2007. Pretty slow for a firm investing out of a $3.1 billion fund raised in 2006.
Well, it still hasn’t done a traditional LBO (that we know of), but the Boston-based firm has agreed to sponsor a partial recap of United BioSource, a Bethesda, Md.-based company that previously raised well over $150 million from firms like Grotech Capital Group, J.H. Whitney and New Enterprise Associates (closer to $220m, according to VentureXpert database).
I don’t have the financial terms yet, except that Berkshire will take a minority stake while existing shareholders also will retain equity positions.
United BioSource provides evidence-based services and information to the pharma and life sciences markets. It has annual revenue of approximately $250 million, according to a firm spokeswoman.
Worth noting that the spokeswoman also said that no deal has been officially executed yet, although I heard different from a source. Either way, expect an announcement in the near future. Berkshire did not return requests for comment.