THL’s InVentiv Roll-Up Hits Rough Patch


  • High leverage clouds dramatic roll-up
  • Taken private in 2010 for $1.1 billion
  • Outlook negative: Moody’s

Thomas H. Lee Partners’s aggressive build-up of inVentiv Health Inc. appears to have hit some headwinds, with a debt load and other factors causing a ratings agency to downgrade the Somerset, N.J.-based company.

inVentiv provides marketing, public relations and clinical services to pharmaceutical, biotechnology and medical device companies. Thomas H. Lee originally tried to buy the business in 2008 but couldn’t come to terms with the company on price. But in 2010 the ...

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