NAMSA, whose various services accelerate the development of medical devices from pre-clinical phases through commercialization, is in the midst of a sponsor-focused sales process, four sources told PE Hub.
The auction is being conducted by Edgemont Partners, a boutique healthcare M&A firm based in New York, the people said.
Management meetings are wrapping up this week, one of the people said, while another noted that check-in bids are scheduled for next week, ahead of the process’ final rounds. Deal books were initially distributed in November, a third person said.
The family-led company is marketing $33 million in estimated Ebitda and just north of $190 million in revenue for its fiscal year 2020, ending October 31, the people said. NAMSA’s fiscal 2019 Ebitda landed at approximately $25 million, they said.
The process has narrowed to some five to seven private equity groups, despite the company having initially been approached by interested strategic parties, some of the people said.
Founded by Dr. Theodore Gorski in 1967 as Science Associates, today Northwood, Ohio-based NAMSA is led by CEO and President John Gorski.
The family-run company over the years has transformed beyond its initial focus on pre-clinical testing services for medical device companies, expanding into traditional contract research organization services offered during products’ clinical phase. About half of NAMSA’s business is now on the CRO side, which includes clinical research services and regulatory and compliance consulting, one of the sources said.
NAMSA also characterizes itself as a medical research organization, or MRO, which refers to services offered to address the inefficiencies in and between development steps.
NAMSA’s CROs span North America, Asia, Europe and the Middle East.
Edgemont declined to comment. NAMSA executives couldn’t immediately be reached Thursday.
Action Item: Reach NAMSA’s global headquarters at +1-866-666-9455