In a difficult exit market, private equity firm ICICI Venture Funds Management Company Ltd has exited from Radiant Research, Inc., by selling its stake to CRA Holdings, Inc, a portfolio company of New York-based private equity firm Kinderhook Industries, LLC. The financial terms are not disclosed. Business Development Asia LLC acted as the exclusive financial advisor to Radiant Research and its shareholders, ICICI Venture and their strategic partner, a release said.
This is the eighth exit (including partial and full) by ICICI Venture in 2012. It has sold stakes in companies like Sahyadri Hospitals, Multicommodity Exchange of India, Arch Pharmalabs and PVR this year.
Based in Cincinnati, Ohio, the US, Radiant is a clinical research company offering study conduct, development and centralized patient recruitment services to the biopharmaceutical and medical device industry. Radiant is comprised of 20 wholly-owned premier clinical research centers, a full service CRO and a centralized patient recruitment division, employing over 400 clinical research professionals. It has conducted more than 8,700 clinical and consumer trials over 18 therapeutic areas, according to the statement.
ICICI Venture had acquired a majority stake in Radiant in 2007 for $30 million in a leveraged buyout transaction from a group of investors such as ABS Capital, Oak Investment Partners, Salix Ventures, Mayfield Fund and Caltius Capital Partners.
The current acquirer CRA is a trial management organization that provides Phase II – IV clinical trial management services to the pharmaceutical and biotechnology industries. CRA has provided research services to the pharmaceutical and medical device industries since 1990, and has successfully completed over 1,800 clinical trials. The acquisition of Radiant significantly expands CRA’s geographic presence in line with its stated strategy to consolidate the highly fragmented US site management industry, the release said.
CRA’s owner Kinderhook Industries is a private equity firm with $770 million of committed capital, and was founded in 2003.