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CCMP In Talks to Buy Medpace in $500-$600M DealCCMP Capital Advisors is in talks to buy Medpace, a Cincinnati-based contract research organization, two sources said. The deal is valued at roughly $500 to $600 million, one person says. Founded in 1992, Medpace provides clinical drug development services for the pharmaceutical and biotech industries. It employs about 1,000 people globally. The sale of Medpace was not an auction, one banker says. Instead, CCMP has been in exclusive talks to buy Medpace, the source says.
- inVentiv Health Buys PharmaNet Development Group
Clinical consulting and commercial services firm inVentiv Health, which is backed by Thomas H. Lee Partners and Liberty Lane Partners, said that it will acquire drug development services firm PharmaNet Development Group. Terms of the deal were kept under wraps. BofA Merrill Lynch, Citi and Jefferies Finance provided financing commitments to inVentiv Health to support the transaction.
- JLL To Make 3X Money with Sale of PharmaNet
With its sale of PharmaNet Development Group, JLL Partners stands to make 3x its original investment, a source says. JLL, a New York PE firm, said today it was selling PharmaNet /105715/jll-partners-to-sell-pharmanet-to-inventiv-health/ to inVentiv Health, which is owned by Thomas H. Lee Partners. Financial terms weren't announced. The deal is expected to close http://www.pharmanet.com/72d67989-1ccb-4284-ab42-24faf116ff2d/media-center-press-releases-detail.htm on or about June 30. BofA Merrill Lynch, Citi and Jefferies Finance are providing financing.
- JLL Partners to Sell PharmaNet to inVentiv Health
JLL Partners has agreed to sell PharmaNet Development Group to inVentiv Health, which offers clinical, consulting and commercial services to the pharmaceutical and healthcare industries. Financial terms weren't announced. PharmaNet, of Princeton, N.J., provides clinical development services.
- NetSpend IPO, Backed by Oak and JLL, Soars 18%
IPOs can be worth the wait. Just consider NetSpend, which went public Tuesday and surged 18% in afternoon trading. The offering will provide a strong gain for investors JLL Partners and Oak Investment Partners. The NetSpend IPO was slated to launch last week but opened today at $11.20 a share. The stock closed Tuesday at $13.00, up $2 from its $11 offer price.
- NetSpend To Price $203 Million IPO Next Week
NetSpend, the prepaid debit card company that is backed by JLL Partners and Oak Investment Partners, plans to brave the IPO waters next week. Austin-based NetSpend is expected to price its IPO on Thursday, Oct. 13, a source familiar with the matter said. The company is expected to trade under the ticker "NTSP." NetSpend provides reloadable prepaid debit cards to the underbanked U.S. consumer. Today, NetSpend set the terms of its offering: 18.5 million shares at $10 to $12 each via book runners Goldman Sachs, BofA Merrill Lynch and William Blair & Co. Other underwriters on the deal include SunTrust, Wells Fargo Securities, Duncan Williams and Knight/Houlihan Lokey.
- JLL Partners to sell McKechnie for $1.2Bn
Private equity firm JLL Partners intends to sells its share in McKechnie Aerospace Holdings to aircraft parts maker TransDigm Group Inc in a deal worth $1.27 billion in cash. It will be TransDigm’s biggest ever acquisition. Shares of TransDigm were $64.65 on the New York Stock Exchange on Monday, a year high, before dropping to $62. The deal will bring TransDigm's total debt to about $3 billion.
Six More Startups Keep IPO Ball RollingAutoNavi, Green Dot and Qlik Technologies were the top three VC-backed offerings in July, based on their post-IPO performance
- PharmaNet Development Names Maida Vice President of Clinical Research
PharmaNet Development Group Inc. named Anthony Maida vice president of clinical research. Maida will lead the oncology team at the provider of drug development services to the pharmaceutical, biotechnology, generic drug and medical device industries. He previously had his own consulting firm. JLL Partners added the Princeton, N.J.-based company to its portfolio in March 2009.
- Aerospace & Defense Deals Draw PE Crowd
Companies that make rockets, airplanes and machine guns continue to be a draw for private equity firms. So far this year there have been 31 announced M&A deals in the U.S. aerospace and defense sector, worth about $2.4 billion. Through August 19, 2009, there were the same number of deals, 31, but the transactions were valued roughly $1.9 billion, according to data from Thomson Reuters. Of the 31 aerospace and defense mergers this year, seven have involved private equity firms and totaled $485 million. In the year-ago time period, only five deals involved buyout shops (for the same time period), raising a meager $20 million.