KKR to Acquire PRA International
RALEIGH, N.C. & NEW YORK--June 24, 2013--PRA International ("PRA"), a leading clinical research organization, today announced that funds managed by KKR, a leading global investment firm, are acquiring PRA from Genstar Capital, LLC ("Genstar"), a private equity firm based in San Francisco.
PRA is one of the world's leading global contract research organizations ("CROs"), providing outsourced clinical development services to the biotechnology and pharmaceutical industries. PRA has more than 5,300 employees located in over 50 offices worldwide. Since 2000, PRA has performed approximately 2,000 clinical trials in over 80 countries on behalf of over 300 clients.
"PRA is a well-positioned global CRO platform led by a talented management team with a long track record of success. As one of the fastest growing companies in the CRO sector, PRA is known for its strong client relationships and differentiated therapeutic expertise. PRA management and KKR share the common ambition of building on this platform by continually improving service offerings to clients and providing compelling career opportunities for employees," said Jim Momtazee, Member of KKR and Head of KKR's Health Care investing team.
"This transaction marks the next stage of our evolution. With KKR as our new partner, we look forward to working with them to accelerate our innovation and growth while continuing to make a difference not only for our clients but also for our people," said Colin Shannon, President and Chief Executive Officer of PRA.
The transaction, which is subject to regulatory approvals and other customary closing conditions, is expected to close in the third quarter of 2013.
Jefferies LLC acted as exclusive financial advisor and Latham & Watkins acted as legal advisor to PRA. Credit Suisse, UBS Investment Bank, and Wells Fargo Securities, LLC served as financial advisors to KKR. Simpson Thacher & Bartlett LLP served as legal counsel to KKR. Fully committed debt financing will be provided by Credit Suisse, Jefferies, UBS Investment Bank, and KKR Capital Markets.
About PRA International
PRA International, headquartered in Raleigh, NC, is a leading international CRO with over 5,300 employees offering services in 80+ countries. The company provides services on a contract basis to the pharmaceutical and biotechnology industries. PRA offers comprehensive services including the filing of Investigational New Drug and similar regulatory applications, management and implementation of Phase I through IV clinical trials, preparation and submission of New Drug Applications, and post-marketing surveillance on an international basis.
Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading global investment firm with $78.3 billion in assets under management as of March 31, 2013. With offices around the world, KKR manages assets through a variety of investment funds and accounts covering multiple asset classes. KKR seeks to create value by bringing operational expertise to its portfolio companies and through active oversight and monitoring of its investments. KKR complements its investment expertise and strengthens interactions with fund investors through its client relationships and capital markets platform. KKR & Co. L.P. is publicly traded on the New York Stock Exchange (NYSE: KKR), and "KKR," as used in this release, includes its subsidiaries, their managed investment funds and accounts, and/or their affiliated investment vehicles, as appropriate. For additional information, please visit KKR's website at www.kkr.com.