inVentiv Health, a global professional services organization designed to help the biopharmaceutical industry accelerate the delivery of much-needed therapies to market, announced today that it has closed its previously announced transaction agreement with Advent International (Advent). Advent is one of the largest and most experienced global private equity investors with extensive healthcare sector expertise. Advent joins Thomas H. Lee Partners, L.P. (THL) as an equal equity owner of inVentiv Health and its equity investment in inVentiv Health values the company at $3.8 billion on a cash-free, debt-free basis.
inVentiv Health provides comprehensive and integrated clinical and commercial outsourcing services to the biopharmaceutical industry. The company's unique business model, combining a leading Clinical Research Organization (CRO) with the industry's first Contract Commercial Organization (CCO), helps clients improve performance and expedites the delivery of innovative products to market. The inVentiv Health client portfolio includes all 20 of the largest global biopharmaceutical companies. The company has helped to develop or commercialize 80 percent of all new drugs approved by the Food and Drug Administration (FDA) and 70 percent approved by the European Medicines Agency (EMA) over the last five years. Under THL's ownership, inVentiv Health more than doubled both revenue and adjusted EBITDA to $2.2 billion and $343 million, respectively.
Michael Bell, Chairman and Chief Executive Officer of inVentiv Health, said, "With the backing of two of the most renowned private equity firms, inVentiv Health now has the enhanced resources to continue to realize our impressive growth plans. By leveraging Advent and THL's deep operational and sector-specific expertise, we'll continue to evolve our comprehensive clinical and commercial service offerings. Our purpose is to accelerate the development and delivery of therapies for our global biopharmaceutical client base."
"inVentiv Health's combined CRO and CCO business model creates a competitive edge that has propelled the company to become a leader in the biopharmaceutical outsourcing industry," said John Maldonado, a Managing Director at Advent. "We're excited to be partnering with THL and the exceptional management team at inVentiv Health. We're committed to providing the company with tools, resources and best practices that will enable inVentiv Health to achieve continued success."
"Since our initial investment, inVentiv Health has experienced significant growth and developed into a world-class professional services firm," said Joshua Nelson, Managing Director of THL. "We're thrilled to be partnering with Advent as they share our enthusiasm about the tremendous potential for the business. We look forward to working with Advent, and inVentiv's 15,000 employees, to advance solutions to address some of the healthcare industry's most pressing problems."
This investment is consistent with Advent's strategy of investing in healthcare companies with strong growth potential to create value for its stakeholders. Advent has a long track record of investing in the healthcare sector, completing more than 35 investments in 14 countries in the last 26 years.
About inVentiv Health
inVentiv Health is a global professional services organization designed to help the biopharmaceutical industry accelerate the delivery of therapies to market. Our combined Clinical Research Organization (CRO) and Contract Commercial Organization (CCO) offer a differentiated suite of services, processes and integrated solutions designed to improve client performance. With approximately 15,000 employees and the ability to support clients in 90 countries, our global scale and deep therapeutic expertise enable inVentiv Health to help clients navigate an increasingly complex environment. For more information, visit www.inVentivHealth.com.
About Advent International
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in more than 315 private equity transactions in 40 countries and as of June 30, 2016, had $40 billion in assets under management. With offices on four continents, Advent has established a globally integrated team of over 190 investment professionals across North America, Europe, Latin Americaand Asia. The firm focuses on investments in five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology, media and telecom. After more than 30 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies. For more information, visit www.adventinternational.com.
About Thomas H. Lee Partners
Thomas H. Lee Partners, L.P. (THL) is one of the world's oldest and most experienced private equity firms. The firm invests in growth-oriented businesses, headquartered principally in North America, across three broad sectors: Consumer & Healthcare, Media & Information Services, and Business & Financial Services. Since its founding in 1974, THL has raised over $20 billion of equity capital and invested in more than 130 businesses with an aggregate purchase price of more than $150 billion. THL strives to build great companies of lasting value and generate superior investment returns. For more information, please visit www.thl.com.
