An affiliate of Kohlberg & Company, LLC has entered into a definitive agreement to acquire a majority stake in Worldwide Clinical Trials (WCT), in partnership with WCT’s management team. Following the sale to Kohlberg, WCT’s former owner, The Jordan Company, will retain a meaningful minority equity stake in the company.
WCT is a full-service contract research organization (CRO) focused on CNS, cardiovascular, metabolic, immune-mediated inflammatory disorders, oncology and rare diseases. Its global footprint spans nearly 60 countries with more than 3,200 team members.
Kohlberg & Company LLC is a private equity firm specializing in add-on acquisitions, follow-on acquisitions, expansions, turnarounds and equity and debt investments in buyouts of mature and middle market companies.
The transaction is expected to close in the fourth quarter of 2023 and Matt Jennings, Operating Partner of Kohlberg, will become Chairman of WCT’ Board of Directors. The terms of the transaction are not disclosed.
Jefferies LLC served as financial advisor to WCT and Kirkland & Ellis acted as legal counsel to The Jordan Company and WCT. Centerview Partners LLC served as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to Kohlberg.
According to data captured in the LevinPro HC database, this transaction represents the 23rd CRO acquisition of the year. This transaction, additionally, marks Kohlberg & Company’s second healthcare acquisition of the year. In March, the firm acquired United Digestive for an undisclosed price.
