Fortrea, a Durham, North Carolina-based global contract research organization (CRO), is divesting certain assets to Arsenal Capital Partners for $345 million.
The assets being divested relate to Fortrea’s Enabling Services segment, including the businesses Endpoint Clinical and Fortrea Patient Access. In 2023, Fortrea generated revenues of about $3.11 billion compared to about $3.1 billion the previous year, according to the original press release.
Arsenal is a New York, New York-based private equity firm that specializes in investments in healthcare and industrial growth companies. Since its inception in 2000, Arsenal has raised institutional equity investment funds of more than $10 billion, has completed more than 250 platform and add-on investments and achieved more than 30 realizations.
Sam Osman, president of the Enabling Services segment, will serve as the CEO of these businesses with Arsenal. Arsenal will receive an initial $295 million when the deal closes, plus another $50 million upon the achievement of certain transition-related milestones.
According to data captured in the LevinPro HC database, this acquisition represents the sixth CRO transaction of the year. In 2023, 43 CRO acquisitions were reported.
