Advarra finds new owner in Genstar Capital
Headquartered in Columbia, MD, Advarra provides institutional review board (IRB), institutional biosafety committee (IBC), and research quality and compliance services.
The company – formed in 2017 through the merger of Chesapeake IRB and Schulman IRB – has signed an agreement to be acquired by Genstar Capital.
"Our partnership with Genstar will help Advarra continue to invest in our people and our technology, as well as support the evaluation and pursuit of future growth opportunities that will further enhance Advarra’s position," Pat Donnelly, Advarra CEO, told us.
"We were attracted to Genstar based on their strong history of supporting the growth and development of life sciences companies as well as a shared vision to enhance the safety and efficiency of clinical research," he said.
San Francisco, CA-based Genstar Capital also has invested in ERT, Catalent, and PRA Health Sciences, and last year formed CRF Bracket after purchasing CRF Health in July and combining the company with Bracket, which it acquired in 2017. The PE firm currently has approximately $17bn of assets under management.
Advarra’s current owners, Linden Capital Partners, intend to reinvest in the company after the transaction completes, via a minority investment. Linden President and Managing Partner Tony David said in a statement that the IRB is “very well positioned to continue on its growth trajectory.” Advarra earlier this year acquired the central IRB, Qurorum, and its research and technology consulting division, Kinetiq.
David Golde, managing director of Genstar, said in a statement: “We are excited for Advarra to continue leveraging its leading reputation in the IRB and regulatory compliance industry, while expanding, both organically and through strategic acquisitions, into other ancillary services to better serve its customers.”
