Private equity firm Kohlberg & Co has taken a majority stake in Worldwide Clinical Trials following a “recapitalization” designed to fund expansion.
The move – plans for which were announced in August – will see fellow private equity firm TJC, which has been Worldwide’s backers since 2007, retain a minority equity stake.
Worldwide CEO, Peter Benton, said the recapitalization “positions us for further growth and expands our ability to deliver best in class partnerships for our customers while cultivating a culture for our team members to do their best, mission-oriented work.
“This investment by Kohlberg, and continued investment by TJC, elevates our approach to best support our customers and continue delivering customized clinical research programs,” he said.
Kohlberg operating partner Matt Jennings, who has joined the Worldwide corporate board as chairman, said backing the CRO is part of a broader investment strategy.
“The addition of Worldwide Clinical Trials to the Kohlberg portfolio builds a vital piece of our pharma services ‘ecosystem’ by which we have thoughtfully connected non-competing companies.
Jennings cited Worldwide’s “promising growth trajectory,” as the main motivation for the investment, adding “We look forward to bringing valuable synergies and additional investment opportunities for the CRO in the years to come.”
Completion of the recapitalization follows a number of strategic moves by the CRO over the past few years.
In early 2022, it teamed up with decentralized trial tech firm Science 37 to access the latter’s clinical trial Operating System (OS), which the firm claims can accelerate recruitment, boost retention rates and enhance participant diversity.
In May this year, WCT expanded its European base in deals with Spain’s Next Oncology – which has sites in Madrid and Barcelona - and site organization Pratia Research Platform, which has facilities in Bulgaria, the Czech Republic, Germany, Poland Spain, and Ukraine.
The same month WCT partnered with Every Cure, a non-profit organization that aims to unlock new uses for existing approved drugs by leveraging data, artificial intelligence (AI), and efficient clinical trials.
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