Genstar Capital said today it will sell PRA International for an undisclosed price to funds managed by Kohlberg Kravis Roberts, in a deal that transfers control of the contract research organization from one private equity firm to another.
The transaction is expected to close in the third quarter of 2013.
Headquartered in Raleigh, NC, PRA employs more than over 5,300 people and offers services in more than 80 countries. Those services include filing of regulatory applications, management and implementation of Phase I through IV clinical trials, preparation and submission of NDAs, and global post-marketing surveillance.
Under Genstar, which bought PRA for $797 million in 2007, Colin Shannon was installed as PRA’s president and CEO, heading an overhauled senior management team that grew the CRO by completing add-on acquisitions, strengthening its European operations, enhancing its technology, and developing its infrastructure to support expansion in emerging markets.
“Targeted investments, particularly in Eastern Europe and Asia, expanded our geographic coverage and, as a result of this strong infrastructure, we have a growing list of new business opportunities,” Shannon said in a statement. “We have been very fortunate with our partnership with Genstar and believe our company is positioned for continued growth as a KKR portfolio company."