Water Street Healthcare Partners, a private equity firm focused on the healthcare industry, has made an undisclosed investment in CCBR-SYNARC, a company comprised of two businesses that specialize in outsourced clinical services. This is Water’s first investment from its new fund, Water Street Healthcare Partners III, L.P., which received $750 million of investor commitments.
The SYNARC business, based in Newark, CA, specializes in imaging services, consulting and analysis to track progress throughout a clinical trial’s life cycle. The CCBR business, headquartered in Copenhagen, recruits patients from around the world, and conducts and manages clinical trials in its clinical centers. The two businesses employ more than 500 doctors, nurses and technicians located in 29 research centers across Asia, Europe and the Americas. They currently focus on musculoskeletal, cardiovascular and neurological therapies.
“Water Street’s team has consistently demonstrated to us a deep understanding of our businesses since it first approached us about potential ways to work together several years ago,” said Dr. Claus Christiansen, founder and chairman, CCBR-SYNARC. “When we reached a point in our development in which we were ready to expand our capabilities and services, we knew Water Street was our ideal partner. Its experience in the pharmaceutical sector, business development expertise and extensive industry relationships will provide our businesses with the intellectual capital and resources to achieve long-term growth and success.”
“We are pleased to build Water Street’s presence in the pharmaceutical sector with our investment in CCBR-SYNARC. The company is highly regarded as a partner that delivers results through its unique combination of scientific acumen, local market knowledge and proprietary technology,” said Peter Strothman, partner, Water Street. “We look forward to working closely with Dr. Christiansen to strategically expand both businesses’ unique capabilities.”