The private market investment firm Partners Group has agreed to acquire pharmaceutical services provider PCI Pharma Services (PCI). The company is being sold by Frazier Healthcare Partners, which acquired PCI in 2012. Frazier will retain a minority investment in the company. Terms of the transaction have not been disclosed.

PCI, headquartered in Philadelphia, PA, offers its clients outsourced services across the entire pharmaceutical supply chain, including drug development and manufacturing, clinical trials and packaging services. The company has a diverse customer base of more than 350 companies in the pharmaceutical, biotechnology, animal health, and consumer care spaces, including the world’s leading pharmaceutical manufacturers. PCI employs more than 2,800 people across the U.S. and Europe, and generated sales of over $475 million in 2015.

Following the acquisition, Partners Group says it plans to work with PCI’s management team, led by chief executive officer Bill Mitchell, to add more specialized offerings to the product range and expand the company both organically and through add-on acquisitions.

“We are very pleased to welcome Partners Group as our new business partner, following a successful period of growth under the previous ownership,” said Mr. Mitchell. “Partners Group shares our commitment to providing the industry’s leading customer experience. I believe our combined business networks and sector experience provide the ideal platform to support PCI’s continued growth.”

“The healthcare sector continues to see a migration towards outsourced core services, such as packaging and manufacturing, by major pharmaceutical brands in order to streamline costs,” said Remy Hauser, managing director, industry value creation, Partners Group. “PCI’s commitment to quality, service and technical innovation have secured it a loyal customer base and positioned it well to capitalize on this long-term trend.”