The Halifax Group & SV Life Sciences Partner with Trio Clinical Research to Expand Unique Clinical Research Organization Model
Patrick Donnelly to join Board of New Partnership
WASHINGTON, DC – July 10, 2008 – The Halifax Group (“Halifax”) and SV Life Sciences today announced the completion of a management-led recapitalization of Trio Clinical Research (“Trio”), a unique clinical research services company which provides a full suite of clinical trial services to the biopharmaceutical industry. Trio bridges the gap between full-service clinical research organizations (CROs) and traditional staffing companies by providing trial management, functional outsourcing, and professional resourcing services.
Terms of the agreement were not disclosed. Trio co-founders Faye Woolf and Betsy Brown retain a significant equity stake in the company and will continue to lead the same management team at Trio Clinical Research. Halifax, SV Life Sciences and management provided the equity for the transaction.
“We are extremely proud of Trio’s progress and growth since our founding in 2003,” said Ms. Woolf. “Most of all, we are proud of the quality of the service we provide to more than 35 customers across the biopharmaceutical sector.”
“We believe the market for Trio’s unique menu of clinical trial services is robust and growing and our new partnership with Halifax and SV Life Sciences will enhance Trio’s ability to take advantage of these opportunities on a global basis with the additional capital,” continued Ms. Woolf.
As part of the recapitalization, Trio becomes the first participating company in a series of strategic acquisitions by a partnership between Halifax, SV Life Sciences and an experienced management team led by Pat Donnelly. Mr. Donnelly most recently served as chief executive officer and president of PRA International and has more than 14 years of experience in the CRO industry. Donnelly was instrumental in directing PRA’s dramatic growth from a small regional contract research organization to one of the top global service providers in the industry. While at PRA he executed and integrated thirteen strategic international acquisitions and also led the company through its IPO in 2004 and secondary offering in 2005.
“I am very excited to be joining such an experienced and successful executive management team as the one built by Ms. Woolf and Brown. Their dedication to quality and flexibility in the clinical research industry is second-to-none,” said Mr. Donnelly, “I am pleased that Trio can be the first partner in our burgeoning enterprise.”
“Ms. Woolf and Ms. Brown have built an incredible franchise over the past five years,” commented David Dupree, managing director, Halifax. “Halifax is enthusiastic about its new partnership and the opportunity for growth in a dynamic industry. We believe that Trio will become a market leader by providing best-in-class clinical research services and it is a terrific platform from which to build.”
“We are pleased to take part in assembling a team of managers that can bring innovation and partnership to the bio-pharmaceutical market,” added Darren Black, partner, SV Life Sciences. “The CRO industry has experienced significant growth over the past many years, and we believe that Trio, as one of our anchor acquisitions, is in a strong competitive position with room to grow in existing and new markets alike.”
About The Halifax Group
The Halifax Group is a private equity firm that specializes in partnering with managers and entrepreneurs to recapitalize and grow lower middle-market businesses across a variety of industries including healthcare services, infrastructure services and business services. The firm maintains offices in Washington, DC; Dallas, TX; and Raleigh, NC. For more information, please visit www.thehalifaxgroup.com.
About SV Life Sciences
SV Life Sciences (“SVLS”) is a venture capital adviser and manager providing financing to businesses at all stages of development across the human life sciences sector, including biotechnology, pharmaceuticals, medical devices and instruments, and healthcare information technology and services. SVLS invests internationally with offices in Boston, MA; San Francisco, CA; and London, UK. The firm currently manages or advises five funds with capital commitments of approximately $1.6 billion. For more information, please visit www.svlsa.com.
About Trio Clinical Research
Founded in 2003, Trio is a clinical research services company supporting the pharmaceutical, biotechnology and medical device industry. Among Trio’s extensive customer base it counts a majority of the world’s top pharmaceutical companies as clients. Headquartered in Durham, NC, Trio provides clinical services across a myriad of therapeutic areas in phases I-IV. For more information, please visit www.trioclinicalresearch.com.