Overview

On November 14, 2019, Leonard Green & Partners, L.P. (“LGP”), in partnership with Arsenal Capital Partners (“Arsenal”) and Novo Holdings (“Novo”) announced that they have agreed to terms on a recapitalization of WIRB-Copernicus Group (“WCG”). The transaction successfully closed in early February.

WCG is the world’s leading provider of clinical trial optimization solutions. The company enables biopharmaceutical companies, CROs, and institutions to accelerate the delivery of new treatments and therapies to patients, while maintaining the highest standards of human subject protections. WCG reduces the time and cost of enrolling patients in clinical trials, helping firms enroll patients in their studies and negotiating with the medical institutions that conduct their trials.

Arsenal is a private equity firm that specializes in investments in middle-market specialty industrials and healthcare companies. Since its inception in 2000, Arsenal has raised institutional equity investment funds of $5.3 billion, completed over 45 platform investments and achieved over 30 realizations.

LGP is a private equity firm that was founded in 1989 and based in Los Angeles. The firm primarily focuses on companies providing services, including consumer, business, and healthcare services, as well as retail, distribution, and industrials.

Novo is recognized as a leading international life science investor, with a focus on creating long-term value. The firm is wholly owned by the Novo Nordisk Foundation.

Significance

This recapitalization was structured to enhance the resources with which WCG will continue to extend its position as the world’s leading provider of clinical services solutions that measurably improve the quality and efficiency of clinical research. WCG and Arsenal gain two additional partners in LGP and Novo, both of which have long histories of supporting market-leading growth companies, to further WCG’s mission and accelerate its success.

Crosstree’s Role

Crosstree was able to collaborate with WCG, Arsenal, its operating advisors, and its other outside consultants, to develop a compelling growth narrative with organic and inorganic strategies, potential target qualification, market opportunity analyses, and proforma capabilities assessments.

Crosstree was the co-financial advisor to WCG with Centerview Partners LLC.