May 2013

Audax Group Announces Acquisition of Chesapeake IRB

Audax Group announced it has completed the recapitalization of Chesapeake Research Review, Inc., d/b/a Chesapeake IRB (“Chesapeake”). Headquartered in Columbia, Maryland, Chesapeake is a leading provider of independent institutional review board (“IRB”) services to major pharmaceutical, biotech and medical device companies, universities, academic medical centers, and hospital systems. Chesapeake performs independent reviews of proposed research projects and principal investigators to assure the protection and welfare of human subjects in clinical trials.
Geoffrey S. Rehnert,** Co-Chief Executive Officer, Audax Group, said “Chesapeake operates an independent IRB with a leading reputation and a differentiated 21 CFR Part 11 compliant IT platform in a fragmented and growing market. We look forward to working with Dr. Felix Gyi and his team to grow the business organically and through strategic add-on acquisitions and expanding into adjacent services.”
Dr. Felix Gyi, **Founder and CEO, Chesapeake Research Review, said “We are excited to partner with Audax Group as we embark on this new stage for our business. Their operational expertise and successful track record in sourcing and integrating add-on acquisitions will be an asset as we continue to build Chesapeake’s market presence as a leading IRB.”

Goulston & Storrs served as counsel to Audax Group. Shea & Associates, Inc. advised Chesapeake. Madison Capital Funding LLC provided financing to support the transaction.