Audax Private Equity (“Audax”) has completed the sale of Chesapeake IRB (“Chesapeake”) to Linden Capital Partners (“Linden”), a Chicago-based private equity firm.
Chesapeake is a leading technology-enabled provider of legally-mandated, institutional review board (IRB) services designed to ensure the protection and welfare of human subjects involved in clinical trials in the United States and Canada. Since Audax’ initial investment in 2012, Chesapeake has completed three acquisitions, expanding the company’s market share and geographic reach across the United States and Canada.
Geoffrey S. Rehnert, Co-Chief Executive Officer, Audax Group, said “Jeff Wendel and the Chesapeake team have done a tremendous job in building a differentiated market leader in the IRB space through acquisitions and organic growth.”
Jeff Wendel, **President & CEO, Chesapeake IRB, said “Audax’ continued support and expertise in executing its buy and build strategy was extremely valuable as we rapidly expanded our market share and geographic reach over the past three years.” Goulston & Storrs PC served as legal counsel to Audax. Houlihan Lokey advised Chesapeake and Audax. Kirkland & Ellis LLP served as legal counsel to Linden.
ABOUT CHESAPEAKE IRB Chesapeake is a leading technology-enabled provider of legally-mandated, institutional review board (IRB) services designed to ensure the protection and welfare of human subjects involved in clinical trials in the U.S. and Canada. The Company is one of the most highly regarded players in the industry and a trusted partner to a diversified client base including pharmaceutical, biotech, medical device companies, contract research organizations (CROs), institutions, and academic medical centers (AMCs). Chesapeake’s fine-tuned processes and customized, cloud-based technology backbone result in industry-leading turnaround times and enhanced client efficiency. The Company is fully accredited by the Association for the Accreditation of Human Research Protection Programs.