Expanded sales team, revamped marketing strategy, rebranded organization, and acquired complementary businesses to diversify customer base, expand wallet share, and broaden geographic footprint.
Headquartered in Columbia, MD, Chesapeake IRB has become a leading technology-enabled provider of legally-mandated, institutional review board services designed to ensure the protection and welfare of human participants involved in clinical trials in the United States and Canada.
When Audax invested in December 2012, Chesapeake IRB was a leader in the large and growing outsourced pharmaceutical R&D services market. Audax recognized the opportunity to invest in sales and marketing and to expand the company’s customer base and geographic reach through acquisitions.
Together with management, Audax completed three acquisitions, which expanded Chesapeake IRB into the Canadian market and broadened its customer base. Under Audax’ ownership, Chesapeake IRB also expanded its salesforce threefold, implemented a marketing strategy targeting smaller hospitals and university researchers, and completed a corporate rebranding.
“Jeff Wendel and the Chesapeake IRB team were tremendous partners in building a differentiated market leader in the IRB space through acquisitions and organic growth,” said Joe Rogers, Managing Director, Audax Private Equity.
“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,” said Jeff Wendel, President & CEO, Chesapeake IRB.
Audax sold Chesapeake IRB to private equity firm Linden Capital Partners in December 2015.