Worldwide Clinical Trials Completes Recapitalization with Kohlberg & Company

Privately Held Global CRO Positioned for Continued Therapeutically Focused Growth with Majority Stake Secured by Leading Private Equity Firm

RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--#CROleader--Worldwide Clinical Trials (“Worldwide”), a privately held, leading global, full-service contract research organization (“CRO”), has announced the closing of its previously announced recapitalization that gives funds managed by Kohlberg & Company, LLC (“Kohlberg”), a leading private equity firm with over 35 years of experience partnering with management and companies like Worldwide, a majority stake in the company. Middle-market private equity firm TJC, which has been Worldwide’s sole investor since 2007, retains a meaningful minority equity stake in the CRO.

“This is a significant milestone for Worldwide – one that positions us for further growth and expands our ability to deliver best in class partnerships for our customers while cultivating a culture for our team members to do their best, mission-oriented work,” said Peter Benton, President and CEO, Worldwide Clinical Trials. “Our customers have told us directly that our responsive, flexible, and accessible partnership model benefits them. This investment by Kohlberg, and continued investment by TJC, elevates our approach to best support our customers and continue delivering customized clinical research programs.”

With this transaction, Matt Jennings, Operating Partner of Kohlberg, becomes Chairman of Worldwide’s Board of Directors. Worldwide remains a privately held company with no other changes to its leadership team, employee base, or customer experience.

“The addition of Worldwide Clinical Trials to the Kohlberg portfolio builds a vital piece of our pharma services ‘ecosystem’ by which we have thoughtfully connected non-competing companies that are driven by similar missions and visions – ultimately, to help improve the lives of patients around the world,” said Jennings. “Worldwide’s achievements to date, and its promising growth trajectory, are unmatched in the industry. We look forward to bringing valuable synergies and additional investment opportunities for the CRO in the years to come.”

As a result of its deliberate, therapeutically focused growth strategy, aligned with industry trends and customer needs, Worldwide has demonstrated market leading year-over-year growth since 2019. The company has experienced consistent increases in its annual Late Phase studies across the key therapeutic areas of neuroscience, oncology, rare diseases, and cardiometabolic and inflammatory disease; and has made significant investments to expand its Early Phase services and capabilities, including opening a state-of-the-art Bioanalytical Center of Excellence and launching its large molecule services in 2022.

“Worldwide Clinical Trials is now a valuable part of Kohlberg’s Pharmaceutical and Medical Products & Services industry practice, joining companies that are committed to offering high-value services to the life sciences industry, like PCI Pharma Services and Trinity Life Sciences, to create trusted collaborations while operating independently,” said Chris Anderson, Partner at Kohlberg. “For Worldwide, this means accelerating its next growth journey phase and continuing to expertly partner with its customers to bring new life-changing medications and treatments to patients around the world, and we are excited to support that imperative mission.”

Over the past 10 years, Worldwide has been recognized as a top CRO in the annual CRO Leadership Awards, based on primary market research from the Industry Standard Report (ISR) – earning top marks in the categories of Capabilities, Compatibility, Expertise, Quality, and Reliability. In 2023, the company was honored as the year’s Most Innovative CRO in TBJ’s Life Sciences Awards, a program that celebrates the achievements of companies making critical advancements in pharmaceuticals, biotech, and beyond.

To learn more about Worldwide or to connect, visit www.Worldwide.com.

About Worldwide Clinical Trials:

Worldwide Clinical Trials (Worldwide) is a leading full-service global contract research organization (CRO) that works in partnership with biotechnology and pharmaceutical companies to create customized solutions that advance new medications – from discovery to reality. Worldwide’s capabilities include bioanalytical laboratory services, Phase I-IV clinical trials, and post-approval and real-world evidence studies – all powered by an accessible team of clinicians, scientists, and researchers who bring first-hand expertise and a collaborative, personalized approach to each clinical program. Worldwide is therapeutically focused on neuroscience, oncology, rare diseases, and cardiometabolic and inflammatory disease. Its global footprint spans nearly 60 countries with more than 3,300 team members. For more information, visit www.worldwide.com.

About Kohlberg & Company:

Kohlberg is a leading U.S. middle market private equity firm based in Mount Kisco, New York. Over the firm’s 36-year history, the firm has organized 11 private equity vehicles totaling in aggregate over $14 billion. Since inception, the firm’s private equity investments have generated over $10 billion in realized returns with no realized losses since Fund VI (2007 vintage). The firm invests in leading middle market businesses that are identified through its rigorous thematic research and the firm’s White Paper Program in its six core practice areas. For more information, please visit www.kohlberg.com

About TJC, L.P.:

TJC, founded in 1982, is a middle-market private equity firm that has raised funds with original capital commitments in excess of $22 billion with a 40-year track record of investing in and contributing to the growth of many businesses across a wide range of industries, including Diversified Industrials; Technology, Telecom & Power; Logistics & Supply Chain and Consumer & Healthcare. The senior investment team has been investing together for over 20 years, and they are supported by the Operations Management Group, which was established in 1988 to initiate and support operational improvements in portfolio companies. TJC has offices in New York, Miami, Chicago, and Stamford. For more information, visit: www.tjclp.com.

For Worldwide:
Jill Mastrangelo
Director, Global Corporate Communications
Jill.Mastrangelo@Worldwide.com

For Kohlberg:
Sophia Templin and Elizabeth Chaconas
Kohlberg-US@fgsglobal.com