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Genstar Capital completes $400m ERT buyout

4 Jul 2012

San Francisco-based buyout house Genstar Capital has completed a $400m take-private deal for listed healthcare data support provider ERT.

The company collects, analyses and reports on clinical data to support the development of pharmaceutical products.

Genstar’s $8 per share offer, which represented a premium of 42 per cent over ERT’s 52-week average, was approved unanimously by the ERT Board of Directors.

Managing director Robert Weltman said, “ERT is already the global leader in its sector yet we believe the company can benefit from our expertise in the pharmaceuticals industry to create positive change that will drive operations at an increased pace.

“This is a sector we know well, and the added strength of our operating partners and strategic advisory board will help build ERT into a stronger independent platform company.

“We are eager to work with ERT’s management team to position this compelling company for sustained growth by implementing growth oriented strategic initiatives, including establishing more strategic relationships with customers and identifying new expansion opportunities.”

Genstar hit the $900m mark for its latest private equity fund in May, putting it just $100m away from a reduced-size fund close.

The firm originally hoped to raise $1.5bn for its sixth investment vehicle but cut the target earlier this year amid a difficult fundraising market.

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