The financial terms were not disclosed, but the New York Times said the business was sold for $1.3bn, which matches the firm’s reported asking price. KKR has to compete with Warburg and Cinven, whose bids also were shortlisted by the owner.
Genstar bought the business in 2007 in a take-private deal that valued it at $797m.
The company has since made add-on acquisitions, developed its business in Europe and invested in expansion in emerging markets, seeing a significant increase in EBITDA and revenues.
Genstar managing director Rob Weltman said, “PRA has developed a niche in an attractive growing sector of the pharma services industry and is transforming clinical trials because of its people, innovation and transparency with customers.
“During our involvement with PRA, the company consistently grew revenues and profitability and delivered strong service to its customers across the globe.”
Copyright © 2013 AltAssets