BioClinica & CoreLab Combination Creates Leader for Imaging Core Lab Services

BioClinica, Inc., recently announced that JLL Partners and Ampersand Capital Partners, two leading middle market private equity firms, have completed their acquisition of BioClinica and CoreLab Partners and have combined the two companies under the name BioClinica.

This merger brings together two of the most experienced and trusted authorities in medical imaging management for clinical trials and creates a new standard in imaging core lab services, cardiovascular safety monitoring, and eClinical trial management solutions.

“The unification of BioClinica and CoreLab Partners will enhance the existing service quality and technological innovation supported by scientific and medical expertise that have long been hallmarks of these two companies,” said Mark Weinstein, who will lead the newly combined company as President and CEO. “This merger produces a stronger BioClinica that is better able to support pharmaceutical, biotechnology, and medical device development.”

“JLL has spent a significant amount of time gaining an understanding of the pharmaceutical outsourcing sector and, as a result, we are pleased to have made these two acquisitions,” added Dan Agroskin, Managing Director of JLL Partners. “This combination brings together two industry-leading companies that we are confident will continue to deliver a strong service offering to their customers. We are excited by the growth potential of this newly formed platform, and we look forward to working with the talented management of BioClinica and CoreLab Partners as they continue to enhance their best-in-class capabilities.”

The combination of BioClinica and CoreLab Partners establishes a clear industry leader for imaging core lab services and further complements BioClinica’s other service offerings. BioClinica is better positioned to offer customers comprehensive support for clinical trials with extensive capabilities, including scientific and medical expertise, industry-leading technologies, and recognized global clinical trial experience.

On March 13, 2013, JLL Partners completed its acquisition of BioClinica through the short-form merger of an entity affiliated with JLLPartners and BioClinica. BioClinica is the surviving entity in the merger and is now wholly owned by affiliates of JLL Partners, Ampersand and certain other investors. As of the close of business on March 13, 2013, BioClinica will no longer trade on the Nasdaq Global Market.

In connection with the transaction, KeyBank National Association, CIT Finance LLC and U.S. Bank National Association acted as the lead arrangers and joint bookrunners for the financing, which consisted of $100 million of senior secured facilities, including a $75 million term loan facility and $25 million revolving facility, undrawn at close.

Excel Partners acted as financial advisor to BioClinica, and Morgan, Lewis & Bockius LLP acted as legal counsel to BioClinica. Robert W. Baird acted as financial advisor to CoreLab Partners and Edwards, Wildman Palmer LLP acted as legal counsel to CoreLab Partners and Ampersand Capital Partners. Skadden, Arps, Slate, Meagher & Flom LLP and Simpson Thacher Bartlett LLP acted as legal counsel to JLL Partners. For more information, please visit www.ampersandcapital.com.