Genstar Capital Completes ERT Acquisition In A Take-Private Transaction
PHILADELPHIA, July 3, 2012 /PRNewswire/ -- ERT (Nasdaq: ERT), a global technology-driven provider of health outcomes services to biopharmaceutical sponsors and contract research organizations (CROs), announced today that Genstar Capital, LLC, has completed its acquisition of the company in a take-private transaction valued at approximately $400 million.
Dr. Jeffrey Litwin, who will continue to lead ERT as CEO, said, "As a private company we will continue to serve our customers and enhance our suite of products. We have been able to grow our company into a global leader, and, with Genstar's partnership, we will look for creative new ways to grow our business organically and identify new investment opportunities as part of our continued development."
"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," said Robert Weltman, Managing Director of Genstar. "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."
ERT (www.ert.com) is a global technology-driven provider of health outcomes research services supporting biopharmaceutical sponsors and Contract Resea