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Amulet Announces Acquisition of SynteractHCR

May 27, 2016


Acquisition of leading contract research organization (CRO) is the first for Amulet.


Amulet Capital Partners, LP (“Amulet”), a middle-market private equity investment firm based in Greenwich, CT focused exclusively on the healthcare sector, has announced that is has acquired SynteractHCR Holdings Corporation (“SynteractHCR”), a leading contract research organization (CRO) focused on Phase I‐IV clinical trials for emerging to mid-sized biopharma clients in the U.S., Europe and Asia. Terms of the transaction were not disclosed.


Headquartered outside San Diego, California, SynteractHCR was founded in 1995 and is now a top 20 global full‐service CRO. The company has over 800 staff members across 21 countries. SynteractHCR has a reputation for clinical excellence in complex trials in a broad range of therapeutic areas, contributing to more than 230 product approvals since its founding. The company has run over 3,500 projects including more than 700,000 patients in 60 countries.


This is the first acquisition by Amulet, founded in 2015 by Ramsey Frank and Jay Rose. The partners and principals of Amulet’s investment team have approximately 40 years of private equity experience and bring together a unique blend of leveraged buyout, growth capital, and restructuring skills, supplemented by significant expertise across a wide range of healthcare verticals, including the CRO sector.


SynteractHCR CEO Wendel Barr said, “We welcome this new relationship with Amulet Capital Partners as they understand our positioning and the opportunities available to us. New funding will allow us to enhance our full service capabilities, hire even more international clinical development experts to support global trials, and increase our ability to help our clients successfully navigate the complex drug development process.”


Ramsey Frank, Partner and Co-founder of Amulet said, “The importance of CROs to the pharmaceutical and biotech industries has grown significantly in the last decade, and the current market dynamic is very favorable for middle market CROs, particularly those focused on small and mid-sized biopharma clients. SynteractHCR is a leading CRO with global scale and solid earnings momentum, well positioned to take advantage of the strong long-term growth prospects in the sector. We are excited to partner with Wendel Barr and his experienced management team to continue to expand SynteractHCR’s business.”


Frank added, “As a firm, Amulet is differentiated through our ability to bring extensive financial resources and healthcare experience, especially in the CRO sector. We will work closely with management to build on SynteractHCR’s leading market position and enhance the long-term prospects for the company. SynteractHCR will serve as a platform in the industry as we seek to invest in or acquire complementary businesses that will expand the company’s geographic footprint and areas of therapeutic expertise."


SynteractHCR’s prior owner, Gryphon Investors, a middle-market private equity firm based in San Francisco, CA, acquired a majority interest in SynteractHCR in 2008 and supported the company's growth into a global business.


Capital One, N.A. and certain private debt funds managed by THL Credit Advisors LLC provided debt financing for the transaction. Wells Fargo Securities acted as exclusive financial advisor to SynteractHCR.