Private Equity Firm Bain Capital New Lead Investor in CRO Quintiles

JP Morgan Chase Private Equity arm, One Equity Partners, is selling its stake in Quintiles for $ 3 billion. Bain Capital will be the new lead investor, along with UK based 3i Group become a significant investor, and existing investor Texas Pacific Group (TPG) increasing its stake.

Quintiles, the largest Clinical Research Organization (CRO), with a market share of 14%, went private in 2003 through a $1.7 billion buy-out led by CEO Dennis Gillings. The market for CRO services is estimated at $14 billion and is expected to grow to $ 24 billion by 2010. The top five CROs, including Quintiles, PPD and Covance, hold a 45% share of the market.