Cinven Could Acquire Medpace for $900 Million

Private equity firm Cinven, based in London, has agreed to acquire U.S. pharmaceutical contract research organization Medpace from buyout firm CCMP Capital Advisors for a little over $900 million, the news agency Reuters said, quoting people familiar with the matter.

It said a deal could be announced as early as Feb. 24.

Founded in 1992, Medpace, headquartered at Cincinnati, Ohio, has more than 1,500 employees in over 45 countries and generated adjusted earnings before interest, tax, depreciation and amortization in 2013 of $94 million.

The U.S company's primary focus is on helping - mostly small- and medium-sized -biotechnology companies with clinical studies. About 40% of its employees working in its clinical operations are in Europe.

Reuters quotes analysts as saying that Cinven, which specializes in European M&A, pursued Medpace because of the company's substantial presence in Europe, as well as the opportunity to expand its business in Asia.