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Clario Hires Investment Bank for Potential Sale

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Clinical trial data management company Clario has hired Jefferies to explore a potential sale, according to industry sources.

Philadelphia-based Clario is a portfolio company of Astorg, Nordic Capital, Novo Holdings and Cinven. The business generates $500 million-plus in EBITDA, sources said.

Bloomberg reported in June 2024 that Clario had filed confidentially for an initial public offering, with the aim of garnering a valuation north of $10 billion.

Clario was formed from the merger in 2021 of ERT, a clinical trial endpoint data company, and Bioclinica, a provider of medical imaging and cardiac safety services and clinical trial management software.

Nordic and Novo acquired ERT, also known as eResearchTechnology, from Genstar Capital for an enterprise value of $1.8 billion in 2016. Jefferies served as advisor to ERT, according to a news release.

In 2019, Astorg joined Nordic and Novo in backing ERT. Nordic, whose initial investment in ERT in 2016 came from its eighth fund, reinvested alongside Astorg and Novo through Fund IX, according to the announcement.

Cinven, meanwhile, bought Bioclinica from Water Street Healthcare Partners and JLL Partners in 2016. Jefferies advised Bioclinica in the transaction, according to a press release.

The merger of ERT and Bioclinica was first announced in December 2020 and completed in April 2021. The combined organization took the Clario name in November that year.

Clario’s recent deals include the purchase of NeuroRx, an imaging provider focusing on central nervous system diseases, in March and WCG’s electronic clinical outcome assessment, or eCOA, business in a deal completed in May. Last year, Clario bought software company ArtiQ.

In May last year, Morgan Stanley led a nearly $2 billion leveraged loan deal for Clario to reprice its existing debt, Octus reported. Price talk on the $1.958 billion loan offering was at 400 bps over SOFR and 99.75 OID, sources said.

CLO holders of eResearch Technology can be found HERE.

Astorg, Nordic, Novo, Cinven and Jefferies declined to comment. A representative for Clario did not return a request for comment.

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