Advarra Announces Recapitalization with Investment from Genstar Capital

Transaction to Accelerate Growth in Industry-Leading Compliance
Business Focused on Increasing Safety and Efficiency in Clinical Trials

COLUMBIA, Md.–(BUSINESS WIRE)–Advarra,
the “Company,” the premier provider of institutional review board (IRB),
institutional biosafety committee (IBC), and compliance and regulatory
consulting services, is pleased to announce that Genstar Capital, a
leading private equity firm with expertise in drug research and
healthcare, has recently signed a definitive agreement to acquire the
Company from Linden Capital Partners (“Linden”), which intends to
reinvest in the Company via a minority investment upon completion of the
transaction.

“We are grateful for our partnership with Linden and are excited to
partner with Genstar Capital for the next phase of our growth to further
enhance our commitment to Advarra customers and employees, our pursuit
of research compliance excellence and innovation, and our dedication to
improve the way researchers safeguard participants,” said Pat
Donnelly, CEO, Advarra.

“Advarra’s leadership has built a company with a stellar reputation in
the pharmaceutical regulatory compliance industry that provides
unmatched service, user-friendly technology, and rapid turn-around
times. We are excited to support Advarra in continuing to build upon its
leading reputation, while expanding, both organically and through
strategic acquisitions, into other ancillary services to continue adding
value for its customers,” said David Golde, Managing Director, Genstar
Capital.

In addition to Advarra, Genstar has invested in and helped grow numerous
leading healthcare and drug research-based companies such as CRF
Bracket, eResearchTechnology, and PRA Health Sciences.

“We have been proud to support Advarra over the past three and a half
years through their impressive organic growth and M&A activities, most
recently with the acquisition and integration of Quorum Review IRB and
Kinetiq Consulting. Advarra is very well positioned to continue on its
growth trajectory, building on a long history of strong values, culture,
and vision, superior human subject protection, and leading therapeutic
area specialization,” said Tony Davis, President and Managing Partner,
Linden. He added, “We are excited about our intention to invest
alongside Genstar and continue to support Advarra through its next phase
of growth.”

About Advarra

Advarra, headquartered in Columbia, MD, provides institutional review
board (IRB), institutional biosafety committee (IBC), and global
research compliance services to clinical trial sponsors, CROs, hospital
systems, academic medical centers, and investigators. Its robust
regulatory expertise and innovative technology ensure the highest
standards of research review are met, while putting participants first
and meeting complex human research protection oversight requirements.
Advarra supports all phases of research across all therapeutic areas.
For more information, visit advarra.com.

About Genstar Capital

Genstar Capital (www.gencap.com)
is a leading private equity firm that has been actively investing in
high quality companies for over 30 years. Based in San Francisco,
Genstar works in partnership with its management teams and its network
of strategic advisors to transform its portfolio companies into
industry-leading businesses. Genstar currently has approximately $17
billion of assets under management and targets investments focused on
targeted segments of the software, industrial technology, healthcare,
and financial services industries.

About Linden Capital Partners

Linden Capital Partners is a Chicago-based private equity firm focused
exclusively on investing in the healthcare industry. Linden’s strategy
is based upon three elements: i) healthcare specialization, ii)
integrated private equity and operating expertise, and iii) strategic
relationships with large corporations. Linden invests in middle market
platforms across the medical products, specialty distribution,
pharmaceutical, and services segments of healthcare. For more
information, please visit www.lindenllc.com.

Contacts

Advarra Contact:
Jane Byram
SCORR Marketing
512-626-2758
[email protected]

Genstar Contact:
Chris Tofalli
Chris Tofalli Public
Relations
914-834-4334