PRA International, Inc. Completes Acquisition of Cromedica International
6/20/2002
Contact: Genstar CapitalAndrea Ginsberg(415) 664-4680aginsberg@gencap.comSan Francisco, CA (June 20, 2002) – Genstar Capital Partners III, L.P. today announced that its affiliate, PRA International, Inc. (PRA), has completed the acquisition of closely held CroMedica International, Inc. (CroMedica) a global clinical research organization (CRO) headquartered in Canada. With over $200 million in annualized net revenues, the combined company will be one of the top five global clinical drug development organizations in the world. Terms were not disclosed.According to Robert J. Weltman, a director of PRA and a managing director of Genstar Capital, L.P., the general partner of Genstar Capital Partners III, L.P., “This transaction furthers Genstar Capital’s investment strategy in the life sciences by creating a major player in the pharmaceutical development industry. The combined company will offer superior value because it will have the human resources, the geographic scope and the integrated technology infrastructure to support its customers globally and with the highest level of clinical and therapeutic expertise.”The acquisition is the second that PRA has done since Genstar acquired the Company in June, 2001. In April 2002, PRA augmented its capabilities in Europe by acquiring the largest CRO in Spain, Staticon International Espa