Water Street backs CCBR-SYNARC

CCBR-SYNARC, which comprises two businesses that specialise in outsourced clinical services, marks the GP's first investment from its new fund, Water Street Healthcare Partners III.

Water Street closed the fund last year after receiving $750m of investor commitments in less than eight weeks.

The firm is currently seeking new opportunities to partner with corporations interested in divesting non-core healthcare businesses and mid-market companies wanting to accelerate growth.

Water Street was introduced to founder Claus Christiansen several years ago to share ideas. The parties kept in touch until 2012, at which point the deal was secured.

Negotiations were completed within less than six months. CCBR was on the lookout for a backer with pharmaceutical expertise, and also valued Water Street's business development strategy.

Water Street will look to grow the business both organically and through strategic acquisitions. With the $100m committed to CCBR-SYNARC, Water Street is planning to invest in further acquisitions - the GP is understood to have a list of potential companies displaying a good fit with CCBR.

Water Street targets investments ranging from $50–500m in four healthcare sectors: distribution, medical products, healthcare services and pharmaceutical products and services.

CCBR-SYNARC is Water Street's second investment in a European-based business. The firm now has 12 portfolio companies specialising in healthcare products and services.

Company
CCBR-SYNARC is a provider of clinical services to pharmaceutical and biotechnology companies.

Headquartered in Copenhagen, Denmark, the company's CCBR business recruits patients worldwide and conducts and manages clinical trials in its dedicated clinical centres.

Its SYNARC business, based in Newark, California, specialises in imaging services, consultation and analysis to track progress throughout a trial's lifecycle. Together, the businesses employ more than 500 doctors, nurses and technicians who are located in 29 research centers across Asia, Europe and the Americas.

People
Claus Christiansen is the founder and chairman of CCBR-SYNARC. Al Heller and Peter Strothman are partners at Water Street.

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