Cinven Said Nearing Deal to Buy CCMP’s Medpace for $900 Million

Feb 23, 2014 7:00 pm ET

Feb. 24 (Bloomberg) -- Cinven Ltd., a Europe-focused private-equity firm, is nearing an agreement to buy Medpace Inc., a provider of clinical developmental services for the pharmaceutical and biotechnology industries, from buyout owner CCMP Capital, according to two people familiar with the talks.

Cinven may pay about $900 million for the Cincinnati-based company, said the people, who asked not to be identified because negotiations are confidential. An agreement could be announced as early as today, they said. Representatives for Cinven and CCMP declined to comment.

Medpace, which focuses on small to mid-sized companies, is benefiting from increased research and development spending by pharmaceutical and biotechnology firms for clinical trials. Cinven mainly invests in six sectors, including health care, and past investments include U.K. specialty pharmaceuticals firm Amdipharm Mercury, or AMCo, and French protein-testing company Sebia, according to its website.

CCMP, which was spun off from JPMorgan Chase & Co., bought Medpace in 2011, according to its website. Medpace, which was established in 1992, has operations in more than 45 countries and more than 1,500 employees.

Reuters previously reported that Cinven agreed to buy Medpace.

--Editors: Andrea Snyder, John Simpson