Defying Industry Trends, BBK Worldwide Expands Ownership From Within
NEWTON, Mass., March 21, 2013 /PRNewswire/ -- In an industry increasingly defined by mergers and acquisitions, BBK Worldwide (BBK) is bucking the trend by creating ownership opportunities from within. Celebrating 30 years, BBK remains one of the only independent and self-funded patient recruitment agencies, and is able to offer its global pharmaceutical and medical device clients levels of flexibility and creative innovation unmatched by its competitors. This history of vision and leadership has led BBK to name four additional principals who, together, will assume a minority ownership in the company. All long-serving employees, Matthew Kibby, Rob Laurens, Liz Ritchie, and Matthew Stumm have played key roles in shaping the company's success as the global leader in patient recruitment for the clinical R&D segment of the pharma, biotech, and medical device industries. As principals, they will partner with BBK's founding principals Joan F. Bachenheimer and Bonnie A. Brescia to maintain the company's core mission and values while driving growth in key market areas.
"These four individuals have made unyielding contributions to BBK over the years -- contributions that have brought innovation and definition to the patient recruitment marketplace as a whole," comments Joan F. Bachenheimer, founding principal, BBK Worldwide. "Their new roles will allow for expanded growth in critical business areas, ensuring that current and future customers benefit from the most strategic and sophisticated thinking in the industry."
Each newly named principal will focus their efforts on expanding their current management areas. Matthew Stumm will draw upon his creative vision to drive innovation for Agency320, BBK's partner company responsible for creative and media services. Rob Laurens will apply his 19 years of industry knowledge to advance patient recruitment training and industry best practices. Liz Ritchie, BBK's third longest-serving employee, will continue to manage corporate and legal services. Matthew Kibby will apply his innovative mindset to expanding and refining product offerings from BBK's technology partner TCN Technologies and its hallmark product TrialCentralNet SM.
Companies often turn to mergers and acquisitions as a corporate strategy for creating growth, however, often at the expense of innovation. BBK's current move represents a deliberate shift from this industry trend. "Over the past 10 years, BBK has been approached by several different organizations interested in taking an outside investment in BBK," comments Bonnie A. Brescia, founding principal, BBK Worldwide. "We've taken a different approach that values the commitment and dedication of our employees. Our business model reflects our commitment to, and appreciation for, our employees and for their hard work and investment. This dynamic model creates opportunities to expand ownership from within."Guided by the law firm of Morse, Barnes-Brown & Pendleton, PC, BBK was able to create a new corporate structure that also has the potential to seamlessly expand ownership opportunities to other deserved employees within the company -- further ensuring the retention of key talent and the viability of the company moving forward. "We're thrilled to be able to connect employees to the success of the company with this new model that provides customers with the most experienced and sophisticated patient recruitment support in the industry," comments Bachenheimer.
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