NEW YORK, Oct. 23, 2013 /PRNewswire/ -- Archbrook Capital Management LLC (Archbrook), a private equity firm based in New York and Philadelphia, today announced it has sold its controlling ownership interest in CFS Clinical (CFS) to DrugDev Inc., an interactive network and data-sharing platform for clinical trial doctors. Fairmount Partners and Anderson LeNeave served as financial advisors to Archbrook and CFS.
Archbrook first invested in CFS in 2004 by providing CFS with senior secured debt and later purchased a controlling interest in the company to fund the Company's transformation into the leading technology-enabled service provider for the business and financial management activities of clinical trials.
"Archbrook has proven to be an extremely valuable partner over the years, providing CFS with a flexible capital structure and the necessary runway to build one of the most unique and powerful financial platforms for conducting clinical trials and driving new technology standards to outdated industry processes," said Gregory Seminack, President and Managing Partner of CFS Clinical.
"CFS was a unique investment for us where we provided the Company with both debt and growth equity to build its industry leading technology platform and execute on its growth strategy. That patience was rewarded as CFS began scaling significantly over the last several years with many of the largest pharmaceuticals companies in the world. We can't say enough about the job management has done in identifying the need, building out the platform and scaling the business," said John McGlinn, co-founder of Archbrook."We generally target an investment horizon of four to seven years but believed strongly in the potential of CFS to transform the business of clinical trials including site start-up and delivering payments around the world. We made the strategic decision to invest additional capital and extend our investment horizon to allow CFS to build upon its industry leading position. This ultimately provided our investors and all shareholders of CFS with a highly successful outcome," said David Apple, co-founder of Archbrook. About Archbrook Capital Management: Archbrook is a private equity firm based in New York and Philadelphia that partners with exceptional management teams who have superior business models and well-defined plans for growth. Archbrook brings financial resources, expertise and patient capital to support the efforts of management to fully develop the companies' competitive position, drive strategic and operational improvement and improve profitability. For more information, visit www.archbrook.com About CFS Clinical: CFS Clinical (CFS) is a specialty provider focused on the business and financial management activities for clinical trials. The company offers a unique blend of contract, essential site document and cutting-edge investigator payment management services which operate in unison to accelerate cycle times, manage compliance and risk, and stimulate investigator relationships. With our focused expertise, innovative processes, and integrated technology we are able to provide high quality, cost effective service solutions that address critical study startup and financial issues affecting the clinical trials process – including the Sunshine Act. CFS Clinical was founded in 2001 and is headquartered in Audubon, PA. For more information, visit www.cfsclinical.com . Contact: Holly CribbinsFairmount PartnersP: 610.260.6214F: 610.260.6285 firstname.lastname@example.org