Kester Capital has sold its interest in Chiltern in a deal which values the business at GBP135m.
The exit comes as Chiltern announces the consolidation of existing investors, led by Sir Douglas Myers.
The transaction has generated a return of over 2x capital and a 25 per cent IRR for Kester Capital funds.
Chiltern is a contract research organisation (CRO) with extensive experience in the management of Phase I-IV clinical trials across a broad range of therapeutic areas. Chiltern serves a diverse customer base and has conducted trials in over 40 countries. The business employs more than 1,600 people.
Adam Maidment, partner at Kester Capital, says: “This marks Kester’s third deal in as many months and we’re delighted to have had such a strong end to the year. Chiltern has been a great asset for us; it is a first rate business with an excellent reputation and we wish the management team led by Nick Thornton and Jim Esinhart the very best for the future.”
Nick Thornton, Chiltern’s executive chairman, says: “Kester Capital has made a valuable contribution to Chiltern’s development over the last four years. They have been a constructive and collaborative partner and have played an important role in helping the business create and then realise value. We would like to thank them for their support across the business as we move on to the next phase of our development.”
Chiltern/Kester Capital were advised by Jefferies and Macfarlanes. Chiltern management were also advised by Travers Smith.
