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Audax Private Equity sells Chesapeake IRB

Audax Private Equity (Audax) has completed the sale of Chesapeake IRB (Chesapeake) to Linden Capital Partners (Linden), a Chicago-based private equity firm.

Chesapeake is a leading technology-enabled provider of legally-mandated, institutional review board (IRB) services designed to ensure the protection and welfare of human subjects involved in clinical trials in the United States and Canada. Since Audax’ initial investment in 2012, Chesapeake has completed three acquisitions, expanding the company’s market share and geographic reach across the United States and Canada.

Geoffrey S Rehnert, Co-CEO of Audax Group, says: “Jeff Wendel and the Chesapeake team have done a tremendous job in building a differentiated market leader in the IRB space through acquisitions and organic growth.”

Wendel, President & CEO of Chesapeake, says: “Audax’ continued support and expertise in executing its buy and build strategy was extremely valuable as we rapidly expanded our market share and geographic reach over the past three years.”

Goulston & Storrs PC served as legal counsel to Audax. Houlihan Lokey advised Chesapeake and Audax. Kirkland & Ellis LLP served as legal counsel to Linden.

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