The latest news about Quad-C and its portfolio companies.

Quad-C Management Announces Investment in Pharm-Olam International
Feb 9, 2017

Charlottesville, VA. February 9, 2017 – Quad-C Management, Inc. (“Quad-C”), a leading middle market private equity firm, today announced it has closed an investment in Pharm-Olam International Ltd., a multinational, full-service clinical research organization (CRO), serving the biopharmaceutical and medical device industries. Terms of the transaction were not disclosed.

Based in Houston, Texas, Pharm-Olam has 27 offices worldwide and has supported clinical trials in over 60 countries. The Company’s European headquarters are based in Ascot, England. Pharm-Olam was founded in 1994 by Dr. Zev Munk, a physician, and Eugene Barg, both of whom have over 20 years of experience in the clinical research field. Dr. Munk and Mr. Barg are maintaining a significant ownership stake in the Company, and Pharm-Olam will retain its current management team, ensuring that clients will not see any change in the high level of service provided.

“Pharm-Olam has established a superior track record of growth and execution, which resonated with Quad-C, as this is an industry that we have spent close to a decade investigating,” said Frank Winslow, a Partner at Quad-C. “Given the significant consolidation in the sector, Pharm-Olam is one of the few mid-tier CROs remaining that can offer small- and mid-sized biotech and pharmaceutical firms exceptional service, deep therapeutic expertise and a global presence. We look forward to building on these strengths to accelerate growth, while actively pursuing strategic acquisitions that bring new services and/or geographical capabilities to Pharm-Olam.”

The demand for the clinical CRO market has grown substantially over the past five years, driven by increasing costs and time required for pharmaceutical and biotech companies to commercialize new drugs, as well as ongoing globalization trends and the growing complexity of clinical trials. The total CRO outsourced drug development market is approximately $24 billion in size. The segment is expected to grow at a roughly 7% compounded annual growth rate, according to Credit Suisse, which anticipates outsourced penetration will reach 50% of the total drug development market by 2020.

“Quad-C’s deep knowledge of the CRO industry, coupled with the firm’s consistent track record in healthcare and experience working with owner-operated companies were key factors as we considered potential partners,” said Dr. Munk. “We are excited to work with Quad-C and to benefit from their capital and operational support to expand the Company and accelerate growth.”

Concurrent with the transaction, David Grange, who has been working with Quad-C for over a year, will be joining the Pharm-Olam board as Vice Chairman. Mr. Grange is a former CEO and long-time board member of PPD, one of the largest CROs in the world. He is also the former CEO and COO of the McCormick Foundation, and a retired general officer of the U.S. Army.

The Pharm-Olam investment is the latest commitment in the healthcare sector for Quad-C. Other past healthcare investments include VMG Health, a full-service valuation firm focused exclusively on healthcare companies; Compassion First, a veterinary services organization and its affiliated hospitals; Dental Care Alliance (DCA), one of the largest multi-branded dental practice management companies in the United States; and Joerns Healthcare, a leading manufacturer of equipment and provider of wound therapy solutions for the care and handling of patients in post-acute healthcare settings.


Pharm-Olam International Ltd. is a multinational Contract Research Organization (CRO) offering comprehensive clinical research services to the pharmaceutical, biotechnology and medical device industries. From Phase I to Phase IV, Pharm-Olam focuses on delivering the highest quality data, achieving targeted enrollment and meeting projected timelines, making clinical research as Easy As I, II, III, IV™. For further information about Pharm-Olam, please visit


Founded in 1989 and headquartered in Charlottesville, Virginia, Quad-C is a middle market private equity firm focused on investing in well-established business services, consumer, general industrial, healthcare, specialty distribution and transportation/logistics companies. In its 25-year history, Quad-C has invested over $2 billion of equity across more than 50 companies. The Quad-C team is committed to partnering with entrepreneurs and management teams to accelerate growth and create long-term value.


Emily Stoermer
BackBay Communications
(617) 391-0801