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JLL Partners Sells PharmaNet
Date:5/17/2011

NEW YORK, May 17, 2011 /PRNewswire/ -- JLL Partners Inc. is pleased to announce that it has signed a definitive agreement to sell PharmaNet Development Group, Inc. ("PharmaNet") to inVentiv Health, Inc. PharmaNet is a leading provider of clinical development services and inVentiv Health, Inc. is a leading global provider of results-driven clinical, consulting and commercial services to the pharmaceutical and healthcare industries.

Ramsey A. Frank, a Partner of JLL, said: "We are very proud of the significant accomplishments that PharmaNet has achieved since the acquisition of the company in 2009. We have worked in close partnership with the Company's management team to drive operational efficiencies, outstanding new business momentum and the highest EBITDA levels in the Company's history."

PharmaNet expects to commence a tender offer to repurchase up to all of PharmaNet’s 10 7/8% Senior Secured Notes due 2017 (the “Notes”).  The consummation of the tender offer is expected to be subject to satisfaction of certain customary conditions, including the completion of the sale transaction and the tender of holders of at least 66 2/3% of the aggregate principal amount of the outstanding Notes. If the minimum percentage of the outstanding Notes is not tendered in response to the offer, PharmaNet may sell equity securities and use the proceeds to redeem up to 35% of the Notes prior to the closing of the sale transaction, as permitted under the Indenture for the Notes.

Jefferies & Co. Inc. and UBS Securities, LLC acted as financial advisors to PharmaNet in connection with the transaction, and Skadden, Arps, Slate, Meagher & Flom LLP acted as PharmaNet's legal counsel.

About JLL

JLL is a New York-based leading private equity investment firm with approximately $4.0 billion of capital under management. JLL's investment philosophy is to partner with outstanding management teams and inv
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SOURCE JLL Partners Inc.
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