Conshohocken, PA, June 30, 2009 – MonitorForHire.com, the leading on-line staffing solution for clinical research, completed a management buyout transaction of the company.
Scott Freedman, co-founder and President of MonitorForHire (“MFH”), along with a key manager, purchased all outstanding ownership from the company’s outside investors, including a global contract research organization and several other healthcare industry investors. Senior debt financing for the transaction was provided by Susquehanna Bank. Fairmount Partners served as the exclusive financial advisor to MonitorForHire.com and assisted in the negotiations with the shareholders and the senior debt provider.
Scott Freedman commented: “We thank our investors for their support in helping us start and grow our business, and for their confidence in our business plan – we could not have achieved our level of success without their investment and advice. We look forward to continuing to serve the expanding global audience who rely on MonitorForHire.com to serve their national and international clinical research staffing needs.”
MonitorForHire operates a unique Internet-based community and resource management service focused on independent clinical research monitors, and other healthcare research professionals. With over 3,000 registrants, MonitorForHire provides pharmaceutical, biotech, academic and CRO users with the ability to sort, select and contact clinical research monitors via e-mail, fax and cell phone text messaging. MFH qualifies registrants and offers the most experienced workforce in the industry, with on average over 11 years of clinical research experience. The Pharmaceutical community is able to use MFH’s unique on-line interface to locate clinical research monitors throughout North America, and in 42 countries in South America, Europe, Asia, Africa and the Middle East. MonitorForHire provides clinical workforce solutions to a wide range of contract research organizations, leading global pharmaceutical, biotechnology and medical device companies and research based academic institutions.
Principals of Fairmount Partners acted as advisors to MonitorForHire.com.
Contact: Neal McCarthy, Managing Director and David Reed, Director