W. CONSHOHOCKEN, Penna. – Aug 31, 2006 – Metropolitan Research Associates, LLC and Metropolitan Research Staffing Associates, LLC (collectively “Metropolitan Research”) was acquired by Cross Country Healthcare, Inc (Nasdaq:CCRN) for total consideration of $25 million, including $18.6 million in cash plus a potential earn-out of up to $6.4 million.
Based in New York City, Metropolitan Research is a full-service pharmaceutical consulting firm providing clinical trials staffing, drug safety monitoring and contract research services to the pharmaceutical, biotech and medical device industries while providing its healthcare professional candidates with temporary or permanent clinical staffing career opportunities. In 2005, Metropolitan Research had revenue of $17.5 million and adjusted EBITDA of $2.6 million.
“We are delighted to be joining with ClinForce and look forward to continuing to provide our clients with high quality clinical research services. As we have worked together through this transaction, we have found that the two companies have the same values and cultures. Cross Country Healthcare’s national scope and resources will be invaluable to MRA and its employees as we work together to serve our clients,” said Patricia Daly and Stacy Mamakos Martin, co-Founders and Managing Partners of MRA.
“MRA’s clinical services are complementary to the clinical trails staffing services of our ClinForce subsidiary and, in particular, its focus in drug safety is very timely relative to market dynamics. We believe the addition of MRA to our operating platform in this sector will allow us to offer our clients a unique range of clinical services that cut across all phases of clinical trials. MRA’s senior management team plans to stay on and run the business as a subsidiary of ClinForce,” said Joseph A. Boshart, President and Chief Executive Officer of Cross Country Healthcare, Inc.
Metropolitan Research was represented by Fairmount Partners, a leading investment bank serving the pharmaceutical services industry. Fairmount introduced the parties and assisted in negotiating, structuring and closing the transaction.
ABOUT CROSS COUNTRY HEALTHCARE, INC.
Cross Country Healthcare, Inc. is a leading provider of healthcare staffing services in the United States. The Company has a national client base of over 3,000 hospitals, pharmaceutical companies and other healthcare providers. Copies of this and other news releases as well as additional information about Cross Country can be obtained online at www.crosscountry.com .
ABOUT METROPOLITAN RESEARCH
Metropolitan Research Associates, LLC and its affiliate Metropolitan Research Staffing Associates, LLC provide a wide range of safety, staffing and clinical research management services to leading pharmaceutical and biotechnology companies. For more information, visit Metropolitan Research’s Web site at www.metropolitanresearch.com .
Principals of Fairmount Partners acted as advisors to Metropolitan Research in this transaction.
Contact: Neal McCarthy