Proveris Scientific, a Hudson-based pharmaceutical product development firm, has been acquired by a subsidiary of Investindustrial, an international investment group with a U.S. office in New York City.
Founded in 1995, Proveris provides testing and laboratory services to companies creating orally inhaled and nasal drug products, including nasal sprays and inhalers as well as related softwares and management systems.
“The partnership with Investindustrial provides us with additional resources and capabilities to drive growth and support our customers success over the long term,” Proveris CEO Dino Farina said in a Jan. 14 press release. “This includes investment in people, capabilities, and infrastructure, as well as the ability to pursue partnerships and acquisitions that strengthen our offering.”
Financial details were not disclosed. Neither Proveris nor Investindustrial responded to WBJ’s request for additional details.
Under the terms of the acquisition, Proveris will continue operations as an independent company, with the firm expecting the transaction to optimize its global positioning and prepare for its next stage of development.
“Our focus remains the same — supporting customers with high-quality science and reliable data — now with the additional resources of a committed long-term partner to guide the next phase of business development,” Proveris President Chip Leveille said in the release.
Investindustrial sees the acquisition strengthening Proveris’ expansion into existing markets and growth into related pharmaceutical testing equipment sectors, according to a Jan. 13 press release from Investindustrial.
“Proveris represents an exceptional platform to build a global leader in specialty pharmaceutical testing equipment. We greatly admire what Dino and the team have achieved and look forward to partnering on the next phase of growth. By leveraging our industrial expertise, international reach, and strong integration capabilities, we aim to accelerate growth and expand the company’s global footprint,” Andrea Bonomi, chairman of the Investindustrial Industrial Advisory Board, said in the release.
Proveris used Chicago-based City Capital Advisors as financial advisor in the transaction and Worcester-based Mirick as legal advisor while Investindustrial used EuroConsult as financial advisor and White & Case LLP as legal advisors, both out of New York City.
Mica Kanner-Mascolo is a staff writer at Worcester Business Journal, who primarily covers the healthcare, manufacturing, and higher education industries.
