The companies announced the acquisition May 6, after InVentiv Health pushed back its first quarter earnings presentation from the morning to the afternoon. The transaction is expected to be completed during the third quarter of 2010.In its first quarter earning webcast, InVentiv CEO Blane Walter said the company is excited for the acquisition because Thomas H. Lee Partners is "committed to working with InVentiv to achieve our long-term plan for growth." He noted that the acquisition gives the company an opportunity to invest in some areas that may be more difficult to do as a public company.
The company is "very happy with the management team we have," he added when asked about management changes.
Todd Abbrecht, MD of THL Partners, said in a statement, "InVentiv's range of products and services offers comprehensive outsourcing solutions for its customers and presents numerous opportunities for the Company to continue to grow."
Revenue for InVentiv Health's communications division was $88.1 million in the first quarter, a 24% increase from $70.9 in Q1 2009.
Overall, revenue for the company was $269.4 million, a 5% increase from $257.7 million during the same period last year. Net income for InVentiv was up 29.1% to $10.2 million, from $7.9 million in the first quarter 2009."Similar to last year, the first quarter started off slowly," for the communications group, Walter said in the webcast, but it "posted strong growth in the first quarter." New clients and organic growth contributed to the revenue increase, and Walter added, "our pipeline continues to be strong."
Recent changes at InVentiv PR agencies include the departure of Gianfranco Chicco, a founding principal of Chandler Chicco Agency, and the promotion of Jonathan Wilson to president and Deborah Cohen to COO at Chamberlain Healthcare PR.