Advent, a US-based global private equity investor, is acquiring a majority shareholding in NZCR Group (NZCR), a clinical trials and medical research organisation in New Zealand and Australia. NZCR’s clinician shareholders and management, along with New Zealdn-based private equity investor Waterman Capital, are retaining a significant minority shareholding..
Terms of the transaction were not disclosed.
NZCR is a physician-led CRO with over 35 years of research experience and a track record in complex early and later-phase studies. It was formed through the merger of New Zealand’s two world leading, early phase clinical research organisations, Auckland Clinical Studies (ACS) and Christchurch Clinical Studies Trust (CCST), since when it has grown to become one of Australia and New Zealand’s most established clinical research site networks across its NZCR, CMAX, Optimal, and Fusion brands.
Advent will work with CEO Tony Moffatt and the NZCR management team to enhance the group’s capabilities across the clinical trial spectrum with a particular focus on strengthening sponsor and CRO relationships and international reach.
Advent has been following NZCR for more than 18 months, according to Beau Dixon, managing director and head of Australia and New Zealand at Advent. “We continue to be impressed by the quality of the platform, its clinical leadership, and the trust it has built with biopharma and biotech clients,” he said. “We look forward to partnering with management and existing shareholders to unlock NZCR’s full potential and introduce the business into Advent’s global network.”
Waterman first invested in NZCR in 2020 and has partnered with it through a period of development and growth, according to Matt Riley, executive director at Waterman Capital. “We look forward to continuing the journey alongside Advent, whose global capabilities and local expertise will help to further enhance the company’s clinical strengths,” he continued.
