BayPine to Acquire CenExel

BayPine LP (“BayPine”), a private investment firm that drives digital transformation in market-leading businesses, today announced that it has entered into a definitive agreement to acquire CenExel Clinical Research, Inc. (“CenExel” or the “Company”), a leading clinical trial site network focused on complex therapeutic areas. Following the closing of the transaction, BayPine will be the majority investor in CenExel alongside previous investor Webster Equity Partners (“Webster”), which will retain a minority stake, as well as Company management. Terms of the transaction were not disclosed.

CenExel operates a highly differentiated, strategic clinical trial site network with deep expertise in central nervous system research as well as other complex, high-need therapeutic areas. The Company supports critical components of clinical development, including protocol development, patient recruitment and retention, and clinical trial operations and data collection. With 18 locations geographically dispersed across major U.S. metro areas, CenExel is a trusted partner to leading biopharmaceutical sponsors, having delivered superior execution and site-level performance across more than 10,000 clinical trials and 100,000 patients since inception.

“CenExel is a pioneering business at the center of a rapidly evolving clinical research landscape,” said Tom O’Rourke, Partner at BayPine. “As pharmaceutical sponsors continue to move toward functional outsourcing clinical research models, scaled site networks with highly differentiated capabilities such as CenExel are becoming indispensable strategic partners within the clinical development ecosystem. We look forward to working closely with management and Webster to extend the Company’s industry leading position.”

“CenExel is an ideal fit for our digital transformation strategy, with significant opportunities to bolster its data infrastructure and leverage AI-enabled tools to improve patient recruitment and site performance,” said Michael Attal, Principal at BayPine. “By executing a range of growth initiatives, we believe CenExel is well positioned to build upon its status as the premier clinical site network and accelerate its evolution into a truly next-generation, digitally-enabled research platform.”

“We’ve built a differentiated and resilient enterprise by focusing on providing scientific expertise and high-quality trial execution, an unwavering commitment to innovation, and adhering to the highest standards of regulatory compliance,” said Ryan Brooks, Chief Executive Officer of CenExel. “We selected BayPine as our next long-term financial partner precisely for its thoughtful approach to scaling businesses, its unparalleled focus on leveraging cutting-edge digital tools to drive growth and efficiencies, and strong alignment of values. Through this transaction, I am confident CenExel will have even greater resources to expand our capabilities and enhance our value proposition to our customers. We thank Webster for being an invaluable partner for our business.”

The transaction is subject to customary closing conditions and regulatory approvals and is expected to be completed during the second quarter of 2025.

About BayPine

BayPine is a private investment firm that drives innovation, digital transformation, and sustainable growth in market-leading businesses across core sectors of the economy. Headquartered in Boston with an office in New York, BayPine’s team of accomplished investors and senior operating executives have a shared passion for building great businesses and creating enduring value for investors, portfolio companies, and the communities in which they operate. For more information about BayPine, please visit www.baypine.com.

About CenExel

CenExel is a leading, wholly owned, nationwide clinical research site network dedicated to supporting the life sciences industry in discovering and developing life-changing therapies. CenExel provides unparalleled research support in the design and execution of complex clinical trials—leveraging scientific expertise, world-class Principal Investigators, advanced patient engagement strategies, premium data, and integrated operational excellence. With over 1,200 employees across 18 locations in major U.S. metro areas, CenExel’s Centers of Excellence sites have conducted thousands of studies with precision, accuracy, and speed. The company’s unwavering commitment to quality, the patient experience, and client success ensures successful clinical development outcomes. CenExel’s expertise and execution capabilities help pharmaceutical and biotech companies gain deeper insights into diseases, accelerating clinical development to deliver innovative treatments and improve global patient outcomes. To learn more visit www.cenexelresearch.com

About Webster Equity Partners

Founded in 2003, Webster is a private equity firm that focuses on high-impact growth strategies that seek to deliver optimal outcomes for our investors, portfolio companies, and the communities that we serve. Webster’s mission is to deliver superior returns to our partners through the investment in and development of purpose-driven, patient-centric healthcare organizations dedicated to providing best-of-class clinical care and service to their patients.

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