Healthcare communications group inVentiv Health has locked up backing from private equity firm Advent International in a deal that values the company at $3.8B.
Advent joins inVentiv's existing private equity owner, Thomas H. Lee Partners, as equal owner of the parent company to PR firms like Chandler Chicco Agency and Allidura Consumer.
"This will allow us to realize our full potential so we can better serve the biopharmaceutical industry in navigating an increasingly complex scientific and regulatory environment," said inVentiv chairman and CEO Michael Bell (pictured).
The investment means that inVentiv's plans for an initial public offering, filed in April, will be scrapped "at this time," the company said.
Abernathy MacGregor repped Advent on the PR front, whiel Sard Verbinnen & Co. advised inVentiv and Thomas H. Lee in the deal, which is expected to close in the fourth quarter.
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