NewStar Financial, Inc. announced that it has served as lead arranger and administrative agent for senior credit facilities totaling $33.5 million to support Arsenal Capital Partners’ acquisition of Copernicus Group Institutional Review Board (CGIRB).

Earlier this year, NewStar served as lead arranger and administrative agent for senior credit facilities supporting Arsenal’s acquisition of Western Institutional Review Board (WIRB). Both WIRB and CGIRB operate federally mandated panels that ensure appropriate steps are taken to protect the rights, safety, and welfare of human subjects participating in clinical research and trials.

CGIRB, established in 1996, is an independent provider of compliance services, which play an integral role in the clinical trial process for new drugs and medical devices. The primary responsibility of IRBs is to ensure that the rights and welfare of human research subjects are protected. With offices in the U.S. and affiliates in Canada, CGIRB provides review services primarily to clinical research organizations (CROs) and major drug and medical device sponsors throughout North America.

Arsenal Capital Partners is a New York-based private equity firm that invests in middle-market companies in the healthcare, specialty industrial and financial services sectors. Arsenal currently manages over $800 million of committed capital. Stephen McLean, partner at Arsenal and co-head of the firm’s Healthcare Group, said, “NewStar’s support in arranging the senior credit facilities for the acquisition of CGIRB demonstrates once again that they are a consistent and reliable financing partner.”

“We are excited to support Arsenal’s acquisition of CGIRB and their strategy of building a portfolio of world class companies which support clinical research. Both WIRB and CGIRB are leaders in their respective market segments and we’re excited to work with Arsenal again as they build a market leading company in the IRB space,” said Tom Gillis, director at NewStar. The deal team for the transaction included Tom Gillis, Robert Milordi, Annie Fisher and Christopher Lynch.

NewStar Financial is a specialized commercial finance company focused on meeting the complex financing needs of companies and private investors in the middle market.