TCF Capital Funding (TCFCF), the Chicago-based leveraged finance division of TCF National Bank announced that it provided $17.5 million in senior secured credit facilities to support the acquisition of Radiant Research, by CRA Holdings. CRA is a portfolio company of Kinderhook Industries.
“We have a longstanding relationship with Kinderhook,” said Thom Karle, senior vice president of TCFCF. “The Kinderhook team has a proven track record and we are excited to be the senior debt provider for their acquisition of Radiant.”
Based in Tempe, AZ, CRA is a trial management organization (TMO) that provides Phase II – IV clinical trials management services to the pharmaceutical and biotechnology industries. The company matches pharmaceutical, biotechnology and contract research organizations with its partner medical practices to recruit patients and conduct clinical trials. CRA has provided research services to the pharmaceutical and medical device industries since 1990, and has successfully completed over 1,800 clinical trials.
Headquartered in Cincinnati, OH, Radiant is a clinical research and development company in the United States serving the biopharmaceutical and medical device industries. Radiant has successfully completed over 9,000 clinical trials across 18 therapeutic specialties.
Paul Cifelli, managing director at Kinderhook stated, “With financing provided by TCFCF, CRA and Radiant will become the market leader TMO in the United States. The acquisition accomplishes multiple strategic objectives, including expanding our clinical expertise and breadth of therapeutic capabilities.”
“We are excited by the support we received from TCFCF,” said Chris Michalik, managing director at Kinderhook. “The team at TCFCF quickly performed diligence for the opportunity and was able to structure and commit to back both CRA and its acquisition of Radiant on a tight timeline. Combining two of the largest and most respected TMO’s in the country will enable the Company to continue to deliver the level of service our life science partners have come to expect while at the same time expanding our service offerings. The companies have both experienced exceptional growth and the acquisition will position CRA for continued success.”