Advent agrees majority stake deal for NZ Clinical Research
Private equity group Advent International has agreed terms to acquire a majority stake in New Zealand Clinical Research (NZCR), in a transaction that values the clinical trials operator at about $1 billion.
The Boston-based buyout firm, led locally by Beau Dixon, will invest alongside existing NZCR shareholder Waterman Private Capital, the company’s clinicians and its Tony Moffatt-led management team. The transaction is expected to close before Christmas, according to the report.
The agreement places another sizeable healthcare-services asset in the centre of an active regional deal market, with several clinical research businesses changing hands or being prepared for sale.
NZCR builds a trans-Tasman footprint
NZCR operates facilities in Auckland, Hamilton, Wellington and Christchurch. The business was formed in 2020 after Waterman co-founders Matt Riley and Chris Marshall helped bring together Auckland Clinical Studies and Christchurch Clinical Studies Trust.
It has since expanded beyond New Zealand. NZCR acquired Adelaide-based CMAX Clinical Research, which owns a 78-bed facility and holds a 20 per cent share of the Australian market, according to the report. CMAX had previously been owned by Blackstone.
The Australian acquisition added an established offshore operation to NZCR’s New Zealand network. Advent’s proposed majority investment would therefore give it exposure to a clinical research group operating on both sides of the Tasman, while Waterman, clinicians and management remain invested alongside the new owner.
Advent’s proposed investment comes amid wider private equity interest in clinical trials and related services. TPG last year sold a stake in Novotech, valued at more than $3 billion, to GIC and Temasek.
Blackstone is also selling Nucleus Network with price expectations of $1 billion, while Healius has put Agilex Biolabs up for sale. Quadrant Private Equity is preparing portfolio company Southern Star Research for sale as well.
Advent adds another regional transaction
For Dixon, the NZCR agreement would mark his second transaction since joining Advent in 2024. His first deal was the acquisition of share registry services business Automic Group from Five V Capital for $725 million.
Advent has substantial exposure to pharmaceutical and healthcare services internationally. Its portfolio spans $US94 billion ($132 billion) across more than 450 companies, while it has invested more than $US4 billion in pharmaceutical services over the past decade.
Businesses cited in that portfolio include Felix Pharma, which produces off-patent medicines for pets, and contract manufacturer Simtra. Advent also acquired a majority stake in fashion brand Zimmermann in 2023 at a $1.75 billion valuation.
Advisers on the NZCR transaction include Allens for Advent. Waterman Private Capital was advised by Deloitte and Chapman Tripp, while Auckland-based Cameron Partners worked on the sell side.
For investors, the proposed NZCR transaction adds to evidence of sustained private capital activity across clinical research businesses in New Zealand and Australia, with large international investment firms continuing to target established healthcare-services operators.
