CRO Ricerca Biosciences Acquired By Main Market Partners

Main Market Partners has acquired Ricerca Biosciences, a contract research organization (CRO) from Concord, Ohio. The deal, announced in a press release, was struck on November 14, 2014 when Ricerca’s Board of Directors approved the sale. Ricerca states that it decided to sell to Main Market because it showed a commitment to the company’s clients and moved aggressively to make the deal.

Michael W. Martell, Ricerca Executive VP, said, "Initial enhancements at Ricerca will include a revitalized leadership team, including key members of the Company's existing staff, and enhanced capital support to approach the marketplace with an aggressive and direct effort."

Ricera Acquisition

Main Market Partners is a middle-market growth investment fund located in the same region as Ricerca. After conducting an evaluation of potential buyers, Ricerca decided that Main Markets was the best strategic value. The two companies did not disclose the terms of the sale but stated that the timetable for closing was swift. Clifford W. Croley of Main Market Partners will become the new CEO of Ricerca. He commented on the acquisition, "We are greatly impressed with Ricerca's excellent scientific track record. This acquisition represents our strong commitment to continue Ricerca's solid scientific project research. We intend on introducing an aggressive growth strategy for the Ricerca business while at the same time enhancing the technical service offering of the Company."

Ricerca Activities

Ricerca provides drug development services to the pharmaceutical industry. Non-clinical services include analytical and chemical development services. Comprehensive services escort compounds from the laboratory through manufacturing to marketing. The company was founded in 1986, and it occupies a 43-acre compound in Ohio.

In August, the company indicated that it was facing tough economic times and would be furloughing employees. In a letter to Ohio officials, the company said it would terminate at least 50 employees. The layoffs were due to reduced spending by pharmaceutical companies for CRO services.

Main Market Partners

Main Market Partners, LLC is a private equity and debt capital firm headquartered in Akron, Ohio. Along with its sister company, Croley, Martell & Associates, Main Market provides capital to middle market companies and adds operational expertise to advance the company’s interests. Main Market states that it is seeking further investments in the biosciences industry.