Bracket and Parthenon Capital Complete Transaction

  Bracket and Parthenon Capital Complete Transaction

                Bracket Divested from Express Scripts in Sale

Business Wire

WAYNE, Pa. -- August 15, 2013

Bracket announced today that it has been acquired by Parthenon Capital
Partners (Parthenon), a growth-oriented private equity firm with offices in
Boston and San Francisco, from Express Scripts Holding Company. Bracket, a
specialty services provider, assists pharmaceutical companies and CROs
maximize clinical data integrity and ultimately achieve greater certainty in
trial outcomes with a unique range of solutions that span both eClinical and
Scientific Services. With more than a decade of experience, Bracket’s team of
experts has worked on more than 1,100 successful trials across 47 therapeutic
areas with a particular emphasis on the central nervous system.

“As an independent company, Bracket will now have the autonomy, flexibility
and resources to pursue our growth strategy and continue to provide best in
breed technology enabled solutions for our clients,” said Catherine Spear,
Bracket’s President. “We are excited to partner with Parthenon given their
extensive investment experience in healthcare and deep understanding of
technology’s power to advance medicine. They have a long track record of
partnering with growth oriented healthcare companies like Bracket and we
welcome their support as we look to grow Bracket globally through continued
investment in innovative technology and cutting-edge science.”

David Ament, Managing Partner at Parthenon, said, “We are excited to have the
opportunity to partner with the Bracket management team. We have been studying
the clinical trials specialty services market for several years and believe
Bracket offers a unique and highly compelling set of solutions to the

Bradley Sloan, Principal at Parthenon, commented, “We believe life sciences
companies will continue to increase their utilization of technology enabled
solutions designed to optimize trial efficiency and ensure data integrity.
Bracket is well positioned to further its market leadership in these areas and
help increase precision in clinical trials for years to come.”

The Company also announced that Ian Lennox has joined the Bracket board of
directors as Executive Chairman. Mr. Lennox has invested, built and been
engaged in a number of innovative companies in the clinical trial and
pharmaceutical services industry, including Drug Royalty (DRI), MDS Pharma
Services, Aptiv Solutions and Celerion LLC. Catherine Spear commented, “Ian
has a long and distinguished track record as a board member, executive, and
investor in the life science industry and we welcome his insight and expertise
as we embark on the next chapter of Bracket’s growth.”


Bracket partners with sponsors and contract research organizations to achieve
greater certainty and accurate outcomes in their clinical trials by providing
a combination of scientific, technological and operational support, from Phase
I to post approval. Bracket’s eClinical services are technology-driven
solutions, applicable across many therapeutic areas. Bracket’s Scientific
Services target indications that are dependent on subjective endpoints
(Clinical Outcome Assessments) to evaluate safety, efficacy and value, and
include Endpoint Reliability, Trial Enhancement Services and Computerized
Cognitive Testing.

Bracket is a member of the Electronic Patient-Reported Outcome (ePRO)
Consortium, a program run by the Critical Path Institute (C-Path). The
collaboration works to improve the quality of patient reported outcomes, a
crucial element in the drug development process. The members of the ePRO
Consortium collaborate in a non-competitive, neutral environment to develop
guidelines and advance the quality of electronic data collection methods for

Bracket was previously a business unit within United BioSource Corporation,
which was acquired by pharmacy benefit manager Medco Health Solutions in
September 2010, which was then acquired by Express Scripts in April 2012.

Bracket leads the speciality services field in the U.S., U.K., Continental
Europe and Japan. For more information, visit


Parthenon Capital Partners is a leading growth-oriented mid-market private
equity firm based in Boston and San Francisco. Parthenon utilizes niche
industry expertise and a deep execution team to invest in growth companies in
service industries. Parthenon seeks to be an active and aligned partner to
management, either through recapitalization transactions or by backing new
executives. Parthenon has particular expertise in healthcare services,
business services, and financial and insurance services, but seeks any
service, technology or delivery business with a strong value proposition and
proprietary know-how. Parthenon’s investment team has deep experience in
corporate strategy, capital markets and operations, enabling the firm to
pursue complex, multi-faceted value creation opportunities. For more
information, visit


Annette Larkin, 703-772-6427
Parthenon Capital Partners
Molly Fazio, 617-960-4012
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