Nautic Partners, LLC Announces the Sale of Theorem Clinical Research to Chiltern International

Providence, RI

Nautic Partners, LLC announced that it has completed the sale of Theorem Clinical Research, Inc. (Theorem) to Chiltern International, Inc. (Chiltern). The terms of the transaction were not disclosed.

Headquartered in King of Prussia, Pa., Theorem is a leading full-service global contract research organization (CRO) that conducts early phase, Phase II/III and late phase clinical trials for leading pharmaceutical, biotech and medical device and diagnostic customers. Theorem also provides functional services that support clinical trials, with a particular focus on data management and biostatistics services. The company operates from a global footprint with more than 1,500 employees in more than 30 countries across North America, Asia-Pacific, Europe and Latin America.

“We are very fortunate to have partnered with the outstanding management team at Theorem,” said Chris Crosby, managing director of Nautic. “During our ownership period, the company grew its revenue by approximately 18 percent per annum by successfully repositioning itself with a greater focus on small- and medium-sized pharma and biopharma companies. This portion of the market is underserved by the larger CROs, and Theorem’s focus on this segment helped drive the company’s expansion over this time period. The strong revenue growth paired with the management team’s strong operational improvements also drove substantial increases in profitability during our ownership period.”

“Speaking on behalf of the senior management team, we greatly enjoyed our time working with Nautic,” said John Potthoff, chief executive officer and president of Theorem. “Nautic’s strategic guidance and disciplined approach allowed us to establish our leadership position in our target market niche. This is an excellent outcome for Theorem’s shareholders, customers and employees. We look forward to continuing our strong growth trajectory in partnership with Chiltern and executing upon the numerous strategic opportunities presented by combining our two great companies.”

Robert W. Baird & Co. served as financial advisor to Theorem, while Goodwin Procter LLP acted as legal counsel.

About Theorem Clinical Research

Theorem Clinical Research is a global provider of comprehensive clinical services with staff throughout the Americas, Europe and Asia-Pacific and a client base comprised of the world’s leading biopharmaceutical and medical device companies. With industry-leading experts, unparalleled therapeutic expertise and innovative, groundbreaking technology, Theorem is focused on analytic-based development, combination trials and personal data applications to simplify complex trials. For more information, please visit:

Certain statements about Nautic made by portfolio company executives herein are intended to illustrate Nautic’s business relationship with such persons, including with respect to Nautic’s facilities as a business partner, rather than Nautic’s capabilities or expertise with respect to investment advisory services. Portfolio company executives were not compensated in connection with their participation, although they generally receive compensation and investment opportunities in connection with their portfolio company roles, and in certain cases are also owners of portfolio company securities and/or investors in Nautic-sponsored vehicles. Such compensation and investments subject participants to potential conflicts of interest in making the statements herein.