Kester Capital

Kester Capital announces sale of Chiltern

17 December 2013

Kester Capital is pleased to announce the sale of its interest in Chiltern in a deal which values the business at £135m. The exit comes as Chiltern announces the consolidation of existing investors, led by Sir Douglas Myers. The transaction has generated a return of over 2x capital and a 25% IRR for Kester Capital funds.

Chiltern is a leading, global contract research organisation ("CRO") with extensive experience in the management of Phase I-IV clinical trials across a broad range of therapeutic areas. Chiltern serves a diverse customer base and has conducted trials in over 40 countries. The business employs more than 1,600 people.

Commenting on the transaction, Adam Maidment, Partner at Kester Capital, said: “This marks Kester’s third deal in as many months and we’re delighted to have had such a strong end to the year. Chiltern has been a great asset for us; it is a first rate business with an excellent reputation and we wish the management team led by Nick Thornton and Jim Esinhart the very best for the future.”

Nick Thornton, Chiltern’s Executive Chairman said: “Kester Capital has made a valuable contribution to Chiltern’s development over the last 4 years. They have been a constructive and collaborative partner and have played an important role in helping the business create and then realise value. We would like to thank them for their support across the business as we move on to the next phase of our development.”

Chiltern/Kester Capital were advised by Jefferies and Macfarlanes. Chiltern management were also advised by Travers Smith.

About Kester Capital LLP:

Kester Capital is a mid-market UK private equity firm investing in businesses with an enterprise value of £10-50 million. It was established in 2007 as Greenhill Capital Partners Europe, the European private equity arm of Greenhill & Co.

For further enquiries please contact:

Adam Maidment
Kester Capital
+44 (0) 203 747 5700

About Chiltern:

Established in 1982, Chiltern is a leading global clinical CRO with extensive experience in the management of Phase I-IV clinical trials across a broad range of therapeutic areas, functional service provision and contract staffing solutions. Chiltern has conducted trials in more than 40 countries, employs more than 1,600 people globally and offers services in Early Phase, Global Clinical Development, Late Phase, Biometrics, Medical and Regulatory Affairs and Resourcing Solutions. Chiltern prides itself as a development partner that offers flexibility, responsiveness and quality delivery. Further information is available at:

For further enquiries please contact:

Natalie Chong
Marketing Director
Chiltern International Ltd.
171 Bath Road
Berkshire SL1 4AA
United Kingdom
Tel: +44 (0) 1753 512 000
Fax: +44 (0) 1753 511 116