Cornish firm TRAC Services Ltd (TRAC) has completed a formal merger with the PharmaLex Group, a leading specialist provider of development consulting, regulatory affairs, quality management and compliance to the pharmaceutical and biotech industries.
TRAC, based in Redruth, was founded in 2001 by Jonathan and Sarah Trethowan. The company offers a full suite of regulatory affairs services to the global pharmaceutical industry and works with a variety of clients from SMEs to large multinational corporations.
TRAC’s Sarah Trethowan said:
“After 16 years of successfully growing our business and with the change in our market towards the use of large global suppliers we decided the best growth strategy for the business was to become part of something bigger. PharmaLex were the perfect choice and I’m delighted the merger has successfully completed.”
Jonathan went on to say:
“With a shared culture and the same commitment to quality we are confident our clients will benefit from TRAC joining the PharmaLex Group. These benefits include, but are not limited to, improved geographical reach, increased capacity and access to additional services. We are also excited about the enhanced opportunities the merger provides for the existing TRAC team.”
On completion of the merger, Jonathan will be taking on the role of Vice President of EU Regulatory and Scientific Policy within the PharmaLex Group. Sarah will be leaving TRAC to continue her work within the Cornish business community.
Corporate Finance advice was provided by the PKF Francis Clark team of Paul Crocker and Richard Wadman. Paul Crocker, Partner at PKF Francis Clark, said:
“We are delighted to have had the opportunity to assist Jonathan and Sarah in this transaction. The merger between TRAC and PharmaLex is a great advert for Cornwall and the strong businesses based here. The PharmaLex Group is a global company who are committed to building on the strong TRAC brand to deliver further growth.”
Gavin Poole from Stephens Scown led the team of legal advisors to the vendors. He went on to say:
“When business owners decide to sell it is a big decision. Completing any deal represents a lot of long days, missing out on family time and stress. I understand how tough it can be, so having been able to help Jonathan and Sarah achieve the outcome they wanted was a very rewarding element of the work.”
Dr. Thomas Dobmeyer, CEO PharmaLex; said:
“The UK is an important market for us as well as stepping stone to Europe for customers from other regions, particularly North America, and developing our UK business is a key strategic goal. We welcome Jonathan and his team to the PharmaLex Group. Their experience and commercial model will make an important contribution to our existing UK business, further expanding how PharmaLex can support our customers, not only in the UK, but internationally too.”