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Independent Clinical Services Group to be acquired by Onex

Onex Corporation has agreed to acquire Independent Clinical Services Group Ltd (ICS).

The deal will be completed in partnership with the existing management team. There will also be a reinvestment in the equity by the former majority shareholder, TowerBrook Capital Partners LP.

The transaction is expected to complete later in the year, and terms of the deal are not being disclosed.

“ICS is committed to being a true partner to its clients in delivering both capacity and care at the highest standard, and that is a commitment we want to continue and build on,” said Nigel Wright, a managing director with Onex. “We are pleased to be partnering with the ICS management team and look forward to supporting their growth for years to come.”

“Onex’ strong investment track record and history of supporting the teams it invests alongside makes it an ideal partner for us,” said Mike Barnard, chief executive officer of ICS. “Our first priority is to provide high-quality healthcare staffing and services to our clients and partners around the world. Onex is aligned with the strategic direction of our firm and we are excited to work together in our next phase of growth.”

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