Genstar Unit Is Said to Near Deal to Buy Vitruvian's CRF Health

(Bloomberg) -- Bracket, the clinical-trial provider owned by Genstar Capital, is nearing an acquisition of Finland’s CRF Health from U.K. buyout firm Vitruvian Partners, according to people familiar with the matter.

An agreement could be announced as early as the coming week, said the people, who asked not to be identified because negotiations are confidential. Closely held CRF Health may fetch about $1 billion, one of the people said. Talks are ongoing and could still fall apart.

A representative for Genstar declined to comment. Vitruvian wasn’t immediately able to comment.

Vitruvian hired investment bank Jefferies Financial Group Inc. to explore a sale after CRF Health attracted buyer interest, people said last month. The buyout firm bought CRF Health, which has sales of about 100 million euros ($117 million) and employs 400 people, from Verdane Capital in early 2015. Founded in Helsinki in 2000, the company provides electronic health assessments to patients in about 75 countries, according to its website.

Genstar Capital, a San Francisco-based middle-market private equity firm focused on investments in sectors including health care, acquired Bracket in 2017. It serves pharmaceutical and biotechnology companies with more than 700 employees in over 90 countries, according to its website.

©2018 Bloomberg L.P.