Berkshire Partners and TPG Growth’s $275 million investment in Precision Medicine Group

Debevoise & Plimpton LLP successfully advised Precision Medicine Group on a new $275 million investment, led by Berkshire Partners and TPG Growth

Precision Medicine Group (PMG) has reached an agreement for a $275 million investment that positions the company for the next phase of growth. The transaction is being led by Berkshire Partners and TPG Growth and also includes significant participation from Precision’s co-founders and management team as well as original investors Oak Investment Partners and J.H. Whitney. This is Berkshire Partners’ first investment in PMG and for TPG Growth this represents a significant expansion of the investment position it established in December 2015.
Formed in 2012, Precision Medicine Group is a specialized services company supporting next generation approaches to drug development and commercialization. Precision provides an integrated infrastructure that supports pharmaceutical and life sciences companies as they develop new products in the age of precision medicine. The company is headquartered in Bethesda, Maryland with offices throughout North America and Europe.

Berkshire Partners, a Boston-based investment firm, has raised nine private equity funds with more than $16 billion in aggregate capital and has made over 120 investments in primarily middle market companies since its founding in 1986. Berkshire has developed specific industry experience in several areas including healthcare, consumer products and retail, communications, business services and industrials. Berkshire has a strong history of partnering with management teams to grow the companies in which it invests with the goal of consistently achieving superior investment returns. The firm is currently investing from Berkshire Fund IX, a $5.5 billion fund raised in 2016. The firm seeks to invest $50 million to $500 million of capital in each portfolio company.

TPG Growth is the middle market and growth equity investment platform of TPG, the global private investment firm. With more than $8.3 billion of assets under management, TPG Growth targets investments in a broad range of industries and geographies. TPG Growth has the deep sector knowledge, operational resources, and global experience to drive value creation, and help companies reach their full potential.

The Debevoise team is led by partners is led by partner E. Raman Bet-Mansour (Picture) and includes partners Gary M. Friedman and Rafael Kariyev, counsel Christopher Rosekrans, Charles E. Wachsstock and Krya Bromley and associates David M. Becker, David P. Iozzi, Vikas Mehta and Marina Capeto Novello.

 

Involved fees earner: Raman Bet-Mansour – Debevoise & Plimpton; David Becker – Debevoise & Plimpton; David Iozzi – Debevoise & Plimpton; Gary Friedman – Debevoise & Plimpton; Rafael Kariyev – Debevoise & Plimpton; Christopher Rosekrans – Debevoise & Plimpton; Vikas Mehta – Debevoise & Plimpton; Marina Capeto Novello – Debevoise & Plimpton; Charles Wachsstock – Debevoise & Plimpton; Kyra Bromley – Debevoise & Plimpton;

Law Firms: Debevoise & Plimpton;

Clients: Precision Medicine Group, Inc.;