Linden LLC

Linden Completes Acquisition of Chesapeake IRB

December 31, 2015 | For Immediate Release

Chicago, IL (December 31, 2015) – Linden Capital Partners (“Linden”), a Chicago-based healthcare private equity firm, announced today that it has completed its acquisition of Chesapeake IRB (“Chesapeake” or the “Company”). Headquartered in Columbia, Maryland, Chesapeake IRB is a leading provider of independent institutional review board (“IRB”) services to pharmaceutical, biotech and medical device companies, universities, academic medical centers, and hospital systems. Chesapeake performs independent ethics reviews of proposed research projects and principal investigators to ensure the protection of the rights and welfare of human research subjects.

“We are excited to partner with Linden, which has a proven track record of investing in growing, market-leading healthcare businesses. We look forward to working with them to further develop and scale Chesapeake’s business,” said Jeffrey Wendel, Chief Executive Officer of Chesapeake.

“Chesapeake is recognized as one of the leading providers of institutional review board services, and we are excited by the continued growth potential of this business,” said Linden Operating Partner Pat Donnelly. “With an exceptional reputation, skilled management team, and unique technologies and capabilities, Chesapeake is well-positioned to continue to provide high quality IRB services across the clinical research and development spectrum.” Mr. Donnelly, a 20-year pharma services veteran, who previously was President and CEO of PRA International and Chairman and CEO of Aptiv Solutions, will join the Chesapeake Board of Directors as Chairman.

“We are pleased to be partnering with Jeff, his talented management team, and Chesapeake’s outstanding workforce. Together, they have successfully built Chesapeake into a leader in the IRB space, and we look forward to supporting them in their ongoing growth initiatives,” said Tony Davis, President and Managing Partner at Linden.  Chesapeake is the first platform investment from Linden’s third fund.

Kirkland & Ellis LLP served as legal advisors to Linden. Houlihan Lokey and Goulston & Storrs PC served as financial and legal advisors to Chesapeake.  Madison Capital Funding led the senior credit facility and mezzanine financing was provided by Audax Mezzanine.

About Chesapeake IRB

Chesapeake IRB has been providing independent IRB services for pharmaceutical, biotech and medical device companies, universities, academic medical centers, and hospital systems since 1993.

Chesapeake IRB earned AAHRPP accreditation in 2004 and was accredited for a fourth time in June 2015.

Chesapeake IRB offers a unique 21 CFR Part 11 compliant, electronic IRB platform (“CIRBI”), which is a fully transparent, paperless, and cloud-based IRB management platform on which all IRB submissions and management tasks are performed, documented, and available for audit purposes, 24/7.  CIRBI enables its staff to better serve its research partners with prompt reviews, resulting in faster subject enrollments.  For more information, please visit

About Linden Capital Partners

Linden Capital Partners is a Chicago-based private equity firm focused exclusively on leveraged buyouts in the healthcare and life sciences industries. Linden’s strategy is based upon three elements: i) healthcare and life science industry specialization, ii) integrated private equity and operating expertise, and iii) strategic relationships with large corporations. Linden invests in middle market platforms in the medical products, specialty distribution, pharmaceutical, and services segments of healthcare. For more information, please visit