DW Healthcare Partners Acquires Hill Top Research, Inc.: Investment Positions Company for Continued Growth
CINCINNATI, OHIO, January 5, 2006 — Hill Top Research, Inc., a worldwide leader in clinical research for personal care, oral care, and health care products, announced today that DW Healthcare Partners (DWHP), a private equity firm based in Salt Lake City, Utah, has acquired the assets of the company. Fairmount Partners of West Conshohocken, PA, acted as the company's investment banker. The new company, called Hill Top Research Corporation, will do business as Hill Top Research. DWHP's acquisition will allow Hill Top to expand capacity, add new technical capabilities, and provide additional resources for growth. In addition to revitalizing the capital structure, the acquisition will allow funds to be earmarked for growth initiatives, including further expansion into the personal care, oral care, and pharmaceutical services markets and possible industry acquisitions.
Additionally, Hill Top has announced that Mr. Jim Pearce, Hill Top's Chief Executive Officer for the past 26 years, is retiring effective with this transaction. Mr. Joel Ivers, who served as Hill Top's Chief Operating Officer, has been named Chief Executive Officer.
Hill Top Research offers a broad array of clinical research services, including safety testing, efficacy testing, sensory testing, claim substantiation, data management, project management, and microbiology. Throughout its 58 years of operations, the company has been successful in recruiting and retaining top industry experts, creating a wealth of knowledge in writing protocols and in conducting clinical trials. Additionally, Hill Top has strong data management & biostatistics skills that provide clients with timely, concise output from their clinical research.
"We are very excited by DWHP's acquisition, and we look forward to many years of growth and opportunity for all Hill Top associates", said Joel Ivers. "This investment enhances our ability to continue to offer unparalleled clinical research expertise and robust subject recruiting at our multiple and diverse locations throughout North America. In addition, we can continue to invest in providing high quality studies for our clients."
"We at DWHP are pleased to partner with Hill Top," said Vice President, Doug Schillinger. "Hill Top has unmatched experience in the markets they serve, and is recognized as a first-class service provider."
About Hill Top Research Inc.
Founded in 1947, Hill Top Research is one of the world's leading clinical research services companies with research centers throughout North America. Hill Top Research provides safety, efficacy, claims substantiation, sensory and microbiology for personal care, oral care, and health care companies. More information about the company can be found on the company's website at www.hill-top.com.
Contact: Bryan Reynolds, Hill Top Research, 513-239-2314
About DW Healthcare Partners
DW Healthcare Partners ("DWHP") is a private equity firm focused exclusively on the healthcare industry. The firm is led by three seasoned healthcare executives with more than 80 years of combined industry experience. DWHP invests in profitable healthcare companies with proven management teams. For more information, please visit www.dwhp.com.
Contact: Doug Schillinger, DW Healthcare Partners, (801) 365-4006
