CCL Industries Inc. has announced the acquisition of Clinical Systems, Inc (“CSI”), a specialized provider to the United States clinical trials industry.
CSI, a label producer based in Garden City, NY, USA, specializes in patient information booklets and has developed a new software driven “eLabel” product for clinical trials providers. The enterprise value of the transaction, net of cash and debt, is approximately $19.4 million. Sales for the 12 months ending December 31, 2019, are approximately $14.4 million with an estimated adjusted EBITDA of $3.5 million.
CSI will be integrated into CCL Label’s Healthcare & Specialty operations and immediately begin trading as CCL Clinical Systems.
Geoffrey Martin, president and chief executive officer, of CCL Industries, says, “This transaction significantly expands our capabilities in the clinical trials space, providing new software and opportunities to expand internationally.”