Redruth-based regulatory services company, TRAC Services, is under new ownership.
The business, which was founded in 2001 by Jonathan and Sarah Trethowan, has been acquired by the German pharmaceutical consultancy, PharmaLex Group.
Sarah Trethowan said “After 16 years of successfully growing our business and with the change in our market towards the use of large global suppliers we decided the best growth strategy for the business was to become part of something bigger.
“PharmaLex was the perfect choice and I’m delighted the merger has successfully completed.”
Jonathan Trethowan added: “With a shared culture and the same commitment to quality we are confident our clients will benefit from TRAC joining the PharmaLex Group. These benefits include, but are not limited to, improved geographical reach, increased capacity and access to additional services. We are also excited about the enhanced opportunities the merger provides for the existing TRAC team.”
On completion of the merger, Jonathan Trethowan will be taking on the role of vice president of EU regulatory and scientific policy within the PharmaLex Group. Sarah Trethowan will be leaving TRAC to continue her work within the Cornish business community.
Going forward, as part of the PharmaLex Group, TRAC is now part of an organisation with over 650 employees, and 25 offices in 14 countries and more than 600 clients worldwide.
Corporate finance advice was provided by the PKF Francis Clark team of Paul Crocker and Richard Wadman. Gavin Poole from Stephens Scown led the team of legal advisors to the vendors.