PRAI Pra Intl Common Stk (MM)

SAN FRANCISCO, Dec. 13 /PRNewswire/ -- Genstar Capital, LLC, a middle market private equity firm that focuses on investments in selected segments of the life sciences and healthcare services, industrial technology, business services and software services, today announced that it has completed its previously announced $797 million acquisition of PRA International (NASDAQ:PRAI), a leading global clinical research organization. "Our new status as a private company will enable our entire work force to be even more focused on attaining our common goal to provide outstanding clinical research trials for our clients," said Terrance J. Bieker, Chief Executive Officer of PRA International, who will continue in that role. "Because of our past successful working relationship with the Genstar team, we know they will be valuable partners as we work together to build a strong and lasting company. We look forward to working with them to grow our business on a global scale." Stockholders of PRA International approved the transaction at a special meeting held on December 12, 2007. Stockholders will receive $30.50 per share in cash for each share of common stock. The merger was first announced on July 25, 2007. "PRA International today marks a key milestone as a private company and as the new owners we look forward to working with Terry Bieker and his talented management team to build on the company's heritage, strong industry position, and reputation for unquestionable ethics to help reach its full potential," said Jean-Pierre L. Conte, Chairman and Managing Director of Genstar Capital. "We are attracted by the growth opportunities that exist within PRA International as well as the overall industry where we continue to target attractive opportunities." Genstar's current investments in the healthcare and life sciences sector include OnCURE Medical Corporation, which owns, operates and manages treatment centers exclusively focused on providing state-of-the-art radiation treatment alternatives; Harlan Sprague Dawley, Inc., a leading global provider of preclinical products and services; and Catalent Pharma Solutions, formerly the Pharmaceutical Technologies and Services division of Cardinal Health, the leading contract manufacturing and service provider for the pharmaceutical industry. PRA International common stock will be delisted from the NASDAQ Market and trading will be suspended after the close of the market on Thursday, December 13, 2007. Stockholders of PRA International who have stock certificates in their possession will receive instructions by mail from American Stock Transfer & Trust Company, the paying agent, as to how to forward their certificates for payment. Credit Suisse Securities (USA) LLC acted as financial advisor to the PRA International Special Committee. Dewey & LeBoeuf LLP served as legal advisor to the Special Committee. UBS Investment Bank and Jefferies acted as financial advisors, and Latham & Watkins LLP as legal advisor, to Genstar. About Genstar Capital, LLC Based in San Francisco, Genstar Capital (http://www.gencap.com/) is a private equity investment firm that makes leveraged investments in quality middle- market companies. Genstar Capital works in partnership with management to transform its portfolio companies into industry-leading businesses. With more than $3 billion of committed capital under management and significant experience investing in businesses, Genstar focuses on selected segments of life science and healthcare services, industrial technology, business services and software services. About PRA International PRA International (http://www.prainternational.com/) is one of the world's leading global clinical development organizations, with over 3,000 employees working from offices in North America, Europe, South America, Africa, Australia, and Asia. PRA delivers services to its clients through a unique approach called Project Assurance(R), which represents the Company's commitment to reliable service delivery, program-level therapeutic expertise, easy global access to knowledge and involved senior management. DATASOURCE: Genstar Capital, LLC CONTACT: Chris Tofalli of Chris Tofalli Public Relations, for Genstar Capital, LLC, +1-914-834-4334 Web site: http://www.prainternational.com/ http://www.gencap.com/

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