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Buyout Firms to Buy Drug Research Company for $3.9 Billion
By PETER LATTMAN
Jonathan Alcorn/Bloomberg News; Noah Berger/Bloomberg NewsDavid M. Rubenstein, left, co-founder of the Carlyle Group, and Warren Hellman, chief of Hellman & Friedman.
7:02 p.m. | Updated The buyout firms Carlyle Group and Hellman & Friedman struck one of the largest private equity deals of 2011, agreeing to buy the clinical research company Pharmaceutical Product Development for $3.9 billion.
http://www.pharmalot.com/2008/11/some-pharma-execs-fund-obama-attack-ads/
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Some Pharma Execs Fund Obama Attack Ads
Make a commentBy Ed Silverman // November 3rd, 2008 // 2:30 pm
A conservative group called RightChange is running ads attacking Barack Obama, including a new one showing the World Trade Center attack and predicts a security crisis is on the way. And a good chunk of the group’s comes from Fred Eshelman, who is ceo of PPD, the contract research organiztaion that is otherwise known as Pharmaceutical Product Development, according to The Carrboro Citizen. http://www.sourcewatch.org/index.php?title=RightChange.com
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Campaigns and actions
In a last-minute campaign ad, RightChange used images from the September 2001 World Trade Center attacks to claim that Democratic presidential candidate Barack Obama would "undermine the terror strategy that protects us." [2]During the 2008 U.S. presidential election, RightChange sponsored television commercials and claimed that "For years, John McCain warned of Fannie Mae and Freddie Mac’s risk to the economy and pushed for reform" while "Democrats defended Fannie Mae and [[Freddie Mac]." RightChange also attacked Democratic candidate Barack Obama, claiming that his "economic proposals stick small businesses with the Bill for the Wall Street Bailout."[3]
The Associated Press reported on September 16, 2008, that RightChange.com "plans to spend about $1.5 million in the next two weeks on national cable networks including Fox News Channel, CNN, and CNN Headline News, said spokesman Tim Pittman. Rightchange.com is financed largely by pharmaceutical executive Fred Eshelman, who has given more than $200,000 to Republican candidates and party organizations since 2002, according to Federal Election Commission records.[4]
The Tax Foundation, a tax research group based in Washington, D.C. that has been operating since 1937, analyzed the claims made by RightChange and concluded that they were "spreading nonsense ... so ridiculous that I'm almost at a loss for words ... an outright lie."[5]
Funding
According to National Public Radio, RightChange "reported $2.7 million in contributions from its president, Fred Eshelman, CEO of PPD, a pharmaceutical research firm in North Carolina. PPD's chairman, Ernest Mario, gave an additional $1 million. Mario also runs Capnia Inc., a Palo Alto, Calif.-based company developing a system to treat migraines using medical gas." NPR noted that "RightChange.com's other directors also have connections to the health industry. Board member Jeff Barnhart is CEO of Cabarrus Community Health Centers, which RightChange's corporate secretary, Fletcher Hartsell, helped found. Both Barnhart and Hartsell are Republican state legislators in North Carolina."[6]http://www.hf.com/
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In the News
October 3, 2011
PPD to be Acquired by The Carlyle Group and Hellman & Friedman
September 12, 2011
Hellman & Friedman Acquires OpenLink from The Carlyle Group
August 5, 2011
Education Institutions Worldwide to Benefit from Strategic Combination of Datatel and SunGard Higher Education
August 4, 2011
Emdeon to Be Acquired by Blackstone
June 23, 2011
Bain Capital and Hellman & Friedman announce acquisition of Securitas Direct
April 4, 2011
Activant Solutions Inc. Agrees to Be Acquired by Apax Partners
More
Most Recent Investments
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Internet Brands, Inc.
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Sedgwick CMS
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SSP Holdings plc
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http://www.hf.com/news/080511.html
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http://en.wikipedia.org/wiki/Compass_Group
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United Nations corruption scandal
In 2006, subsidiary Eurest Support Services won contracts to provide food to UN peacekeepers in Liberia, valued at $237 million.[8][9]
Alexander Yakovlev, the UN procurement officer, and Vladimir Kuznetsov, head of the UN Committee for Administrative and Budgetary Issues, were arrested and indicted after taking nearly $1 million in bribes from Compass.[8]
Competitors Es-Ko and Supreme Foodservice AG initiated lawsuits claiming violation of the Racketeer Influenced and Corrupt Organizations (RICO) Act, the Sherman Antitrust Act and New York State's Donnelly Act regulating free trade.[10][11] Federal investigations are underway and the case has been referred to the Serious Fraud Office (UK).[12]
After its own three-month internal investigation, Compass declared it had discovered "serious irregularities" in its UN business, but that these were limited to "only a few individuals" who were dismissed: Peter R. Harris, Andy Seiwert and Doug Kerr.[8] While Compass refused to make public its investigation,[8] CEO Michael Bailey stepped down in June 2006.
http://www.foodtravelexperts.com/international/page/about-ourteam/
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Andrew was a Group Board Director of Compass Group PLC for 9 years from 1997 until September 2005, initially as Group Finance Director and from 2004 as CEO of SSP. Andrew led SSP through the sale process from Compass in June 2006 and now heads the company under its private equity owner, EQT.
Andrew has been involved in the foodservice industry since 1988 when he joined the management buy out team of Travellers Fare, the food retail arm of British Rail.
October 3, 2011PPD to be Acquired by The Carlyle Group and Hellman & Friedman
September 12, 2011
Hellman & Friedman Acquires OpenLink from The Carlyle Group
August 5, 2011
Education Institutions Worldwide to Benefit from Strategic Combination of Datatel and SunGard Higher Education
August 4, 2011
Emdeon to Be Acquired by Blackstone
June 23, 2011
Bain Capital and Hellman & Friedman announce acquisition of Securitas Direct
April 4, 2011
Activant Solutions Inc. Agrees to Be Acquired by Apax Partners
More
Most Recent Investments
Internet & Digital MediaInternet Brands, Inc.
Industrial & Energy
Associated Materials, LLC
Insurance
Sedgwick CMS
Software
Datatel
Internet & Digital Media
Web Reservations
Software
SSP Holdings plc
More
http://www.hf.com/news/080511.html
Excerpt:
EDUCATION INSTITUTIONS WORLDWIDE TO BENEFIT FROM STRATEGIC COMBINATION OF DATATEL AND SUNGARD HIGHER EDUCATION
FAIRFAX, Va., MALVERN, Pa. and WAYNE, Pa. August 5, 2011
Datatel and SunGard Higher Education announced today that they have signed definitive agreements to combine businesses and operate as one company focused exclusively on serving education institutions. This strategic combination brings together two education industry specialists into one company with increased breadth and scale to meet the needs of institutions worldwide. Over 3,000 employees will be dedicated exclusively to delivering solutions to education institutions in 40 countries. http://en.wikipedia.org/wiki/Compass_Group
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United Nations corruption scandal
In 2006, subsidiary Eurest Support Services won contracts to provide food to UN peacekeepers in Liberia, valued at $237 million.[8][9]
Alexander Yakovlev, the UN procurement officer, and Vladimir Kuznetsov, head of the UN Committee for Administrative and Budgetary Issues, were arrested and indicted after taking nearly $1 million in bribes from Compass.[8]
Competitors Es-Ko and Supreme Foodservice AG initiated lawsuits claiming violation of the Racketeer Influenced and Corrupt Organizations (RICO) Act, the Sherman Antitrust Act and New York State's Donnelly Act regulating free trade.[10][11] Federal investigations are underway and the case has been referred to the Serious Fraud Office (UK).[12]
After its own three-month internal investigation, Compass declared it had discovered "serious irregularities" in its UN business, but that these were limited to "only a few individuals" who were dismissed: Peter R. Harris, Andy Seiwert and Doug Kerr.[8] While Compass refused to make public its investigation,[8] CEO Michael Bailey stepped down in June 2006.
http://www.foodtravelexperts.com/international/page/about-ourteam/
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Andrew Lynch Chief Executive Officer - SSP
Andrew is Chief Executive Officer of SSP. SSP is the leading dedicated operator of food and beverage brands in travel locations worldwide, it has a long heritage in food and travel, with over 60 years experience in the industry and employs more than 30,000 staff across over 30 countries.Andrew was a Group Board Director of Compass Group PLC for 9 years from 1997 until September 2005, initially as Group Finance Director and from 2004 as CEO of SSP. Andrew led SSP through the sale process from Compass in June 2006 and now heads the company under its private equity owner, EQT.
Andrew has been involved in the foodservice industry since 1988 when he joined the management buy out team of Travellers Fare, the food retail arm of British Rail.
http://www.sourcewatch.org/index.php?title=EQT
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