Private equity firm MidOcean Partners sold its majority investment in The Planet Group, which will now merge with ProPharma Group, a portfolio company of Odyssey Investment Partners.
Odyssey will continue as the combined company’s investment partner for strategic growth.
The transaction closed May 26; financial terms and ownership shares were not disclosed. The Planet Group brand will remain and all executives will stay with their existing titles.
“This is a powerful combination of two highly complementary businesses, creating an opportunity to enhance growth prospects across their collective service offerings,” said Tug Fisher, principal of Odyssey Investment Partners. “We are confident this merger will solidify the combined company’s reputation as a value-added partner to its clients. Odyssey is excited to continue supporting management in building a unique business poised for rapid growth.”
Founded in 2001, ProPharma Group provides outsourced regulatory, compliance, pharmacovigilance and medical information services to pharmaceutical, biotechnology and medical device companies.
The Planet Group comprises nine related entities — four global consulting organizations and five staffing brands in the life sciences, technology, diversified energy and engineering, accounting and finance, human resources, healthcare, and digital marketing areas. The company was founded in 2009 and is headquartered in Chicago, with offices throughout the US and Europe.
MidOcean invested in Planet in January 2018. Since then, Planet has acquired I.T. Works Recruitment, Interactive Business Systems, NDA Partners and WinterWyman among other strategic businesses. In 2020, Planet was named to Staffing Industry Analysts’ list of Fastest-Growing US Staffing Firms.
“This merger rapidly extends our size, scale and growth momentum,” said ProPharma Group CEO Dawn Sherman. “Our newly combined company, which will now have over 1,900 colleagues around the world, brings even more depth and breadth to the services we provide our clients and the patients we support.”