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June 2, 2006

Brown Gibbons Lang & Company Completes Financing for the Recapitalization of PRACS

Brown Gibbons Lang & Company today announced the completion of the private debt and equity capital raise for the leveraged recapitalization of PRACS Institute, Ltd., a leading contract research organization providing clinical testing services for the world’s largest pharmaceutical companies.

BGL was engaged by The Weinberg & Bell Group, a Cleveland-based investment group that originated the transaction, to raise equity and secure financing for the transaction.

The Weinberg & Bell Group and KRG Capital Partners provided equity capital, and debt financing was sourced from Merrill Lynch Capital and Freeport Financial. BGL put the entire transaction together in less than 12 weeks.

The financial resources and support available from these institutions will enable PRACS to expand by increasing its service offerings, making strategic acquisitions and adding locations to meet the outsourcing needs of the pharmaceutical industry.

“We are extremely pleased with BGL’s ability to move as effectively as they did, while also securing a strong co-equity partner,” said Daniel M. Bell, managing partner of The Weinberg & Bell Group. “This is the second platform acquisition of our group, and it was important to bring together experienced industry partners to build upon PRACS dominant business platform. BGL knew where to go with this opportunity and assisted with a smooth closing process.”

Mark King, managing director at KRG Capital Partners, said, “Everyone at KRG has been very impressed with the quality of Brown Gibbons Lang & Company. BGL’s insight and depth of knowledge was extremely helpful as we closed the PRACS transaction, and we look forward to an expanded relationship as PRACS continues its growth strategy.”

“We received strong indications of interest from many qualified parties and are very pleased with the results of our private placement efforts,” said Nir Gabriely, director at Brown Gibbons Lang & Company. “PRACS represents an unusually attractive investment opportunity in the contract research organization space.”

About The Weinberg & Bell Group

The Weinberg & Bell Group is a Cleveland-based private equity firm specializing in the acquisition of middle market companies with leading market positions and strong management teams. WBG’s principals have a long and successful history of working with owners and management to build platform companies to maximize growth opportunities and increase shareholder value. For additional information on The Weinberg & Bell Group, visit

About KRG

Founded in 1996, KRG is a Denver-based private equity firm that currently has approximately $2 billion in cumulative invested capital and remaining committed capital and is investing from its current $715 million fund. KRG specializes in acquiring and recapitalizing unique and profitable middle-market companies. The firm seeks investment opportunities for its partners where KRG can work in concert with owners and operating managers who are committed to expanding their companies and becoming industry leaders. The result is a partnership that focuses on creating a significantly larger enterprise through a combination of internal growth and complementary add-on acqui