Marken Successfully Completes Financial Restructuring
- New Structure Creates Sound Platform for Investment and Growth
RESEARCH TRIANGLE PARK, North Carolina, Dec. 21, 2012 /PRNewswire/ -- Marken, the global provider of specialist logistics to the pharmaceutical industry, is pleased to announce that it has completed a financial restructuring of the business, effective today, creating a sound platform for further growth and development.
As a result of the restructuring, some of the existing stakeholders have become 100% shareholders of Marken's new Group holding company. The business will benefit from improved terms on its existing debt facilities which will facilitate further growth. Marken is looking forward to continuing with its current strategy to expand its range of services and geographic footprint which are both enabled by the completion of its global depot network. The new shareholders are all fully supportive of the strategic plan put in place by the Group's management team.
Wes Wheeler, Chief Executive Officer of Marken, said, "We are delighted to have reached this agreement which means that Marken can capitalize on its excellent position in a niche marketplace which will allow us to grow in step with our client's needs. We have a clear plan for the future which will deliver significant growth for this business, both organically and through new investment. With this new agreement, we now have the right capital structure to be able to deliver that plan. We appreciate the support of our lenders, all of whom are committed to supporting the continuing development of the business. I would like to thank all our customers and suppliers for their continued support throughout this process."
Marken is the leading global clinical supply chain service provider dedicated 100% to the pharmaceutical and life sciences industries, supporting over 49,000 investigator sites in more than 150 countries. With decades of experience in the logistics, transport and distribution of temperature sensitive life saving pharmaceuticals, clinical trial supplies and specimen collection; Marken integrates depot and logistics services into solutions that extend the reach of clinical trials to even the most remote treatment naive geographies. Our team members and network of facilities bridge the distance between patients and the essential resources of life science companies.
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