H&F, Carlyle gear up for $1.4B dividend recap

Hellman & Friedman and The Carlyle Group have contacted creditors about taking a $1.35 billion dividend recap out of Pharmaceutical Product Development, per Bloomberg. Carlyle and H&F took the North Carolina-based business private for some $3.6 billion in 2011, then recapitalized it along with the Abu Dhabi Investment Authority and GIC in 2017 at a $9.1 billion valuation. PPD is a contract research organization that offers drug development, laboratory and lifecycle management services.

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