The valuation implies an EBITDA multiple in the region of 18x, the sources said. The debt package, which includes a term loan of around $700m and a roughly $100m revolver, will take leverage to the mid-6x area.

The term loan is covenant-lite, and is priced in the region of SOFR+625bps, the sources said. Antares Capital is also participating in the financing, they added.

The deal follows an auction process led by Jefferies, and is set to provide a long-awaited exit for the company’s current sponsor, The Jordan Company. The private equity firm bought Worldwide Clinical back in 2007.

In recent years, Worldwide Clinical’s performance has improved dramatically, according to sources familiar with the company. The same can’t be said of all contract research organizations — Syneos Health, for example, is set to be taken over by a private equity consortium after a protracted decline in its stock price.

Others in the space are struggling with a decline in research spending among small and mid-sized clients, particularly in the biotech sector. This dynamic was a major concern for some lenders when Fortrea recently hit the debt markets to fund its spin-off from Labcorp.

Blue Owl and Antares declined to comment. Worldwide Clinical, Kohlberg & Company, and The Jordan Company did not respond to messages seeking comment.