Harris Williams & Co. Advises Evolution Research Group, LLC on its Sale to Linden Capital Partners

May 30, 2018

Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide for more than 25 years, announces that it advised Evolution Research Group, LLC (ERG), a portfolio company of DFW Capital Partners (DFW), on its sale to Linden Capital Partners (Linden). ERG is a leading independent clinical research site services company focused on special populations and is a market leader in central nervous system (CNS). The transaction was led by Paul Hepper, Geoff Smith and Andrew Hoft of Harris Williams & Co.’s Healthcare & Life Sciences (HCLS) Group, as well as Trey Balson of the firm’s Richmond office.

"Lori Wright and her team have done a tremendous job in establishing ERG as a market leader in special populations and CNS,” said Paul Hepper, a director at Harris Williams & Co. “The transaction illustrates the strong interest in high-quality clinical research site platforms, driven by the need to more efficiently execute clinical trials in an ever increasingly complex drug development environment.”

“ERG has developed a reputation for superior quality and customer service, and Linden will be a strong partner to help the company continue its robust track record of growth,” said Geoff Smith, a managing director at Harris Williams & Co.

ERG is comprised of 10 wholly-owned and operated clinical research units (CRUs), Thievon-Wright Consulting Group and an established network of affiliated clinical research sites. ERG conducts a wide range of complex trials in key psychiatric (schizophrenia, depression, bipolar disorder) and neurological (Alzheimer’s disease, Parkinson’s disease, pain) indications, as well as patients dealing with addiction, sleep disorders, renal insufficiency and hepatic impairment.

DFW is a private equity investment firm focused exclusively on the lower-middle market. Since 1983, DFW has been investing in and acquiring high growth businesses in healthcare, business and industrial services, and specialty pharmaceuticals. DFW partners with talented entrepreneurs, supports strong management teams and equips them for rapid growth. DFW actively manages several pools of committed capital, with approximately $600 million in assets under management.

Linden is a Chicago-based private equity firm focused exclusively on leveraged buyouts in the healthcare industry. Linden's strategy is based upon three elements: i) healthcare specialization, ii) integrated private equity and operating expertise, and iii) strategic relationships with large corporations. Linden invests in middle market platforms in the medical products, specialty distribution, pharmaceutical and services segments of healthcare.

Harris Williams & Co. (www.harriswilliams.com), a subsidiary of the PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.

Harris Williams & Co.’s HCLS Group has experience across a broad range of sectors, including medical devices, products and distribution; multi-site and retail healthcare providers (including dental care providers); alternate site care; healthcare IT; managed care and cost containment services; outsourced clinical services; and outsourced pharma services. For more information on the HCLS Group and other recent transactions, visit the HCLS Group’s section of the Harris Williams & Co. website.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.