News & Events

Edgemont Partners Advises Evolution Research Group, LLC on Its Sale to Linden Capital Partners

Press Release

Sale is Edgemont’s fifth deal for ERG and 22nd clinical research site company transaction

New York, NY, May 29, 2018 – Edgemont Partners, a leading middle market healthcare investment bank with a focus on pharmaceutical services and the top-ranked M&A advisor to clinical research site companies, is pleased to announce that it advised Evolution Research Group, LLC (ERG), a portfolio company of DFW Capital Partners (DFW), in its sale to Linden Capital Partners (Linden). ERG is the largest independent clinical research site services company focused on special populations and a leader in central nervous system (CNS) studies. David Blume, Managing Director and head of the Firm’s Pharmaceutical Services Group led the ERG transaction team.

Edgemont advised Thievon-Wright Consulting Group, Woodland International Research, Woodland Research Northwest and St. Louis Clinical Trials in their combined recapitalization by DFW Capital to form ERG in 2014. Edgemont subsequently advised ERG on its acquisitions of Endeavor Clinical Trials and Brain Matters Research in 2017 and Neuropsychiatric Research Center of Southwest Florida in 2018. The ERG sale is the 22nd clinical research site company transaction closed by Edgemont, and its 18th transaction for a CNS focused outsourced pharmaceutical services company.

“We congratulate Lori Wright, CEO, the management team and DFW on building ERG into a leading independent research site services company conducting studies in special populations, including for patients with CNS conditions, renal insufficiency, hepatic impairment, sleep disorders, pain and addiction. Supported by their efforts, the Company has become a major contributor to the development of novel therapeutics to benefit patients by providing high-quality research with increased efficiency and speed. Linden’s deep pharmaceutical services expertise, experience and network make them a perfect partner for ERG. We are grateful to have had the opportunity to advise ERG in its formation, on three acquisitions and now in its sale to Linden, who is ideally suited to support the Company’s continued impressive growth.” said Blume.

Headquartered in Watchung, New Jersey, ERG is a leading independent clinical research site business serving pharmaceutical companies and CROs, with a focus in neuroscience and other special populations. The Company is comprised of 21 highly experienced and quality-focused sites (10 wholly-owned and 11 affiliated), with over 40 principal investigators, many of whom are key opinion leaders in their field, supported by industry-leading clinical operations and business development teams. ERG has completed over 5,000 clinical trials in phases 1-4 through its outpatient and inpatient facilities, offers over 380 beds across the US, and provides access to more than 250,000 special population subjects and healthy volunteers.

“Edgemont has been an exceptional partner and key element to our success. Their strategic insights, industry knowledge and transaction execution expertise proved invaluable to ERG’s formation, growth and value creation, and in supporting us to build an industry leading model for clinical research site services to facilitate improved drug development services for our biopharmaceutical and CRO clients. Edgemont’s M&A expertise in pharmaceutical services and the clinical research site services market in particular is beyond compare, and their commitment to ERG and our success exceeded our expectations.” said Wright.

About Evolution Research Group, LLC

Evolution Research Group, LLC is comprised of ten wholly-owned and operated clinical research sites, Thievon-Wright Consulting Group, and an established network of 11 affiliated clinical research sites. ERG conducts a wide range of trials in specialized populations including those suffering from psychiatric and neurological disorders, sleep disorders, addictions, acute and chronic pain, renal insufficiency and hepatic impairment, as well as normal healthy volunteers. For more information, please visit

About Linden Capital Partners

Linden Partners 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. For more information, please visit

About DFW Capital Partners

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 the health care services, business services, industrial services and specialty pharmaceuticals industries. 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.

About Edgemont Partners

Edgemont Partners is a leading middle market healthcare investment bank. Edgemont provides unsurpassed mergers and acquisitions (M&A) and financing advisory services supported by its deep healthcare industry knowledge and extensive transaction expertise. Merger and Acquisition transactions are complex and the business of healthcare is complicated. When the stakes are highest and achieving the optimal result is critical, rely on professionals with the depth of healthcare industry knowledge and proven transaction expertise that can only come from focus and experience.

For more information on Edgemont Partners Pharmaceutical Services expertise contact David Blume at +1 (212) 867-8937 and see

Investment banking services are provided by Edgemont Partners, LP, a registered broker-dealer and member of FINRA and SIPC.