Toronto-based investment firm Fengate Private Equity, a division of Fengate Asset Management, has acquired a majority stake in Tampa Bay-based Clinical Research of West Florida.
Financial details were not disclosed. Fengate is managing the investment on behalf of the LiUNA Pension Fund of Central and Eastern Canada.
“We’ve spent 30 years building CRWF around our patients, our clinical team and the trust we’ve earned in the Tampa Bay community,” said Clinical Research of West Florida president Aydin Keskiner. “We reached a point where the right partner could help us build on that foundation and pursue our growth ambitions more quickly.”
The organization operates three state-of-the-art research facilities in Clearwater and Tampa. CRWF has supported more than 1,000 trials for nearly 300 global biopharmaceutical sponsors and contract research organizations. Team members have screened more than 12,000 patients.
According to a prepared statement, “six board-certified principal investigators lead the company’s clinical team with deep expertise in autoimmune, pulmonology and endocrinology, among other therapeutic areas.”
Fengate Private Equity invests in lower middle-market businesses across North America. According to the organization’s website, the entity has more than nine portfolio investments. It focuses on four key sectors: business services, consumer staples, healthcare and venture capital.
“Fengate brings long-term capital, experience in the pharma services space and the resources to help us grow and expand our reach,” Keskiner explained. “Just as importantly, Fengate is a second-generation, founder-owned and led business. The team understands the dedication and long-term thinking required to build a company over decades. We felt they respected what we’ve built at CRWF and shared our commitment to our employees and patients.”
He added that the “current team will remain actively involved as we plan for CRWF’s next phase of growth,” which will be “supported by an expanding leadership and clinical team.” The organization plans to continue to invest in capabilities and infrastructure as well.
“Longer term, we want to bring CRWF’s approach to more communities across the southeast, both by developing new sites and partnering with strong independent research sites.”
The acquisition is Fengate Private Equity’s second pharma services platform investment.
“CRWF has built an exceptional 30-year track record defined by strong patient care, clinical excellence and trusted sponsor relationships,” said Fengate Private Equity managing director Maxim Tcherner in a prepared statement. “Clinical research is a priority within our healthcare strategy, and we believe CRWF is the right platform to build a leading regional network while preserving the qualities that have made the company successful.”