Linden LLC

Linden Announces Acquisition of ProPharma Group

October 7, 2016 | For Immediate Release

Chicago, IL (October 3, 2016) – Linden Capital Partners (“Linden”), a Chicago-based healthcare private equity firm, announced today that it has completed its acquisition of ProPharma Group (“the Company”). ProPharma Group is a leading provider of outsourced medical information, pharmacovigilance, and compliance consulting services to customers in the pharmaceutical, biotechnology and medical device industries. Founded in 2001, the Company has grown into a global organization operating five contact centers across the world, serving North America, South America, Europe, Australia and Asia. ProPharma Group serves a customer base which includes many of the world’s largest and most well-known biopharmaceutical companies.

“We are excited to partner with Linden. Their healthcare expertise and proven track record makes them the right partner as we embark on the next phase of our growth strategy,” said Jeff Hargroves, Founder, Chief Executive Officer and President of ProPharma Group. “Linden understands our culture, market and customers, and can support our Company with both organic growth and acquisition initiatives.” The existing management team will maintain a significant minority ownership position in the Company going forward.

“Our investment in ProPharma Group is consistent with Linden’s strategy of establishing dedicated subsector teams in collaboration with our Operating Partners with the goal of identifying industry leading companies,” said Tony Davis, President and Managing Partner at Linden. “We commend Jeff Hargroves and his colleagues on their vision and success to date, and look forward to partnering with the entire team as we accelerate growth in the Company’s existing and new markets.”

“Through its emphasis on people, quality and capability, ProPharma Group has distinguished itself as a leader within its core markets, and the Company is uniquely positioned to meet the most complex needs of its customers,” said Linden Operating Partner Pat Donnelly, a 35-year pharmaceutical services veteran, who previously was President and CEO of PRA International, and Chairman and CEO of Aptiv Solutions.

The investment in ProPharma Group is a continuation of Linden’s sector-driven approach within healthcare and is the fourth investment in Fund III. ProPharma Group represents Linden’s second investment in the pharmaceutical services sector, following the fund’s recent acquisition of Chesapeake IRB.

Kirkland & Ellis LLP served as legal advisor to Linden. Opus Financial Partners served as financial advisor to ProPharma Group, along with Dentons LLP and Lewis Rice LLC serving as legal advisors to the Company. Monroe Capital provided debt financing for the transaction.

About ProPharma Group

ProPharma Group is a provider of medical information, pharmacovigilance and compliance consulting services for clients in the pharmaceutical, biotechnology and medical device industries. The Company’s Medical Information service includes responding to inquiries from patients and healthcare professionals in over 30 languages from five contact centers located around the world. Its pharmacovigilance service includes processing of post-marketing and clinical adverse events, aggregate reporting and signal detection. ProPharma Group also provides an array of Compliance Consulting services to help its clients meet regulatory requirements across the product life cycle. Consulting services include quality assurance, process validation, commissioning and qualification, technology transfer, program management, computer system validation, and other related services.

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About Linden Capital Partners

Linden Capital Partners is a Chicago-based private equity firm focused exclusively on leveraged buyouts in the healthcare and life sciences industries. Linden’s strategy is based upon three elements: (i) healthcare and life science industry 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.

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