Linden LLC

Linden Announces Acquisition of Evolution Research Group

May 30, 2018 | For Immediate Release

Chicago, IL (May 30, 2018) – Linden Capital Partners (“Linden”), a Chicago-based healthcare private equity firm, announced today that it has completed the acquisition of Evolution Research Group, LLC (“ERG” or the “Company”). 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 215,000 special population subjects and healthy volunteers to the pharmaceutical and biotechnology industry.

“Over the last several years, ERG has expanded and diversified within neuroscience and beyond, becoming a leading clinical research site business. ERG remains focused on continuous quality improvement and exploring ways to better serve our research subjects and the pharmaceutical, biotechnology, and CRO industries. We are excited to partner with Linden who share our vision to further build upon, invest in, and accelerate the growth of ERG. Linden’s deep expertise, insight and network in the pharmaceutical services sector, together with their partnership mindset and focus on quality, make them an ideal partner for ERG,” said Lori Wright, Chief Executive Officer of ERG.

“Lori and the entire management team have built a tremendous business in ERG. Their strong track record of operational excellence, quality, and customer service, together with a rare skill set in managing complex patient populations, makes ERG a unique and highly value-added clinical research site business.” said Michael Farah, Partner at Linden. “Our investment in ERG further builds upon our pharmaceutical services sub-sector strategy and we look forward to partnering with management to continue to grow ERG both organically and through acquisition“. ERG is the first platform investment from Linden’s fourth fund.

Kirkland & Ellis LLP served as legal advisor to Linden. Harris Williams & Co., Edgemont Capital Partners, and Ice Miller LLP served as financial and legal advisors to ERG. Golub Capital provided senior debt financing for the transaction.

About Evolution Research Group
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 both simple and highly complex 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 Capital 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