ProPharma Group of Overland Park has been acquired by Linden Capital Partners of Chicago.
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, both Kansas City firms, serving as legal advisors to the Company. Monroe Capital provided debt financing for the transaction.