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DFW Capital Partners (“DFW”) is pleased to announce that it has completed the sale of its portfolio company, Evolution Research Group (“ERG”), to Linden Capital Partners. ERG is comprised of ten wholly-owned and operated clinical research units, Thievon-Wright Consulting Group (“TWCG”) and an established network of affiliated clinical research sites. ERG conducts a wide range of complex trials in key behavioral (schizophrenia, depression, bipolar disorder) and neurological (Alzheimer’s disease, Parkinson’s disease, pain) indications, as well as patients dealing with addiction, sleep disorders, and renal insufficiency and hepatic impairment disorders.

In April 2014, DFW formed ERG via its investment in and combination of TWCG and three independent sites. During its investment tenure, ERG completed six additional strategic acquisitions, significantly increasing and diversifying its geographic footprint, therapeutic capabilities, and customer relationships. Key investments in people and technology helped allow the company to scale rapidly and position itself as one of the largest independent clinical research site services companies focused on special populations and central nervous system studies.

“DFW has been an excellent partner over the past four years. They have provided capital and guidance that has allowed ERG to expand and diversify the company both organically and through strategic acquisitions. The management team at ERG is excited to begin this next phase of growth with Linden Capital Partners,” stated Lori Wright, Chief Executive Officer of ERG.

“Working with Lori and the ERG team was wonderful. They built the strongest clinical trials platform in the industry and are poised for grander success in their partnership with Linden,” said Brett Prager, Partner at DFW.

Alongside DFW’s original investment was a co-investment from several of DFW’s limited partners. Harris Williams and Edgemont Capital Partners advised ERG on the sale.

About DFW Capital Partners

DFW Capital Partners is a private equity investment firm focused on lower middle-market companies. The firm concentrates on service companies, with an emphasis on healthcare and outsourced business and industrial support services. DFW has established a 20+ year track record of success in building leading companies. DFW is headquartered in Teaneck, New Jersey and maintains an office in Chevy Chase, Maryland.

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