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Linden Capital Partners-Backed Evolution Research Group Preps to Launch Sale Process via Harris Williams

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Evolution Research Group (ERG), a clinical research site company backed by Linden Capital Partners, is preparing to initiate a sale process, with Harris Williams serving as its advisor. ERG, based in Edison, N.J., specializes in conducting clinical trials for various disorders and has completed over 6,000 trials. Linden Capital Partners acquired ERG in 2018 and has since expanded its operations through several acquisitions. The company generates approximately $30 million to $40 million in EBITDA, and Linden had previously considered exiting its investment in ERG.

Linden Capital Partners-backed clinical research site company Evolution Research Group, or ERG, is preparing to launch a sale process, according to sources.

Harris Williams is serving as advisor to the company, which generates approximately $30 million to $40 million of EBITDA, sources said.

Edison, N.J.-based ERG conducts clinical trials for psychiatric, neurological, addiction and sleep disorders, among others. It has completed more than 6,000 trials, according to its website.

Linden previously considered a potential exit from ERG. Octus reported in 2024 that Linden was gearing up for a potential sale of ERG via Harris Williams.

Linden, a Chicago-based healthcare private equity firm, acquired ERG in 2018 from DFW Capital Partners. Harris Williams was among the advisors to ERG in that transaction, according to the deal announcement.

For Linden, the ERG deal marked the first platform investment from its fourth fund, which closed with $1.5 billion of limited partner commitments in 2018.

At the time Linden made its investment, ERG had 10 wholly owned clinical research sites and 11 affiliated locations, with a focus on neuroscience and other patient populations.

Since then, ERG has expanded its footprint through acquisitions, including Rochester, N.Y.-based Finger Lakes Clinical Research in 2019 and Richmond Behavioral Associates in Staten Island, N.Y., in 2020. In 2022 the company acquired Ohio Clinical Trials, a 64-bed phase 1 unit in Columbus, Ohio.

Linden, together with Audax Private Equity, recently sold pre-analytical products maker StatLab Medical Products to Leica Biosystems, a Danaher company, in a deal first announced in July and completed in September.

Companies exploring sales in the pharmaceutical services and technology sector include Clinical Ink, a life sciences technology firm. Octus reported last week that Ardan Equity is close to buying a 50% stake in GI Partners-backed Clinical Ink, with the existing sponsor reinvesting in the business as part of the deal.

In addition, Martis Capital-backed Alcanza Clinical Research, an operator of clinical trial sites across the United States and Puerto Rico, could fetch more than $800 million in its Jefferies-led sale process, Octus reported this month. Vistria Group and Ares Management were among the bidders that advanced to the second round of the auction process, Octus reported in August.

Senior direct lending facilities to back M&A in the healthcare sector widened slightly to an average of about SOFR+510 bps in the second quarter of 2026 from about SOFR+492 bps in the first quarter, according to Octus’ Private Credit Dashboard.

ERG, Linden and Harris Williams did not return requests for comment.

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