Surge Private Equity announced that it has formed a new strategic partnership with Elite Clinical Network. The transaction is valued at approximately $200 million and was closed with debt financing provided by affiliates of MGG Investment Group.
Elite Clinical Network is an integrated platform currently operating a network of phase I-IV clinical research sites throughout California, Arizona and Nevada. The company has completed thousands of studies since its founding in 2003.
Surge Private Equity is a Dallas-based private equity firm that seeks majority investments in growing businesses with $3 million to $30 million of EBITDA. It was founded in 2017.
The deal advisors included Merritt Healthcare Advisors as financial advisor to Elite Clinical Network, Houlihan Lokey as diligence provider and BakerHostetler as lead counsel to Surge Private Equity.
According to data captured in the LevinPro HC database, this transaction represents the 25th clinical trials acquisition of 2023. Private equity firms and/or their portfolio companies represent 52% of the buyers in the clinical trials specialty in 2023.
