On August 14, THL Partners announced that it acquired Headlands Research from KKR & Co.
Headlands Research is a globally integrated clinical trial site organization. With a multinational network of 21 clinical trial sites, Headlands Research has successfully completed more than 5,000 clinical trials. It is based in San Francisco, California.
THL Partners is a private equity firm investing in middle-market growth companies exclusively within three sectors: healthcare, financial technology & services and technology & business solutions. Since 1974, THL has raised more than $35 billion of equity capital, invested in upwards of 170 companies and completed more than 600 add-on acquisitions representing an aggregate enterprise value at acquisition of more than $250 billion.
THL will invest in Headlands Research through its flagship Fund IX. This transaction will fuel Headlands’ continued expansion, enhance its technology and centralized infrastructure, and further strengthen its ability to deliver high-quality, diverse clinical trial data for pharmaceutical and biotech sponsors in support of Headlands’ mission to improve lives by advancing innovative medical therapies. The transaction is expected to close in 2025.
McDermott Will & Schulte and Paul, Weiss, Rifkind, Wharton & Garrison served as legal advisors to THL, and Jefferies as lead financial advisor. Edgemont Partners also acted as a financial advisor to THL. KKR and Headlands were advised on the transaction by Houlihan Lokey as exclusive financial advisor and Kirkland & Ellis as legal advisor.
According to data captured in the LevinPro HC database, this transaction represents the 15th clinical trails acquisition of 2025. Throughout 2024, 27 clinical trials deals were reported, and 42 in 2023.
