Key Takeaways
- • Westcove Partners, a healthcare-focused investment bank, served as exclusive financial advisor to Clinical Research of West Florida (CRWF) in its partnership with Fengate Private Equity, a division of Fengate Asset Management.
- • Fengate Asset Management oversees more than $20 billion in assets under management across private equity, infrastructure and real estate strategies, with offices in Canada and the United States.
- • Financial terms, ownership structure after the transaction, and the amount of capital Fengate committed were not disclosed.
- • CRWF, founded in 1995, operates three clinical research facilities in the Tampa Bay region and has completed more than 1,000 clinical trials, with a focus on autoimmune and rheumatology indications.
- • The partnership is intended to fund CRWF's expansion into additional geographic markets and therapeutic areas, though no specific acquisition targets, facility locations or timetable were announced.
Summary
Westcove Partners, LLC, a healthcare-focused investment bank, acted as exclusive financial advisor to Clinical Research of West Florida (CRWF) in its partnership with Fengate Private Equity, a division of Fengate Asset Management. The transaction pairs a Tampa Bay-based clinical research organization with a private equity platform focused on supporting business expansion. Financial terms were not disclosed, and neither the post-transaction ownership structure nor the amount of capital Fengate committed was made public. Other trade reports on the deal describe Fengate as acquiring a majority stake in CRWF, though the exact ownership percentage was not confirmed in the primary source.
Founded in 1995, CRWF operates three clinical research facilities across the Tampa Bay region, conducting Phase I through Phase IV trials for pharmaceutical companies and contract research organizations. According to the company, it has completed more than 1,000 clinical trials across multiple therapeutic areas, with particular expertise in complex autoimmune and rheumatology indications. Its operations rely on a network of clinical investigators, a proprietary patient database and established relationships with pharmaceutical sponsors and CROs.
The partnership is intended to support CRWF's expansion into additional geographic markets and therapeutic areas while building on its existing capabilities. Aydin Keskiner, Owner and President of CRWF, said Westcove's understanding of the clinical research industry was important throughout the process, calling the firm "unquestionably the right partner" and adding that the team recognized the value of the organization the company had built. Bill Bolding, Director at Westcove, said CRWF "has all the core attributes of a quality clinical research platform" and that Fengate brings the resources and experience to help accelerate growth. Westcove's transaction team included Justin Hand and Abe M'Bodj, Managing Directors; Bill Bolding, Director; Geno Catalano, Vice President; and Andrew Hartono, Associate.
Fengate Private Equity provides capital to support business owners and management teams pursuing growth and operational expansion. Fengate Asset Management, which has more than 50 years of entrepreneurial and investment experience, is an alternative investment manager with more than $20 billion in assets under management. The companies have not announced specific acquisition targets, new facility locations or a timetable for geographic expansion. For Westcove, the deal adds to its advisory work for founder-operated healthcare businesses seeking strategic partnerships and investment capital.
Founded in 1995, CRWF operates three clinical research facilities across the Tampa Bay region, conducting Phase I through Phase IV trials for pharmaceutical companies and contract research organizations. According to the company, it has completed more than 1,000 clinical trials across multiple therapeutic areas, with particular expertise in complex autoimmune and rheumatology indications. Its operations rely on a network of clinical investigators, a proprietary patient database and established relationships with pharmaceutical sponsors and CROs.
The partnership is intended to support CRWF's expansion into additional geographic markets and therapeutic areas while building on its existing capabilities. Aydin Keskiner, Owner and President of CRWF, said Westcove's understanding of the clinical research industry was important throughout the process, calling the firm "unquestionably the right partner" and adding that the team recognized the value of the organization the company had built. Bill Bolding, Director at Westcove, said CRWF "has all the core attributes of a quality clinical research platform" and that Fengate brings the resources and experience to help accelerate growth. Westcove's transaction team included Justin Hand and Abe M'Bodj, Managing Directors; Bill Bolding, Director; Geno Catalano, Vice President; and Andrew Hartono, Associate.
Fengate Private Equity provides capital to support business owners and management teams pursuing growth and operational expansion. Fengate Asset Management, which has more than 50 years of entrepreneurial and investment experience, is an alternative investment manager with more than $20 billion in assets under management. The companies have not announced specific acquisition targets, new facility locations or a timetable for geographic expansion. For Westcove, the deal adds to its advisory work for founder-operated healthcare businesses seeking strategic partnerships and investment capital.
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