Key Takeaways
- • Fengate Private Equity acquired a majority stake in Clinical Research of West Florida (CRWF), a Tampa and Clearwater clinical trial company founded in 1995, with the deal announced October 13, 2026.
- • Fengate is executing the transaction on behalf of the LIUNA Pension Fund of Central and Eastern Canada and manages more than $19 billion across private equity, infrastructure and real estate.
- • The deal is Fengate's second platform investment in pharmaceutical services and extends its business from commercialization into clinical development.
- • Financial terms and the exact ownership percentage were not disclosed; Westcove Partners advised CRWF on the transaction.
- • Fengate plans to open new research facilities, hire clinical staff and partner with independent operators beyond southwest Florida, but has not named target markets or a timetable.
Summary
Fengate Private Equity announced on October 13 that it has acquired a majority stake in Clinical Research of West Florida, a clinical trial company that has operated out of Tampa and Clearwater since 1995 and has supported more than 1,000 trials over three decades, according to the announcement reported by globenewswire.com. The Canadian investment firm now controls the company, which was founded by Lynne Merriam and has been led since 2002 by President Aydin Keskiner.
The company operates three research facilities in Tampa and Clearwater, including a dedicated Phase I unit for early human testing. Its clinical team is led by six board-certified principal investigators who have conducted studies for nearly 300 pharmaceutical sponsors and contract research organizations across autoimmune diseases, pulmonology and endocrinology. The release describes the company's research as spanning all four phases of clinical development and cites a database of more than 35,000 patients. The company's website, however, lists its work as covering Phase I through Phase V, and it separately states it has screened more than 12,000 patients. It is unclear whether that figure refers to the same population as the 35,000-patient database.
Fengate manages more than $19 billion in assets across private equity, infrastructure and real estate. It is overseeing the transaction on behalf of the LIUNA Pension Fund of Central and Eastern Canada. According to the release, the acquisition marks Fengate's second platform investment in pharmaceutical services and extends that business from commercialization into clinical development. Maxim Tcherner, Managing Director at Fengate Private Equity, said the firm is "thrilled to partner with Aydin and the CRWF team to build a leading regional network while preserving the qualities that have made the company successful." Tcherner said Fengate intends to retain the company's investigators, patient relationships and clinical practices.
Fengate plans to open additional research facilities, hire clinical staff and partner with independent operators in markets beyond southwest Florida. Keskiner said Fengate will provide capital, industry expertise and sponsor relationships, and that the patient experience will not change. Neither party identified first expansion markets, potential acquisition targets or a timetable. Westcove Partners served as financial advisor to CRWF. Financial terms and the exact ownership percentage were not disclosed.
The deal reflects growing private equity interest in clinical trial site management, a sector axios.com describes as seeking reliable comparables. Tampa Bay Business and Wealth first reported the acquisition. For now, CRWF's three Tampa and Clearwater facilities remain open under Keskiner's leadership, with Fengate's expansion plans still taking shape.
The company operates three research facilities in Tampa and Clearwater, including a dedicated Phase I unit for early human testing. Its clinical team is led by six board-certified principal investigators who have conducted studies for nearly 300 pharmaceutical sponsors and contract research organizations across autoimmune diseases, pulmonology and endocrinology. The release describes the company's research as spanning all four phases of clinical development and cites a database of more than 35,000 patients. The company's website, however, lists its work as covering Phase I through Phase V, and it separately states it has screened more than 12,000 patients. It is unclear whether that figure refers to the same population as the 35,000-patient database.
Fengate manages more than $19 billion in assets across private equity, infrastructure and real estate. It is overseeing the transaction on behalf of the LIUNA Pension Fund of Central and Eastern Canada. According to the release, the acquisition marks Fengate's second platform investment in pharmaceutical services and extends that business from commercialization into clinical development. Maxim Tcherner, Managing Director at Fengate Private Equity, said the firm is "thrilled to partner with Aydin and the CRWF team to build a leading regional network while preserving the qualities that have made the company successful." Tcherner said Fengate intends to retain the company's investigators, patient relationships and clinical practices.
Fengate plans to open additional research facilities, hire clinical staff and partner with independent operators in markets beyond southwest Florida. Keskiner said Fengate will provide capital, industry expertise and sponsor relationships, and that the patient experience will not change. Neither party identified first expansion markets, potential acquisition targets or a timetable. Westcove Partners served as financial advisor to CRWF. Financial terms and the exact ownership percentage were not disclosed.
The deal reflects growing private equity interest in clinical trial site management, a sector axios.com describes as seeking reliable comparables. Tampa Bay Business and Wealth first reported the acquisition. For now, CRWF's three Tampa and Clearwater facilities remain open under Keskiner's leadership, with Fengate's expansion plans still taking shape.
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