Lincoln International represents Firma Clinical Research in its sale to Northlane Capital Partners

by / Monday, 20 August 2018 / Published in Press Release

The Firma transaction represents Lincoln’s 15th outsourced pharmaceutical services transaction

Lincoln International (“Lincoln”), a leading global mid-market investment bank, is pleased to announce the sale of Firma Clinical Research (“Firma” or the “Company”), a portfolio company of Thompson Street Capital Partners, to Northlane Capital Partners (“Northlane”).

The Company has locations in Chicago, Illinois and Hunt Valley, Maryland and specializes in remote visit services, biostatistics services, clinical operations and clinical trial support services for pharmaceutical, biotechnology and medical device companies. The Company provides several unique services within the contract research organization (CRO) industry, including differentiated data services and in-home (remote) services, which enhance the ability to see patients enrolled in clinical trials who otherwise might not be able to participate.

Tony Crisman, Managing Director at Lincoln added, “We were thrilled to work with Thompson Street and management on this important initiative as we have always been impressed by the platform they created in Firma. We know the Company has found the right partner in Northlane to accelerate the growth trajectory and take the business to the next level. We look forward to watching Firma’s continued success with Northlane's support and vision. Contract Research Organizations, especially those with innovative service offerings like Firma, continue to be a strong focus of Lincoln and our practice, with this being Lincoln’s 15th outsourced pharmaceutical services transaction.”

According to Matt Scherrer, Managing Director at TSCP, stated, “The story of Firma during TSCP’s ownership has been one of strategic investment in customer-facing activities as well as building of the Company’s back office functions. We have been pleased to work with an extremely dedicated team of CRO industry veterans and believe that Firma’s future will be bright, as it continues to grow in differentiated CRO service offerings.”

Lincoln acted as the exclusive sell-side advisor to Firma, working closely with Thompson Street and the management team throughout the sale process to provide advisory expertise and manage the marketing, due diligence and negotiation phases of the transaction.

About Firma Clinical Research

Headquartered in Chicago, IL with another office in Baltimore, MD, Firma Clinical Research was created in 2016 with the merger of H2O Clinical and PharmaStart. Firma is currently one of the largest providers of remote visit services in the world, with additional expertise in data management, biostatistics and clinical operations. The Company can provide remote visit services in 65 countries, worldwide, and has assisted in nearly 50 NDA submissions. For more information, visit

About Northlane Capital Partners

Based in Washington, DC., Northlane Capital Partners is a leading middle market private equity firm focused on leading niche businesses within healthcare and business services. For more information, visit

About Lincoln International

Lincoln International specializes in merger and acquisition advisory services, debt advisory services, private capital raising and restructuring advice on mid-market transactions. Lincoln International also provides fairness opinions, valuations and joint ventures and partnering advisory services on a wide range of transaction sizes. With twenty offices in the Americas, Asia and Europe, Lincoln International has strong local knowledge and contacts in key global economies. The firm provides clients with senior-level attention, in-depth industry expertise and integrated resources. By being focused and independent, Lincoln International serves its clients without conflicts of interest.

More information about Lincoln International can be obtained at