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Hi all - We’ve got a $3.5M EBITDA deal to share this week. The sellers are being highly selective with buyers, so if you reach out, please include as much detail as possible on your background, acquisition criteria, and sources of capital.
Separately, if you’re actively searching or working in business development, please reply to this email. I’d love to ask you a few quick questions as we continue building out the RTC deal flow ecosystem.
See you Saturday. I’ve got an exciting deep dive coming on private equity investing in sports teams!
Integrated Healthcare and Clinical Research Services Platform
🔗 Access Deal Materials
Interested in learning more? Contact Dan at [email protected] to receive the full deal details.
📝 Deal Overview
Why this deal: A vertically integrated pulmonary care and clinical research platform combining (i) a specialty respiratory clinic, (ii) a clinical research site conducting sponsored trials, and (iii) an affiliated healthcare staffing arm. The integrated model drives operational efficiency, strong margins, and diversified revenue streams across fee-for-service care and sponsor-funded research.
The business benefits from recurring patient volumes, long-term sponsor relationships, and embedded clinical staffing infrastructure. With growing demand for decentralized and site-based clinical trials—particularly in chronic respiratory and pulmonary disease—this platform is well positioned for geographic expansion and additional therapeutic area penetration.
Total Revenue: $8,000,000
Total EBITDA: $3,500,000
EBITDA Margin: ~44%
Deal Type: Ownership is seeking a value-added financial partner and prefers to transact all three businesses together, with openness to staying on post-close to support growth initiatives
Location: East Coast, United States
What They Do
The company operates three integrated healthcare and research businesses:
1. Specialty Pulmonary Clinic
Outpatient respiratory and critical care
Chronic disease management (COPD, asthma, pulmonary fibrosis, bronchiectasis)
Lung cancer diagnostics and treatment
Proprietary patient outcome programs
Generates $3M+ revenue / $1.5M+ EBITDA
2. Dedicated Clinical Research Site
Conducts multiple clinical trials across respiratory and pulmonary indications
Focused on sponsor-backed studies in COPD, asthma, chronic cough, and early lung cancer detection
Generates $4M revenue / $2M+ EBITDA
3. Healthcare Staffing Company
Provides clinical personnel to both the practice and research site
Creates vertical integration, margin capture, and operational control
The integrated structure allows the clinic to source trial participants internally while the staffing arm ensures consistent resourcing.
💼 Recent Private Equity Deal Comps
Private Equity Acquirer | Target | Date | Notes |
|---|---|---|---|
THL Partners | Headlands Research | 2025 | Majority stake acquisition from KKR. ~$600M deal. Multi-site clinical trial site network (CNS, vaccines, metabolic). |
QHP Capital | Vector Clinical Trials | 2025 | Growth equity investment to expand a multi-site community clinical research platform. |
LongueVue Capital Partners | Summit Clinical Research | 2022 | Majority recap of therapeutic-focused clinical research organization. Strategy: build specialized site network in complex indications. |
Interview Today at 11AM ET: Value Creation in Branch-Based Services Businesses
Join for an unfiltered conversation on what it actually takes to build, buy, and scale branch-based services businesses—from the boots on the ground to the boardroom.
Click to RSVP for event
Robert founded and sold a fire safety business to Summit Fire (then Blackrock owned), where he helped acquire and integrate dozens of fire safety businesses. Today he runs Buffalo Growth Partners, an indy sponsor focused on field services businesses.
If you’re serious about building a durable services platform—not just pitching one—this session is for you.
Brokers: got a deal you want to get in front of 7,000+ PE folks? Email me your deals at [email protected].
Brands: looking to reach a fast-growing, highly-engaged PE audience? Inquire about sponsorships.
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Disclaimer: Information presented herein is derived from publicly available sources and third-party materials believed to be reliable. It is provided solely for educational and informational purposes and does not constitute investment advice or a solicitation. Road To Carry is not affiliated with, nor does it represent, the seller, broker, or any other party to the referenced transactions.
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