On September 8th, 2023, Dallas-based Surge Private Equity, LLC (“Surge”) announced that it has formed a new strategic partnership with Elite Clinical Network, LLC (“ECN” or the “Company”), an integrated platform currently operating a network of phase I-IV clinical research sites throughout California, Arizona, and Nevada that has completed thousands of studies. The transaction, valued at ~$200MM, closed with debt financing provided by affiliates of MGG Investment Group LP. Advisors included Merritt Healthcare Advisors as financial advisor to ECN, Houlihan Lokey as diligence provider, and BakerHostetler as lead counsel to Surge.
Established in 2003, ECN utilizes advanced industry knowledge, practices, and technology to move clinical trials efficiently from mandate to completion across a broad spectrum of therapeutic areas for pharmaceutical companies and contract research organizations. ECN is a leader in rapid protocol patient acquisition and currently operates a dedicated network of 14 research sites, with more in development across the United States. These sites offer a range of physician specialties and a proprietary database of over 100k research study candidates, which is closely monitored by the corporate management team. ECN often satisfies sponsor enrollment goals for clinical trials within six months of activation, which allows sponsors to quickly launch new vaccines and drugs while reducing costs.
Sanjay Gulati, Principal at Surge, said, “We are impressed with the success that management has achieved to date and are excited to partner with CEO David Wilson III to support the next phase of building a national network. With a very high new site launch growth rate, multi-decade customer relationships, strong industry tailwinds, and a significant diversified backlog, ECN is well positioned to continue its expansion as a dominant player in the clinical trial industry.”
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