THL Partners (“THL”), a premier private equity firm investing in middle market growth companies, today announced the entry into a definitive agreement to acquire Headlands Research (“Headlands” or “the Company”), a leading multinational network of clinical trial sites, from funds managed by leading global investment firm KKR. The strategic partnership between THL and Headlands will fuel Headlands’ continued expansion, enhance its technology and centralized infrastructure, and further strengthen its ability to deliver high-quality, diverse clinical trial data for pharmaceutical and biotech sponsors in support of Headlands’ mission to improve lives by advancing innovative medical therapies.

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Headlands operates an integrated network of clinical trial sites across North America, conducting trials across key therapeutic areas, including central nervous system (“CNS”) disorders, vaccines, and metabolic diseases. By leveraging strong physician relationships and a data-driven operating model, Headlands consistently delivers high-quality results while expanding access to historically underrepresented patient populations.

“This is an exciting moment for our industry, with groundbreaking science and new therapies emerging at an unprecedented pace,” said Kyle Burtnett, CEO of Headlands. “I’d like to thank KKR for their tremendous support since our founding. Together, we’ve built an outstanding business with a highly dedicated team working every day to advance medical research. THL shares our vision and excitement for the opportunity to accelerate clinical trial innovation, and we couldn’t be more excited to work with their team as we seek to build on the strong foundation that we have in place.”

KKR founded Headlands in 2018 via its Health Care Strategic Growth Fund to transform the clinical trial site industry and improve the throughput and inclusivity of clinical trials. Since its founding, the Company has experienced significant growth resulting from complementary acquisitions, a novel de-novo playbook, substantial investment in operational excellence and network integration, and the assembly of a best-in-class team.

“Given the accelerated pace of research and development, innovative companies such as Headlands are critical to advancing clinical trials with precision, scale, and flexibility,” said Megan Preiner, Managing Director at THL. “We’re thrilled to partner with Kyle and the Headlands team to enable faster, more inclusive access to new therapies in a dynamic environment.”

“We initially founded Headlands with a mission to improve the clinical trial industry and build a best-in-class platform. We’re honored to have partnered with Kyle and the management team to scale Headlands into a premier clinical trial site network. We wish Kyle, the management team, and THL continued success with Headlands,” said Ali Satvat, Partner and Global Head of Health Care Strategic Growth at KKR, and Anuv Ratan, Director at KKR.

Earlier this year, THL issued proprietary research that found, despite regulatory uncertainty and mixed headlines, most biopharma companies are continuing to grow their R&D investments. THL’s long history in pharma services – built on more than 25 years of sector focus, deep industry relationships, and a track record of investing across the value chain – uniquely positions it to support Headlands’ critical work in helping bring new therapies to market.

THL will invest in Headlands Research through its flagship Fund IX. The transaction is expected to close in 2025, subject to the satisfaction of customary closing conditions. The firm has been active in pharma services for over 25 years, with investments that include Fisher Scientific, PCI Pharma Services, Syneos Health, CSafe, Adare Pharma Solutions, and Red Nucleus. The combination of THL’s deep sector expertise and the operating capabilities of its Strategic Resource Group made it a partner of choice for Headlands.

McDermott Will & Schulte and Paul, Weiss, Rifkind, Wharton & Garrison served as legal advisors to THL, and Jefferies as lead financial advisor. Edgemont Partners also acted as a financial advisor to THL. KKR and Headlands were advised on the transaction by Houlihan Lokey as exclusive financial advisor and Kirkland & Ellis as legal advisor.

About Headlands Research

Headlands Research is a multinational integrated clinical trial site organization with a mission to improve lives by advancing innovative medical therapies. Its group of exceptional sites focuses on large-volume recruitment of diverse and specialty patient populations while delivering the highest quality data. Headlands Research’s principal investigators are proven industry leaders in their fields with expertise in a wide variety of indications. Utilizing expert recruitment strategies and access to diverse patients through its site databases and physician partnerships, Headlands Research has successfully completed more than 5,000 clinical trials. Additional information about the company is available at www.headlandsresearch.com.

About THL

THL Partners (www.THL.com) is a premier private equity firm investing in middle-market growth companies exclusively within three sectors: Healthcare, Financial Technology & Services, and Technology & Business Solutions. THL couples deep sector expertise through an Identified Sector Opportunity ("ISO") process with dedicated internal operating resources from its Strategic Resource Group ("SRG") to transform and build great companies of lasting value in partnership with management. The Firm's domain expertise and resources help to build great companies with an aim to accelerate growth, improve operations and drive long-term sustainable value. Since 1974, THL has raised more than $35 billion of equity capital, invested in over 170 companies and completed more than 600 add-on acquisitions representing an aggregate enterprise value at acquisition of over $250 billion.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

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