KKR to Sell Headlands Research to Thomas H. Lee Partners for Undisclosed Value

Thomas H. Lee Partners has agreed to acquire Headlands Research from KKR for an undisclosed value in a deal expected to close in 2025. A cash consideration will be paid, with an undisclosed value for common equity. McDermott Will & Schulte LLP and Paul Weiss acted as legal advisors for Thomas H. Lee Partners, while Jefferies Financial Group and Edgemont Capital Partners served as financial advisors. Houlihan Lokey and Kirkland & Ellis acted as advisors for KKR.

Thomas H. Lee Partners (THL) has entered into a definitive agreement to acquire Headlands Research, a leading multinational network of clinical trial sites, from KKR. The deal, expected to close in 2025, will see THL invest in Headlands through its flagship Fund IX. Financial terms were not disclosed.

Headlands Research operates an integrated network of clinical trial sites across North America, conducting trials in therapeutic areas including central nervous system disorders, vaccines, and metabolic diseases. The company was founded by KKR in 2018 through its Health Care Strategic Growth Fund. The acquisition aims to fuel Headlands’ continued expansion, enhance its technology infrastructure, and strengthen its ability to deliver clinical trial data for pharmaceutical and biotech sponsors.

THL has been active in pharmaceutical services for over 25 years, with previous investments including Fisher Scientific, PCI Pharma Services, and Syneos Health. The firm has a strong track record of investing in middle-market growth companies, particularly within the healthcare sector.

The transaction will be advised by McDermott Will & Schulte LLP and Paul Weiss as legal advisors for THL, with Jefferies Financial Group and Edgemont Capital Partners serving as financial advisors. KKR and Headlands were advised by Houlihan Lokey as financial advisor and Kirkland & Ellis as legal advisor.

References:

[1] https://www.businesswire.com/news/home/20250814383571/en/THL-Announces-Agreement-to-Acquire-Headlands-Research-from-KKR

[2] https://www.investing.com/news/company-news/thl-partners-to-acquire-clinical-trial-network-headlands-research-93CH-4192376