Clearwater research firm accepts Canadian investment

Clinical Research of West Florida (CRWF) has entered a new ownership phase after Toronto-based Fengate Private Equity acquired a majority stake in the company. The deal brings Canadian capital to a Clearwater and Tampa operation that has spent three decades supporting biopharmaceutical trials.

Financial details of the transaction were not disclosed. Fengate is managing the investment for the LiUNA Pension Fund of Central and Eastern Canada. This marks the second pharma services platform investment for the Toronto firm.

CRWF president Aydin Keskiner said the company reached a point where a new partner could help it grow faster. "We’ve spent 30 years building CRWF around our patients, our clinical team and the trust we’ve earned in the Tampa Bay community," Keskiner said. "We reached a point where the right partner could help us build on that foundation and pursue our growth ambitions more quickly."

The company operates three research facilities in Clearwater and Tampa. Over its history, CRWF has supported more than 1,000 trials for nearly 300 global biopharmaceutical sponsors. Its team has screened more than 12,000 patients. Six board-certified principal investigators currently lead the clinical staff, with expertise in autoimmune, pulmonology, and endocrinology areas.

Fengate Private Equity manages investments in lower middle-market businesses across North America. The firm holds more than nine portfolio investments and focuses on business services, consumer staples, healthcare, and venture capital. Maxim Tcherner, Fengate’s managing director, stated that CRWF’s 30-year track record makes it the right platform for building a regional network.

Keskiner noted that the current team will remain actively involved in planning the next phase of growth. The company intends to expand its leadership and clinical teams while continuing to invest in capabilities and infrastructure. Fengate’s second-generation, founder-led structure was a factor in the decision, according to Keskiner.

Longer term, CRWF plans to bring its approach to more communities across the southeast. The company aims to develop new sites and partner with strong independent research sites. Fengate brings long-term capital and experience in the pharma services space to support these efforts.