Linden Capital Partners buys medical device consultancy RQM+
Linden Capital Partners, a Chicago-based private equity firm focusing on the healthcare sector, has acquired a majority stake in RQM+, a Monroeville, PA-based firm specializing in regulatory, quality, and compliance consulting for medical device and in-vitro diagnostics manufacturers.
The transaction will see DFW Capital Partners and Chartwell Investments Entrepreneur & Founder Capital exit the company. The pair of PE firms invested in predecessor consulting firm R&Q in October 2019 and then merged it with UK-based Maetrics in September 2020 to create the “largest medical device-focused global regulatory and quality consultancy,” according to a release from the firm.
RQM+ has more than 400 professionals across offices in the US and Europe, and operates in a largely unpenetrated and fragmented portion of the consulting market. The firm’s new private equity owners will look to continue scaling the company to capitalize on rising demand for services as the EU transitions to a stricter regulatory framework for medical devices.
“We commend Maria Fagan, Lisa Casavant, and the entire management team at RQM+ on building an extraordinary business that provides superior quality and services essential to helping their clients navigate a dynamic and increasingly complex regulatory landscape,” said Richard Thomas, incoming board member of RQM+.
Michael Farah, partner at Linden and incoming board member of RQM+, added, “Our investment in RQM+ is a direct result of our dedicated and longstanding outsourced medical device services sector effort, and we are excited to partner with an organization with such a strong market reputation. We look forward to supporting the entire RQM+ team as they seek to grow both organically and through acquisitions.”
Founded in 2004, Linden focuses exclusively on leveraged buyouts in the healthcare and life sciences industries. The firm invests in middle market platforms in the medical products, specialty distribution, pharmaceutical, and services segments of healthcare. Linden has invested more than $2.5 billion in healthcare companies since its founding.
“We are extremely proud of the business we have built at RQM+ and are excited to partner with Linden to accelerate our growth and expand the breadth of services we can provide to our customers,” Maria Fagan, CEO of RQM+, said.
Harris Williams LLC served as financial advisor to RQM+, while Ice Miller LLP served as legal advisor.
Kirkland & Ellis LLP served as legal advisor to Linden. Twin Brook Capital Partners provided debt financing for the deal, which valued RQM+ at $385 million.
