Thompson Street’s Firma Clinical Research hits auction block

  • Firma formed from merger of H20, Pharma Start
  • CRO based out of Chicago and Baltimore
  • St. Louis firm invests in founder-led mid-market businesses

Thompson Street Capital Partners has kicked off a sales process for Firma Clinical Research, which brings patient studies to the home and offers various data-driven clinical-research services, three people with knowledge of the matter said.

Lincoln International is offering sell-side advice to the contract research organization, the people said.

Firma, with offices in Chicago and Baltimore, is likely to generate significant interest from sponsors, though a sale to a strategic buyer is also possible, one of the people said.

Firma’s operations include a clinical-research-site business, through which it performs clinical studies, recruiting and managing the patients needed to do so. Unlike traditional players in the space, it performs remote, in-home patient visits.

The company also offers outsourced services to the life-sciences industry, including data management and biostatistics, medical writing, regulatory consulting, clinical pharmacology and clinical operations.

Thompson Street formed Firma in June 2017 by fusing a pair of investments made the previous year. The firm combined H20 Clinical, a CRO specialist in clinical-data management and statistical services, with Pharma Start, which provides outsourced clinical services to the life-sciences industry.

Jack Senneff, a managing director at Thompson Street, is listed as the affiliated investment team member.

Thompson Street, St. Louis, invests in founder-led middle-market businesses typically generating Ebitda between $5 million and $20 million.

The PE firm’s other healthcare-related investments include Alpaca Audiology, Transetyx, Analytical Lab Group, Tropichem Research Labs, BioIVT, Veterinary Technology Group, Healthcare Linen Services, Infinity Behavioral Health Services, Isto Biologics and Revenue Management Solutions.

Representatives of Thompson Street, Firma and Lincoln didn’t immediately return requests for comment.

Action Item: Reach out to Thompson Street’s Jack Senneff at