Levine Leichtman Capital Partners (“LLCP”), a Los Angeles-based private equity firm, announced today that it has sold its portfolio company Therapeutic Research Center (“TRC” or the “Company”) to Colibri Group, a portfolio company of Gridiron Capital. Financial terms of the transaction were not disclosed.
TRC is a leading provider of independent, evidence-based continuing education and training for healthcare professionals and institutions with a particular content focus on drug therapy recommendations and medication management. Over one million healthcare professionals and approaching four thousand hospitals rely on TRC’s advisory and education services to access concise, unbiased and timely information. The Company was founded in 1985 and is headquartered in Denver, Colorado.
Matthew Rich, Partner of LLCP, said, “We are proud to have supported TRC and its management team in building a market leading, clinician-centric training platform to solve healthcare’s critical workforce challenges. During our investment, the Company made significant investments to strengthen TRC’s leadership team, commercial operations, and new product development function, while also successfully completing four highly strategic acquisitions that greatly expanded our clinician base and bolstered our suite of product offerings. The business is well positioned for continued growth, and we wish Wes and the entire management team continued success in their next chapter with Colibri.”
Wes Crews, CEO of TRC, commented, “We are grateful for LLCP’s support and guidance as their strategic insights and partnership approach contributed greatly to the transformation of TRC. Together, we have realized our shared vision of helping clinicians operate at the top of their license and improve clinical outcomes, thereby unlocking tremendous value for all stakeholders. LLCP’s contributions will continue to be instrumental as we enter our next phase of growth.”
The sale of TRC will be LLCP’s 18th successful exit since December 2020. TRC was an investment of Levine Leichtman Capital Partners V, L.P.
Morgan Stanley & Co. LLC served as the lead financial advisor to TRC, with support from William Blair & Company, LLC and Deloitte Corporate Finance LLC, and Kirkland & Ellis LLP served as legal counsel in connection with the sale.