Clinical Research of West Florida, a Clearwater-founded company that has conducted more than 1,000 clinical trials, has a new majority owner as it prepares to expand beyond the Tampa Bay area.

Toronto-based Fengate Private Equity announced Oct. 13 that it acquired a majority stake in the company, known as CRWF, according to a GlobeNewswire press release.

Financial terms of the transaction were not disclosed.

The acquisition gives Fengate a foothold in clinical research as the investment firm seeks to build a regional network of research facilities across the southeastern United States.

Clearwater company has three research facilities

Founded in Clearwater in 1995 by advanced practice registered nurse Lynne Merriam, CRWF operates three clinical research facilities in Clearwater and Tampa, including a dedicated Phase I unit for early-stage human testing.

Company President Aydin Keskiner has led CRWF since 2002, according to the company's website.

CRWF's six board-certified principal investigators have conducted clinical studies for nearly 300 pharmaceutical sponsors and contract research organizations, commonly known as CROs.

The company also maintains a database of more than 35,000 potential research participants, according to Fengate's announcement.

Clinical research organizations help pharmaceutical companies evaluate the safety and effectiveness of investigational treatments before they can receive regulatory approval.

The company's work spans multiple stages of clinical development, including early-stage research conducted at its Phase I facility.

Acquisition positions company for expansion

Keskiner said the partnership will provide additional capital, industry expertise and relationships with pharmaceutical sponsors while preserving the company's approach to patient care.

"We have built CRWF as a family business, site by site, with investigators and a clinical team that has been with us for decades," Keskiner said in a prepared statement.

He said Fengate's investment would allow the company to pursue opportunities beyond its existing Tampa Bay operations without changing the experience patients receive.

The company's current leadership team is expected to remain in place, according to St. Pete Catalyst.

Keskiner told the publication that CRWF plans to open additional research locations and establish partnerships with independent clinical research operators throughout the Southeast.

Neither company has publicly identified specific expansion markets or announced a timetable for opening new facilities.

Fengate expands health care investments

Fengate Private Equity is a division of Fengate Asset Management, a Toronto-based investment manager overseeing more than $19 billion in assets across private equity, infrastructure and real estate.

The firm is managing its investment in CRWF on behalf of the LiUNA Pension Fund of Central and Eastern Canada.

Maxim Tcherner, managing director at Fengate Private Equity, said in a prepared statement that clinical research is a priority within the firm's broader health care investment strategy.

Fengate intends to use CRWF as a foundation for a regional network of clinical research sites, while maintaining the relationships that its investigators have established with patients and pharmaceutical sponsors.

The acquisition marks Fengate's second platform investment in pharmaceutical services, according to the company's announcement.

The investment extends Fengate's involvement in the pharmaceutical industry from drug commercialization services into clinical development, the stage in which investigational treatments are evaluated through human studies.

What happens next

For CRWF, the acquisition represents an opportunity to grow beyond its three existing Tampa Bay facilities while continuing to operate under its established leadership.

The companies have outlined plans for additional research sites and partnerships across the Southeast, but no specific locations, construction schedules or acquisition targets have been announced.

Westcove Partners served as financial adviser to CRWF in the transaction.

The acquisition's financial terms remain undisclosed.