November 2, 2022
Pittsburgh, PA – November 2, 2022: Tail End Capital Partners (“Tail End”) completed a GP-led secondary investment into a continuation fund vehicle managed by QHP Capital L.P. (“QHP”), a Raleigh-based private equity firm which manages the NovaQuest Private Equity family of funds. QHP invests in lower middle market healthcare companies with a focus on services and technology companies where a strategic partner and operating resources can accelerate growth.
QHP purchased Catalyst Clinical Research LLC (“Catalyst”), a 2018 investment in NovaQuest Private Equity Fund I. Catalyst is a global contract research organization (“CRO”). QHP and Catalyst built the company through a buy and build strategy creating a full service, oncology-focused CRO operating alongside its legacy FSP service. Since 2008, Catalyst has grown to a staff of more than 800 (including contractors) and has won numerous industry accolades.
Nick Dyer, Chief Executive Officer of Catalyst commented, “We partnered with QHP to build an oncology specialist focused on small to mid-sized biotechs, a highly technical area of clinical development that was underserved by existing players. QHP has been an invaluable partner to us in achieving the objectives in our first chapter of growth, and we are excited to have the benefit of strategy and operational continuity from that partnership in chapter two.”
“Catalyst was an important early investment for Fund I, and Nick has built an incredible organization alongside his management team. We are excited they chose to partner with QHP again and are confident in this team’s ability to execute on their objectives of building the leading global oncology CRO,” added Vern Davenport and Jeff Edwards, Partners at QHP.
Tail End is excited to participate in this transaction with the world class management team at Catalyst and high-quality industry-focused GP like QHP. The continuation fund will allow more time and investment capital to maximize the value of Catalyst for all its stakeholders while providing interim liquidity with attractive returns for a portion of the 2018 investors