M&A Deal Summary

Thomas H. Lee Partners Acquires Headlands Research

On August 14, 2025, private equity firm Thomas H. Lee Partners acquired life science company Headlands Research from KKR

Acquisition Highlights
  • This is Thomas H. Lee Partners’ 5th transaction in the Life Science sector.
  • This is Thomas H. Lee Partners’ 79th transaction in the United States.
  • This is Thomas H. Lee Partners’ 8th transaction in Florida.

M&A Deal Summary

Date 2025-08-14
Target Headlands Research
Sector Life Science
Buyer(s) Thomas H. Lee Partners
Sellers(s) KKR
Deal Type Secondary Buyout
Advisor(s) Houlihan Lokey (Financial)
Kirkland & Ellis (Legal)

Target

Headlands Research

Lake Worth, Florida, United States
Headlands Research is a multinational integrated clinical trial site organization with a mission to improve lives by advancing innovative medical therapies. Headlands Research was formed in 2018 and is based in Lake Worth, Florida.

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Buyer(S) 1

Buyer

Thomas H. Lee Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1974
PE ASSETS 35.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Thomas H. Lee Partners (THL) is a private equity firm that seeks buyout, expansion, consolidation, distressed, and recapitalization investments across various industries. Sectors of interest include business and information services, consumer products/retail, financial services, healthcare, industrial, and media/communications. THL looks to invest $100 to $400 million in companies valued up to $2.5 billion. THL was formed in 1974 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 92 of 92
Sector: Life Science M&A 5 of 5
Type: Secondary Buyout M&A Deals 34 of 34
State: Florida M&A 8 of 8
Country: United States M&A 79 of 79
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-10-17 Red Nucleus

Yardley, Pennsylvania, United States

Red Nucleus provides strategic learning and performance solutions exclusively for the life sciences industry. Red Nucleus Enterprises was founded in 1991 and is based in Yardley, Pennsylvania.

Buy -

Seller(S) 1

SELLER

KKR

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1976
PE ASSETS 267.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.


DEAL STATS #
Overall 213 of 215
Sector: Life Science M&A 10 of 10
Type: Secondary Buyout M&A Deals 39 of 41
State: Florida M&A 4 of 4
Country: United States M&A 92 of 94
Year: 2025 M&A 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-07-30 HealthCare Royalty Partners

Stamford, Connecticut, United States

HealthCare Royalty Partners (HCRx) is a royalty acquisition company focused on commercial and near-commercial biopharmaceutical products. HealthCare Royalty Partners is based in Stamford, Connecticut.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-09-04 Samhwa

Gyeonggi-do, South Korea

Samhwa is a cosmetic packaging supplier, providing comprehensive packaging solutions for the high-end cosmetics industry. Samhwa was founded in 1977 and is based in Gyeonggi-do, South Korea.

Buy $528M