Clinical Financial Services, LLC Tombstone

Case Study – Sale / Recapitalization

CFS Clinical, headquartered in Audubon, Pennsylvania, is a specialty provider focused on the business and financial management activities for clinical trials.   The Company offers a blend of contract, essential site document and cutting-edge investigator payment management services.


  • CFS Clinical was majority owned by Archbrook Capital Management LLC who was seeking expansion capital and partial liquidity
  • The management team wished to remain and continue to build the company


  • Achieve maximum value for the majority shareholders while structuring the best deal for the management team

Successful Solution:

  • Anderson LeNeave co-advised through a parallel process, approaching a focused group of strategic buyers and financial investors with an interest in the healthcare and pharmaceutical industry
  • A controlling interest in CFS Clinical was sold to DrugDev, Inc., an interactive network and data-sharing platform for clinical trial doctors