Liberty Corporate Finance is pleased to announce the completion of the tertiary management buyout of Phlexglobal by Vitruvian Partners (“Vitruvian”).

Phlexglobal is a specialist provider of technology-enabled, Trial Master File (TMF & eTMF) document management solutions and other support services to the global clinical research market. They offer a unique combination of clinical trial knowledge, document management skills, regulatory understanding and technical expertise to deliver a range of flexible, targeted solutions to meet business needs.

The company has announced a significant investment from funds managed by Vitruvian. The transaction establishes Vitruvian as majority shareholder of Phlexglobal, while previous majority investor Bridgepoint Development Capital (“BDC”) will exit the company.

Liberty were appointed by Phlexglobal CEO, Rick Riegel, to advise the management team on their incentive package.


BDC has been a supportive partner to Phlexglobal since 2014. The new ownership will enable Phlexglobal to expand the global footprint of its industry-leading service offering and PhlexEview4 technology platform, in order to build on the Company’s premier position in a fast-growing market.

Rick Riegel, CEO of Phlexglobal commented:

“We have enjoyed significant growth under BDC’s ownership, extended our customer and operational base and relaunched PhlexEview, our eTMF platform. As we seek to continue to strengthen and extend our market-leading customer proposition, the investment from Vitruvian allows us to accelerate our plans and further enhance the depth and breadth of our technology and service offerings.”

Regarding working with Liberty Corporate Finance, Rick added:

“It was a pleasure working with the Liberty team who provided invaluable assistance to the management team throughout the process. They were incredibly diligent, professional and were available day and night to help us get the deal over the line. Based on our positive experience working with Liberty, I look forward to working with them again in the future.”

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