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Behrman Capital Sells Portfolio Company Emmes to Affiliates of New Mountain Capital

NEW YORK, June 21, 2022 – Behrman Capital, a private equity investment firm based in New York, today announced the sale of its portfolio company Emmes (the “Company”) to affiliates of New Mountain Capital. The transaction is expected to close in early July and financial terms of the transaction were not disclosed.

Emmes is a leading specialty CRO that provides its clients with the technologies and dedicated service required to manage clinical research studies with the highest standards of quality. The company sits at the intersection of the public and private healthcare sectors with clients including biopharmaceutical companies, government agencies, foundations, academic institutions and other non-profit organizations. Emmes is proud to support the research efforts of agencies such as the National Institutes of Health (NIH), Food and Drug Administration (FDA), Department of Defense (DOD), Department of Health and Human Services (HHS) and Biomedical Advanced Research and Development Authority (BARDA).

Grant G. Behrman, Managing Partner of Behrman Capital, said: “We are very proud of our role in driving Emmes’ growth and establishing industry leadership during our partnership. Under our ownership, the Company has completed numerous transformative acquisitions, successfully built its commercial platform, and grown into a leading specialized CRO. We commend Christine and her team for their excellent work building Emmes into the strong company it is today, and we are confident that they are well positioned for continued success.”

“Behrman Capital has been a great partner,” said Dr. Christine Dingivan, Emmes’ Chief Executive Officer. “Their counsel was invaluable as we implemented our growth strategy and conducted our due diligence on acquisition candidates that would add strategic value and expand our offering to a broader set of clients.”

Sal Guccione, Executive Chairman of Emmes said, “It has been my absolute pleasure teaming up with Behrman Capital, once again, to help identify and execute upon this opportunity and, ultimately, create significant value in the CRO space. I am extremely proud of the effort put forth by Christine and the entire Emmes team and wish them much continued success with Emmes’ next phase of growth with New Mountain Capital.”

For Emmes, Rothschild & Co and Baird served as financial advisors and Goodwin Procter served as legal advisor. For New Mountain Capital, Ropes & Gray served as legal advisor.

About Behrman Capital

Based in New York City, Behrman Capital was founded in 1991 by Grant G. and Darryl G. Behrman. The firm invests in management buyouts, leveraged buildups and recapitalizations of established growth businesses. The company’s investments are focused in three industries: defense and aerospace, healthcare services, and specialty manufacturing and distribution. The firm has raised $4.0 billion since inception and is currently investing out of its sixth fund.

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About Emmes

Founded in 1977, Emmes is a global, full-service clinical research organization dedicated to excellence in supporting the advancement of public health and biopharmaceutical innovation. The company’s clients include numerous agencies and institutes of the U.S. federal government and a wide range of biotechnology, pharmaceutical, and medical device companies throughout the world. To learn more about how our research is making a positive impact on human health, go to the Emmes website at


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