Charlotte, NC, October 8, 2020 – Bundy Group, a healthcare and life sciences-focused investment bank focused on the advisory needs of clients for over 31 years, is pleased to announce that Catawba Research has partnered with a financial investment firm focused on control investments in the life sciences sector. Catawba Research is a premier international, full-service contract research organization (“CRO”) that provides clinical management services to pharmaceutical and biotechnology companies. The investment will support Catawba Research’s next phase of growth and strengthen its position within the life sciences market.

This transaction represents the first institutional capital placed into Catawba Research. The new partnership will serve as an important milestone in Catawba Research’s goal of becoming a leading international pharmaceutical services organization. Following the acquisition, Zaidoon A. Al-Zubaidy, Founder and Chief Executive Officer, and the existing senior management team will continue to operate Catawba Research while the new financial partner will offer additional resources and board-level support.

Zaidoon A. Al-Zubaidy commented, “Catawba Research is excited to take this journey with our partners who share our ‘people first’ values. This is an exciting time for our team and our loyal sponsors. With this partnership, we are confident that Catawba will become one of the premier global clinical research providers.”

“Catawba Research has built an outstanding foundation of talent and operational excellence,” commented Stewart Carlin, Director with Bundy Group. “The company has continually demonstrated its ability to form lasting relationships with pharmaceutical sponsors and deliver superior results through consistent innovation and vertical integration. We are thrilled to have advised on this transaction, and we believe this new partnership will allow Catawba Research to accelerate its growth and value creation in the future.”

Bundy Group served as exclusive financial advisor in the transaction. Bundy Group was retained by Catawba Research based on the investment bank’s experience in the healthcare and life sciences sectors. Bundy Group managed a thorough process, which yielded significant buyer interest in the CRO and resulted in the Catawba Research shareholders achieving their financial and strategic goals. This successful transaction marks Bundy Group’s third healthcare transaction since April of this year.

About Catawba Research

Catawba Research is a vertically integrated contract research organization providing clinical management services to pharmaceutical and biotechnology companies globally. The Company focuses on Phase II – IV trials across the dermatology, women’s health, ophthalmology and gastroenterology therapeutic areas. Catawba Research manages clinical end point trials for New Drug Applications (NDA) and Abbreviated New Drug Applications (ANDA). The Company has established a global footprint with site relationships across the U.S., Central America and India. Since 2014, Catawba Research has engaged in nearly 50 clinical trials in 13 indications, achieving 15 agency approvals in the USA and Canada. The Company is headquartered in Charlotte, NC with additional locations in Texas, New Mexico and Michigan. The Company also provides data management, biostatistics, medical writing, and clinical CRO services through its location in Mumbai, India.

About Bundy Group

Bundy Group provides investment banking and transaction advisory services to clients across numerous markets, including healthcare and life sciences. The highly experienced team within Bundy Group includes transaction and operating professionals with a combined 100 years of experience in investment banking and corporate finance. As a 31-year-old boutique firm, the senior team leverages its specialized focus on our core markets to guide clients through the entire process of selling their company, raising capital, and pursuing acquisitions for growth.

Montgomery, AL, October 1, 2020 – Bundy Group is pleased to announce that Dermatology Associates of Montgomery, a leading dermatology practice based in the Southeast, has been acquired by Advanced Dermatology and Cosmetic Surgery (“ADCS”), the largest dermatology practice in the country. Bundy Group served as exclusive financial advisor to Dr. Steve Maddox, owner of Dermatology Associates of Montgomery, in the sale. Dr. Maddox retained Bundy Group based on the investment bank’s extensive experience in the healthcare and dermatology segments.

“It is an honor to welcome dermatologists of the caliber of Drs. Maddox and Mountcastle to our practice,” said Advanced Dermatology and Cosmetic Surgery’s Founder and Executive Chairman Dr. Matt Leavitt. “Dermatology Associates of Montgomery has earned a reputation for excellence for more than 50 years. They share our commitment to providing comprehensive dermatologic care to everyone in a welcoming environment that elevates the patient experience and adheres to the highest standards of quality and patient safety. We look forward to supporting their continuing service to families in the Montgomery area.”

ADCS CEO Brian Griffin said, “We extend a warm welcome to Drs. Maddox and Mountcastle and all the patients and staff of Dermatology Associates of Montgomery. Welcome to our family of practices dedicated to high quality and excellent service. We look forward to our continuing journey together.”

Dr. Maddox is board certified and holds a lifetime certificate from the American Board of Dermatology. A U.S. Navy veteran, he is a clinical associate professor of medicine at UAB Health Center Montgomery and is active in teaching medical students and residents. Dr. Maddox has been published in the Journal of the American Academy of Dermatology.

Dr. Mountcastle is board certified and was a flight surgeon in the U.S. Air Force. She has been with Dermatology Associates of Montgomery since 1990 and has been published in the Journal of the American Academy of Dermatology and the Archives of Dermatology.

They formulate individualized treatment plans for patients and take a systematic approach to monitoring their health with annual Total Body Skin Cancer Exams and other tools, which help to detect skin cancer and other concerns at the earliest, most treatable stages.

”We have admired the commitment to quality, service and integrity demonstrated by the team at ADCS and look forward to working more closely with them as we continue to serve our patients and build our practice with their support,” said Drs. Maddox and Mountcastle.


Bundy Group is a boutique investment bank with offices in Charlotte, New York, and Virginia. Bundy Group has a deep track record in the healthcare segment, which includes advising physician practice providers. The highly experienced team within Bundy Group specializes in representing business and practice owners in business sales, capital raises, and acquisitions. To learn more about Bundy Group, please visit


Based in Montgomery, Alabama, Dermatology Associates of Montgomery is recognized as a leading dermatology provider within the Southeast. Over its 50-year history, Dermatology Associates of Montgomery has been committed to providing the highest quality patient care.


Advanced Dermatology and Cosmetic Surgery is the largest premier dermatology practice in the country. With more than 140 offices in 14 states, Advanced Dermatology and Cosmetic Surgery is one of the nation’s premier providers of practice management services to dermatologists and has partnered with more than 50 practices since 2012. Advanced Dermatology’s mission is to increase access to high quality dermatologic care by providing exceptional business support services to practicing dermatologists.

To learn more about Advanced Dermatology or to inquire about opportunities to partner with us, visit

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