M&A Deal Summary

Bain Capital Private Equity, J.H. Whitney Capital Partners and Penfund Acquire Aveanna Healthcare

On March 16, 2017, private equity firm Bain Capital Private Equity, private equity firm J.H. Whitney Capital Partners and mezzanine finance firm Penfund acquired healthcare services company Aveanna Healthcare

Acquisition Highlights
  • This is Bain Capital Private Equity’s 10th, J.H. Whitney Capital Partners’ 2nd and Penfund’s 4th transaction in the Healthcare Services sector.
  • This is Bain Capital Private Equity’s 86th, J.H. Whitney Capital Partners’ 18th and Penfund’s 12th transaction in the United States.
  • This is Bain Capital Private Equity’s 8th, J.H. Whitney Capital Partners’ 2nd and Penfund’s 2nd transaction in Georgia.
Investment Fate
  • Aveanna Healthcare went public in 2021.

M&A Deal Summary

Date 2017-03-16
Target Aveanna Healthcare
Sector Healthcare Services
Buyer(s) Bain Capital Private Equity
J.H. Whitney Capital Partners
Penfund
Deal Type Consolidation

Target

Aveanna Healthcare

Atlanta, Georgia, United States
website
Aveanna Healthcare is a provider of pediatric home care with 180 locations in 23 states, and 26,000 caregivers currently serving over 40,000 patients. Aveanna Healthcare was founded in 2017 and is based in Atlanta, Georgia.

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Buyer(S) 3

Buyer

Bain Capital Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1984
PE ASSETS 44.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Bain Capital Private Equity (BCPE), is the private equity investment arm of alternative asset management firm, Bain Capital. BCPE targets leveraged buyout and growth capital transactions in a wide variety of industries including information technology, communications, media, healthcare, industrial/manufacturing, retail/consumer, and financial services. Bain Capital is based in Boston with additional offices in New York, London, Mumbai, Hong Kong, Shanghai, Tokyo, and Munich.


DEAL STATS #
Overall 156 of 227
Sector (Healthcare Services) 10 of 12
Type (Consolidation) 2 of 2
State (Georgia) 8 of 8
Country (United States) 86 of 120
Year (2017) 8 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-16 Epic Health Services

Dallas, Texas, United States

Epic Health Services, Inc. is a provider of pediatric services are designed to provide a high quality, lower cost alternative to prolonged hospitalization for medically fragile and chronically ill children.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-22 Macromill

Tokyo, Japan

Macromill is a provider of internet research services in Japan. Macromill was founded in 2000 and is based in Tokyo, Japan.

Sell -
Buyer

J.H. Whitney Capital Partners

New Canaan, Connecticut, United States

website


Category Private Equity Firm
Founded 1946
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

J.H. Whitney & Co. is a private equity firm focused on small and middle-market buyouts and recapitalizations of US-based, growth-oriented companies. The Firm targets companies with $50 to $500 million in revenue and looks to invest $20 to $125 million per transaction. Industries of interest include consumer, healthcare, specialty manufacturing, and business services. J.H. Whitney & Co. was formed in 1946 and is based in New Canaan, Connecticut.


DEAL STATS #
Overall 19 of 23
Sector (Healthcare Services) 2 of 2
Type (Consolidation) 1 of 1
State (Georgia) 2 of 2
Country (United States) 18 of 22
Year (2017) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-02 cabi

Compton, California, United States

cabi is a direct seller of women’s apparel and accessories with nearly 3,500 independent stylists who conduct shows in the homes of more than 78,000 hostesses throughout the U.S., U.K., and Canada. cabi was founded in 2002 and is based in Compton, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-06 Joe s Crab Shack

Houston, Texas, United States

Ignite Restaurant Group, Inc. owns and operates three restaurant businesses, Joe's Crab Shack, Romano's Macaroni Grill and Brick House Tavern+Tap.

Sell -
Buyer

Penfund

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 1979
PE ASSETS 2.7B CAD
Size Large
Type Sector Agnostic
DESCRIPTION

Penfund is a private investment firm that provides equity, junior capital, and alternative financing to Canadian-based middle-market companies with EBITDA of at least C$20 million. Penfund can commit up to C$225 million per transaction. Penfund does not have any industry preferences and its investments are generally used to support growth needs, recapitalization, shareholder liquidity, acquisitions, and buyouts. Penfund was formed in 1979 and is based in Toronto.


DEAL STATS #
Overall 25 of 28
Sector (Healthcare Services) 4 of 5
Type (Consolidation) 1 of 1
State (Georgia) 2 of 2
Country (United States) 12 of 14
Year (2017) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-17 PSA HealthCare

Norcross, Georgia, United States

PSA HealthCare is a provider of critically important home care services for medically fragile children. Recognized as an industry leader in quality that it developed over the Company’s 25 year history, PSA provides care to more than 2,500 patients across 17 states through over 65 offices. In addition to its core home-based pediatric private duty nursing platform, PSA provides a broad range of healthcare services, including home-based adult private duty nursing, home-based pediatric skilled nursing visits and therapies, outsourced school health programs, pediatric day treatment centers for medically fragile children and intellectual and developmental home care.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-29 Mavis Tire Supply

Millwood, New York, United States

Mavis Discount Tire is an independent tire retailer and wholesaler.

Sell -