M&A Deal Summary

Berkshire Partners, TPG and The Blackstone Group Acquire Precision Medicine Group

On December 21, 2017, private equity firms Berkshire Partners, TPG and The Blackstone Group acquired life science company Precision Medicine Group from J.H. Whitney Capital Partners

Acquisition Highlights
  • This is Berkshire Partners’ 2nd, TPG’s 39th and The Blackstone Group’s 5th transaction in the Life Science sector.
  • This is Berkshire Partners’ 68th, TPG’s 204th and The Blackstone Group’s 142nd transaction in the United States.
  • This is Berkshire Partners’ 1st, TPG’s 4th and The Blackstone Group’s 5th transaction in Maryland.

M&A Deal Summary
Date 2017-12-21
Target Precision Medicine Group
Sector Life Science
Buyer(s) Berkshire Partners
TPG
The Blackstone Group
Sellers(s) J.H. Whitney Capital Partners
Deal Type Secondary Buyout
Advisor(s) Goldman Sachs
Jefferies
Perella Weinberg Partners (Financial)
Debevoise & Plimpton (Legal)

Target

Precision Medicine Group

Bethesda, Maryland, United States
website
Precision Medicine Group is a specialized services company supporting next-generation approaches to drug development and commercialization. Precision provides an integrated infrastructure that supports pharmaceutical and life sciences companies as they develop new products in the age of precision medicine. Precision Medicine Group was founded in 2012 and is based in Bethesda, Maryland.

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Buyer(S) 3

Buyer

Berkshire Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1984
PE ASSETS 16.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Berkshire Partners is a private equity firm focused on investing in businesses with strong management and that lead their respective markets. Berkshire will consider investments in both public and private companies. Prospective transactions for private companies include leveraged buyouts, recapitalizations, growth capital financings, and privatizations. Public company transactions include take-privates, PIPEs, and equity stakes. Berkshire generally looks to invest $150 to $500 million of equity capital per transaction in companies valued up to $2 billion. Sectors of interest include industrial manufacturing, consumer products, retailing, transportation, communications and business services. Berkshire Partners was formed in 1984 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 76 of 99
Sector (Life Science) 2 of 2
Type (Secondary Buyout) 13 of 21
State (Maryland) 1 of 1
Country (United States) 68 of 87
Year (2017) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-18 Husky

Bolton, Ontario, Canada

Husky is a global supplier of injection molding equipment and services to the plastics industry. The company has more than 40 service and sales offices, supporting customers in over 100 countries. Husky’s manufacturing facilities are located in Canada, the United States, Luxembourg, Austria, Switzerland, China, India and the Czech Republic.

Sell $3.9B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-24 SRS Distribution

McKinney, Texas, United States

SRS Distribution is a distributor of residential roofing materials and supplies in the U.S. SRS has over 160 branches in more than 40 states serving a diverse group of roofing contractors, home builders, and retailers. SRS Distribution was founded in 2008 and is based in McKinney, Texas.

Sell $3.0B
Buyer

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1992
PE ASSETS 137.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.

DEAL STATS #
Overall 306 of 401
Sector (Life Science) 39 of 42
Type (Secondary Buyout) 39 of 63
State (Maryland) 4 of 5
Country (United States) 204 of 269
Year (2017) 33 of 33
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-19 Kindred

Louisville, Kentucky, United States

Kindred is a healthcare services company based in Louisville, Kentucky. Kindred provides healthcare services in 2,353 locations, including 97 transitional care hospitals, five inpatient rehabilitation hospitals, 98 nursing centers, 21 sub-acute units, 153 Kindred at Home hospice, home health and non-medical home care locations, 104 inpatient rehabilitation units (hospital-based), and a contract rehabilitation services business, RehabCare, which serves 1,875 non-affiliated facilities. Kindred was founded in 1985 and is based in Louisville, Kentucky.

Buy $4.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-01 Empower Micro Systems

Santa Clara, California, United States

Empower Micro Systems is a developer of a disruptive energy inversion technology designed to offer ubiquitous, safe, and high-quality solar energy for all.

Sell -
Buyer

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1987
PE ASSETS 131.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group is a global alternative investment management firm. The Firm's investment activities span real estate, secondary investments, hedge funds, credit, infrastructure, and private equity. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York City.

DEAL STATS #
Overall 233 of 320
Sector (Life Science) 5 of 8
Type (Secondary Buyout) 40 of 73
State (Maryland) 5 of 6
Country (United States) 142 of 202
Year (2017) 21 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-18 Trans Maldivian Airways

Male, Maldives

Trans Maldivian Airways is a seaplane operator carrying approximately 400,000 passengers annually from Velana International Airport in the Maldives’ capital of Malé, to luxury resorts on islands through out the country. Trans Maldivian Airways was founded in 1988 and is based in Male, Maldives.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-24 Gates Industrial

Denver, Colorado, United States

Gates Industrial is a manufacturer of power transmission belts and a premier global manufacturer of fluid power products. Gates Industrial was founded in 1911 and is based in Denver, Colorado.

Sell -

Seller(S) 1

SELLER

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 27
Sector (Life Science) 3 of 3
Type (Secondary Buyout) 12 of 14
State (Maryland) 2 of 2
Country (United States) 18 of 26
Year (2017) 6 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-11 Uncle Julio s

Irving, Texas, United States

Uncle Julio's is a polished casual Mexican restaurant concept that provides customers unique offerings from its made-from-scratch menu. Uncle Julio’s operates 29 restaurants across seven states including Texas, Virginia, Maryland, Illinois, Florida, Georgia, and Tennessee. Uncle Julio's was founded in 1986 and is based in Irving, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-01 Southern Aluminum

Magnolia, Arkansas, United States

Southern Aluminum is a manufacturer of furniture and accessories for the hospitality and convention center industries. Southern Aluminum was founded in 1978 and is based in Magnolia, Arkansas.

Buy -
Mergr

Product

Company

Legal