M&A Deal Summary

DCA Partners, Gladstone Investment and CVF Capital Partners Acquire Cordant Health Solutions

On April 10, 2023, merchant bank DCA Partners, business development company Gladstone Investment and mezzanine finance firm CVF Capital Partners acquired healthcare services company Cordant Health Solutions from Waud Capital Partners

Acquisition Highlights
  • This is DCA Partners’ 2nd, Gladstone Investment’s 1st and CVF Capital Partners’ 1st transaction in the Healthcare Services sector.
  • This is DCA Partners’ 14th, Gladstone Investment’s 23rd and CVF Capital Partners’ 28th transaction in the United States.
  • This is DCA Partners’ 1st, Gladstone Investment’s 3rd and CVF Capital Partners’ 1st transaction in Colorado.

M&A Deal Summary

Date 2023-04-10
Target Cordant Health Solutions
Sector Healthcare Services
Buyer(s) DCA Partners
Gladstone Investment
CVF Capital Partners
Sellers(s) Waud Capital Partners
Deal Type Secondary Buyout

Target

Cordant Health Solutions

Denver, Colorado, United States
website
Cordant Health Solutions is a provider of behavioral healthcare and medication monitoring services, offering laboratory testing and pharmacy services to help clinicians and other stakeholders coordinate and optimize the care of individuals afflicted with substance use disorders, mental health conditions or chronic pain. Cordant Health Solutions was founded in 2012 and is based in Denver, Colorado.

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Buyer(S) 3

Buyer

DCA Partners

Roseville, California, United States

Investor Investor Investor Investor Investor

website


Category Merchant Bank
Founded 2001
Size Small
Type Sector Agnostic
DESCRIPTION

DCA Partners is private investment and advisory firm focused on growth-oriented businesses. DCA Capital looks to provide expansion capital to mid-sized businesses in underserved markets across California and the Southwest US. DCA typically targets businesses generating sales of $10 to $100 million and can commit up to $10 million per transaction. Sectors of interest include business and financial services, healthcare (services/IT), manufacturing and distribution, technology, media and publishing, and retail. DCA Partners was formed in 2001 and is headquartered in Roseville, California.


DEAL STATS #
Overall 14 of 15
Sector (Healthcare Services) 2 of 2
Type (Secondary Buyout) 1 of 1
State (Colorado) 1 of 1
Country (United States) 14 of 15
Year (2023) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-11 IES HVAC

Sacramento, California, United States

IES HVAC is a full-service mechanical contractor involved in the design, construction, service and maintenance of HVAC and refrigeration systems for commercial and industrial facilities. IES HVAC was founded in 1988 and is based in Sacramento, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-29 Smash Park

West Des Moines, Iowa, United States

Smash Park is an indoor/outdoor “eatertainment” brand that combines scratch-driven food and craft beverages with an extensive offering of entertainment and recreation activities anchored by indoor and outdoor pickleball courts. Smash Park is based in West Des Moines, Iowa.

Buy -
DESCRIPTION


DEAL STATS #
Overall 23 of 25
Sector (Healthcare Services) 1 of 1
Type (Secondary Buyout) 2 of 2
State (Colorado) 3 of 3
Country (United States) 23 of 25
Year (2023) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-06 Dema Plumbing

Centennial, Colorado, United States

Dema Plumbing is a plumbing and mechanical systems installation and services provider to single-family and multi-family residential homebuilders. Dema Plumbing is based in Centennial, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-22 Home Concepts

Santa Barbara, California, United States

Home Concepts is an independently owned home improvement advertising publication in the United States. The company focuses on connecting homeowners to high-quality residential repair and remodeling businesses by publishing and distributing advertising magazines throughout its footprint of more than 3.8 million homeowners across California, Texas, Arizona, Nevada, Washington, Colorado, and Tennessee. Home Concepts is headquartered in Santa Barbara, California.

Buy -
Buyer

CVF Capital Partners

Davis, California, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 2005
Size Small
Type Sector Agnostic
DESCRIPTION

CVF Capital Partners is a private investment firm created to provide growth capital for small to mid-sized businesses located in the California Central Valley. CVF looks to commit $3 to $15 million of capital in the form of mezzanine debt to companies with revenues of 5 million, and at least $1 million of cash-flow. CVF funds are generally used to support business expansions, acquisitions, or to refinance. CVF was formed by the principals of Gael Partners. CVF Capital Partners was founded in 2005 and is based in Davis, California.


DEAL STATS #
Overall 28 of 29
Sector (Healthcare Services) 1 of 1
Type (Secondary Buyout) 3 of 3
State (Colorado) 1 of 2
Country (United States) 28 of 29
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-08 Molded Devices

Tempe, Arizona, United States

Molded Devices is a manufacturer of custom dip molded, dip-coated, and injection molded parts. MDI specializes in short run, small batch, custom molded products primarily for U.S.-based OEM customers in industrial, medical, and consumer end markets. Molded Devices was founded in 1998 and is based in Tempe, Arizona.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-04-10 Cordant Health Solutions Toxicology Direct Bill

Denver, Colorado, United States

Cordant Health Solutions' Toxicology Direct Bill provides drug testing and lab services for parole agencies, probation, and drug courts as well as medication-assisted and abstinence clinics.

Buy -

Seller(S) 1

SELLER

Waud Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1993
PE ASSETS 3.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Waud Capital Partners is a private equity firm that pursues investments in mid-sized manufacturing, distribution and service companies. Waud looks for businesses with proven management, operating in well defined markets, and that demonstrate strong growth potential. The Firm typically invests $50 to $200 million. Specific areas of interest include adhesives, air/water treatment, alarm monitoring, auto components, coatings, consumer products, home healthcare services, hospitals, lighting, litigation support, medical distribution, petroleum distribution, pharmaceuticals, publishing, sealants, specialty hospitals, and tax consultants. Prospective transaction situations include buyouts, recapitalizations and industry consolidations. Waud Capital Partners was established in 1993 and is based in Chicago, Illinois.


DEAL STATS #
Overall 24 of 26
Sector (Healthcare Services) 7 of 7
Type (Secondary Buyout) 8 of 8
State (Colorado) 2 of 2
Country (United States) 23 of 25
Year (2023) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-15 GI Alliance

Dallas, Texas, United States

GI Alliance is an independent gastroenterology practice in the US, measured both by provider count and by revenue, operating in Dallas, Fort Worth, Austin, San Antonio, Houston, and several metropolitan markets in Louisiana. GI Alliance was founded in 2018 and is based in Dallas, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-21 ChiroTouch

San Diego, California, United States

ChiroTouch is a provider of chiropractic software technology solutions, including ChiroTouch Complete Practice Software and SmartCloud Chiropractic EHR Software. With industry-leading support, training and compliance expertise, ChiroTouch partners with practices of every type to help them easily automate operations, improve patient care and increase profitability. ChiroTouch is based in San Diego, California.

Sell -