M&A Deal Summary

Genstar Capital and Linden Capital Partners Acquire Advarra

On June 6, 2019, private equity firms Genstar Capital and Linden Capital Partners acquired life science company Advarra from Linden Capital Partners and Northlane Capital Partners

Acquisition Highlights
  • This is Genstar Capital’s 6th and Linden Capital Partners’ 7th transaction in the Life Science sector.
  • This is Genstar Capital’s 76th and Linden Capital Partners’ 31st transaction in the United States.
  • This is Genstar Capital’s 3rd and Linden Capital Partners’ 3rd transaction in Maryland.
Investment Fate
  • Advarra was sold to a consortium of financial buyers in 2022.

M&A Deal Summary
Date 2019-06-06
Target Advarra
Sector Life Science
Buyer(s) Genstar Capital
Linden Capital Partners
Sellers(s) Linden Capital Partners
Northlane Capital Partners
Deal Type Secondary Buyout
Advisor(s) Jefferies
Houlihan Lokey (Financial)
Kirkland & Ellis (Legal)

Target

Advarra

Columbia, Maryland, United States
website
Advarra is a provider of IRB, IBC, and compliance consulting services in North America. Fully accredited by AAHRPP, the company serves pharmaceutical, biotechnology, and medical device research sponsors and contract research organizations (CROs), as well as academic medical centers, hospital systems, investigative site networks, and patient advocacy groups. Advarra was founded in 1983 and is based in Columbia, Maryland.

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Buyer(S) 2

Buyer

Genstar Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1988
PE ASSETS 49.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Genstar Capital is a private equity firm that seeks investments in life science, healthcare, medical products, industrial technology, software, financial services, packaging, building materials, manufacturing, and business services companies. Genstar looks to invest between $50 and $400 million of equity capital in businesses valued up to $1 billion. Target transaction situations include control-oriented leveraged buyouts of corporate divisions, privately held businesses or public companies, minority investments in privately held businesses or public companies, ownership restructurings/recapitalizations of privately held businesses, growth equity financings, partnerships with other strategic or financial buyers, and take privates. Genstar Capital was formed in 1988 and is based in San Francisco, California.

DEAL STATS #
Overall 83 of 107
Sector (Life Science) 6 of 7
Type (Secondary Buyout) 33 of 47
State (Maryland) 3 of 4
Country (United States) 76 of 99
Year (2019) 5 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-04 Procure Analytics

Atlanta, Georgia, United States

Procure Analytics is software-centric, data-forward group purchasing organization for MRO and Packaging, leveraging $1B+ in buying power to achieve savings for member companies. Procure Analytics is based in Atlanta, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-02 OEC

Richfield, Ohio, United States

OEC is a global automotive technology provider for OEM distribution networks. OEC's suite of eCommerce, pricing, supply chain, service, business intelligence, parts cataloging, data solutions, and services helps automakers and their dealer networks sell more OE parts in the collision, fleet, mechanical and retail segments, as well as dealers’ own service lanes. OEC was founded in 2000 and is based in Richfield, Ohio.

Buy -
Buyer

Linden Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2004
PE ASSETS 3.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Linden LLC is a private equity firm that invests in businesses involved in the healthcare and life science sectors. However, the firm also executes any size private equity transaction between $10 million to $2 billion through the firm's alliance with Madison Dearborn Partners. Linden is not a venture capital investor. The firm specializes in investments in non-core businesses owned by large corporations, as well as traditional management buyouts of independent companies. Linden LLC was formed in 2004 and is based in Chicago, Illinois.

DEAL STATS #
Overall 31 of 48
Sector (Life Science) 7 of 10
Type (Secondary Buyout) 9 of 18
State (Maryland) 3 of 4
Country (United States) 31 of 47
Year (2019) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-27 Avalign Technologies

Rosemont, Illinois, United States

Avalign Technologies is a manufacturer of implants and instruments, specialty instrumentation, cutting tools, and cases and trays to the orthopedic medical device and specialty surgical markets. Avalign Technologies, Inc. is comprised of two divisions, avalign orthopedics, and avalign Surgical. Avalign Orthopedics manufactures premium implants and instruments for orthopedic, spine, and trauma applications. Avalign Technologies was founded in 2005 and is based in Rosemont, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-01 Regenity Biosciences

Paramus, New Jersey, United States

Regenity Biosciences is a developer and manufacturer of collagen-based medical products used for tissue and bone repair and regeneration. Collagen Matrix, Inc. develops proprietary products that are sold to OEM customers on either a contract or private label basis across orthopedic, sports medicine, dental, and neurosurgery end markets. Collagen Matrix, Inc. also offers partnership opportunities including distribution, contract product development, and contract manufacturing services. Regenity Biosciences was founded in 1997 and is based in Paramus, New Jersey.

Buy -

Seller(S) 2

SELLER

Linden Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2004
PE ASSETS 3.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Linden LLC is a private equity firm that invests in businesses involved in the healthcare and life science sectors. However, the firm also executes any size private equity transaction between $10 million to $2 billion through the firm's alliance with Madison Dearborn Partners. Linden is not a venture capital investor. The firm specializes in investments in non-core businesses owned by large corporations, as well as traditional management buyouts of independent companies. Linden LLC was formed in 2004 and is based in Chicago, Illinois.

DEAL STATS #
Overall 18 of 27
Sector (Life Science) 4 of 5
Type (Secondary Buyout) 6 of 9
State (Maryland) 2 of 3
Country (United States) 18 of 27
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-27 Avalign Technologies

Rosemont, Illinois, United States

Avalign Technologies is a manufacturer of implants and instruments, specialty instrumentation, cutting tools, and cases and trays to the orthopedic medical device and specialty surgical markets. Avalign Technologies, Inc. is comprised of two divisions, avalign orthopedics, and avalign Surgical. Avalign Orthopedics manufactures premium implants and instruments for orthopedic, spine, and trauma applications. Avalign Technologies was founded in 2005 and is based in Rosemont, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-01 Regenity Biosciences

Paramus, New Jersey, United States

Regenity Biosciences is a developer and manufacturer of collagen-based medical products used for tissue and bone repair and regeneration. Collagen Matrix, Inc. develops proprietary products that are sold to OEM customers on either a contract or private label basis across orthopedic, sports medicine, dental, and neurosurgery end markets. Collagen Matrix, Inc. also offers partnership opportunities including distribution, contract product development, and contract manufacturing services. Regenity Biosciences was founded in 1997 and is based in Paramus, New Jersey.

Buy -
SELLER

Northlane Capital Partners

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2014
PE ASSETS 1.6B USD
Size Large
Type Sector Focused
DESCRIPTION

Northlane Capital Partners is a private equity firm focused on acquiring mid-sized companies in the healthcare and business services sectors. The Firm looks to invest $25 to $150 million in profitable businesses valued up to $300 million. Northlane prefers companies with defensible market positions, recurring revenue business models, strong prospects for growth, and products with inelastic prices. Northlane Capital Partners was formed in 2014 and is headquartered in Bethesda, Maryland.

DEAL STATS #
Overall 1 of 3
Sector (Life Science) 1 of 1
Type (Secondary Buyout) 1 of 2
State (Maryland) 1 of 1
Country (United States) 1 of 3
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-09 Discovery Data

Eatontown, New Jersey, United States

Discovery Data is a provider of information services used to identify and reach firms and professionals in the financial services and insurance industries for effective product distribution, recruitment, and targeted marketing campaigns. Discovery Data was founded in 2002 and is based in Eatontown, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-25 VMG Health

Dallas, Texas, United States

VMG Health is a full-service valuation firm focused exclusively on healthcare companies. The Company provides a unique combination of healthcare industry, financial, and operational expertise to its customers nationwide. VMG Health was founded in 1995 and is based in Dallas, Texas.

Buy -
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