M&A Deal Summary

Linden Capital Partners and Golub Capital Acquire Pinnacle Treatment Centers

On August 10, 2016, private equity firm Linden Capital Partners and lender Golub Capital acquired healthcare services company Pinnacle Treatment Centers from Celerity Partners and Gemini Investors

Acquisition Highlights
  • This is Linden Capital Partners’ 7th and Golub Capital’s 6th transaction in the Healthcare Services sector.
  • This is Linden Capital Partners’ 22nd and Golub Capital’s 46th transaction in the United States.
  • This is Linden Capital Partners’ 1st and Golub Capital’s 3rd transaction in New Jersey.

M&A Deal Summary

Date 2016-08-10
Target Pinnacle Treatment Centers
Sector Healthcare Services
Buyer(s) Linden Capital Partners
Golub Capital
Sellers(s) Celerity Partners
Gemini Investors
Deal Type Secondary Buyout
Advisor(s) Piper Jaffray Companies (Financial)
Sheppard Mullin Richter & Hampton LLP (Legal)

Target

Pinnacle Treatment Centers

Mt. Laurel, New Jersey, United States
website
Pinnacle Treatment Centers is a comprehensive provider of substance abuse treatment services to individuals that are addicted to drugs and / or alcohol. Pinnacle Treatment Centers was founded in 2006 and is based in Mt. Laurel, New Jersey.

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Buyer(S) 2

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 22 of 48
Sector (Healthcare Services) 7 of 13
Type (Secondary Buyout) 4 of 18
State (New Jersey) 1 of 3
Country (United States) 22 of 47
Year (2016) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-05-01 Hycor Biomedical

Garden Grove, California, United States

Hycor Biomedical, Inc. manufactures and markets high quality diagnostic products used in clinical laboratories throughout the world to test for a range of medical disorders. Hycor Biomedical was founded in 1981 and is based in Garden Grove, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-03 Merical

Orange, California, United States

Merical is a provider of value‐added contract manufacturing and custom bottling and packaging services, along with a broad range of laboratory support services to several of the most recognized retailers and nutritional supplement brands in the industry. Merical was founded in 1965 and is based in Orange, California.

Buy -
Buyer

Golub Capital

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Lender
Founded 1994
PE ASSETS 55.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Golub Capital is a private investment firm focused on making debt and equity investments in US based middle-market companies. Golub looks to invest between $5 and $75 million in businesses with established operating cash flow, strong customer relationships, and 'sustainable proprietary positions in their markets'. Prospective investment structures include refinancings, recapitalizations, buyouts, and growth financings. Sectors of interest include consumer products, business and consumer services, defense, manufacturing, value-added distribution, media, healthcare services and restaurants. Golub Capital was formed in 1994 and maintains offices in New York City, Atlanta, and Chicago.


DEAL STATS #
Overall 46 of 67
Sector (Healthcare Services) 6 of 9
Type (Secondary Buyout) 16 of 27
State (New Jersey) 3 of 5
Country (United States) 46 of 65
Year (2016) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-14 Feeders Supply

Louisville, Kentucky, United States

Feeders Supply is an operator of 16 retail locations primarily in the Louisville metropolitan area. The company is focused on providing “everything you need for all the pets you feed” and offers a broad selection of premium pet food brands and products. Feeders Supply was founded in 1959 and is headquartered in Louisville, Kentucky.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-01 Wetzel s Pretzels

Pasadena, California, United States

Wetzel's Pretzels is an owner and franchisor of soft pretzel stores. Wetzel's menu includes a variety of fresh-baked soft pretzels, Wetzel Dogs, Wetzel Bitz, and beverages. Today, Wetzel’s Pretzels has 305 locations in 28 states and six countries. Wetzel's stores are located in shopping malls, outlet centers, theme parks, select discount retail stores, train stations, and airports. Wetzel’s Pretzels was founded in 1994 and is headquartered in Pasadena, California.

Buy -

Seller(S) 2

SELLER

Celerity Partners

Los Angeles, California, United States

Investor Investor Investor

website


Category Private Equity Firm
Founded 1995
Size Small
Type Sector Agnostic
DESCRIPTION

Celerity Partners is a private equity firm that has invested equity capital in the change of control transactions of private companies. Celerity Partners typically partner with business owners to provide liquidity to entrepreneur and family-owned businesses, recapitalize existing owners of independent companies or facilitate corporate divestitures. Celerity Partners will consider investment opportunities across a wide range of industries in Healthcare, Contract Manufacturing, Energy Services, Infrastructure, and Environmental Services, and Transportation & Logistics. Celerity Partners was formed in 1995 and has offices in Los Angeles and Menlo Park.


DEAL STATS #
Overall 16 of 23
Sector (Healthcare Services) 1 of 2
Type (Secondary Buyout) 6 of 8
State (New Jersey) 1 of 1
Country (United States) 14 of 21
Year (2016) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-05-25 Synteract

Carlsbad, California, United States

Synteract, Inc. is an operator of a full-service international contract research organization (CRO) focused on Phase I‐IV clinical trials for emerging to mid-sized biopharma clients in the U.S., Europe, and Asia. Synteract was founded in 1995 and is based in Carlsbad, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-12-15 All Aboard America! Holdings

Mesa, Arizona, United States

All Aboard America! Holdings, Inc. is a provider of charter bus tours and travel services.

Sell -
SELLER

Gemini Investors

Wellesley, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1993
PE ASSETS 650M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Gemini Investors is a middle-market private equity firm that targets investments in growing and established businesses. Areas of interest include technology, business services, consumer services, healthcare, education, manufacturing and distribution. Gemini looks for companies with $5 to $50 million in annual revenue and typically makes investments of $3 to $8 million in the form of preferred stock and/or subordinated debt. Prospective transaction types include growth capital, recapitalization and buyout situations. Gemini Investors was formed in 1993 and is based in Wellesley, Massachusetts.


DEAL STATS #
Overall 29 of 47
Sector (Healthcare Services) 6 of 7
Type (Secondary Buyout) 10 of 13
State (New Jersey) 1 of 2
Country (United States) 29 of 47
Year (2016) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-01 Coast of Maine

Portland, Maine, United States

Coast of Maine is a provider of branded organic soil and fertilizer products made from composted, locally sourced marine residuals. Coast of Maine brand has built a reputation for top quality organic products delivered through independent garden centers. Coast of Maine was founded in 1996 and is based in Portland, Maine.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-03 Jan-pro Holdings

Alpharetta, Georgia, United States

JAN-PRO operates its business in the commercial cleaning franchising industry and licenses its master franchise owners and unit franchisees under the trademark 'JAN-PRO.

Sell -