M&A Deal Summary

Gryphon Investors and Athyrium Capital Management Acquire Heartland Veterinary Partners

On December 12, 2019, private equity firm Gryphon Investors and asset manager Athyrium Capital Management acquired consumer services company Heartland Veterinary Partners from Tyree & D Angelo Partners

Acquisition Highlights
  • This is Gryphon Investors’ 2nd and Athyrium Capital Management’s 3rd transaction in the Consumer Services sector.
  • This is Gryphon Investors’ 55th and Athyrium Capital Management’s 34th transaction in the United States.
  • This is Gryphon Investors’ 4th and Athyrium Capital Management’s 3rd transaction in Illinois.

M&A Deal Summary

Date 2019-12-12
Target Heartland Veterinary Partners
Sector Consumer Services
Buyer(s) Gryphon Investors
Athyrium Capital Management
Sellers(s) Tyree & D Angelo Partners
Deal Type Secondary Buyout
Advisor(s) William Blair (Financial)
Winston & Strawn (Legal)

Target

Heartland Veterinary Partners

Chicago, Illinois, United States
website
Heartland Veterinary Partners is one of the highest quality and fastest growing veterinary support organizations in the United States, with nearly 100 veterinary practices across the Mid-American and Southern markets. Heartland’s footprint continues to rapidly expand through the successful execution of veterinary practice acquisitions and partnerships with independent practicing veterinarians focused on delivering general veterinary services to companion animals. Heartland Veterinary Partners is based in Chicago, Illinois.

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Buyer(S) 2

Buyer

Gryphon Investors

San Francisco, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1997
PE ASSETS 8.9B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Gryphon Investors is a private equity firm focused on making $50 to $300 million of equity or equity-linked investments in middle-market companies. Target transaction situations include traditional buyouts, leveraged build-ups, and growth financings. Gryphon will consider both control and shared-control positions. Sectors of interest include business services, consumer, retail, automotive, chemicals, general manufacturing, healthcare, and hotels. Gryphon Investors was formed in 1997 and is based in San Francisco, California.


DEAL STATS #
Overall 55 of 81
Sector (Consumer Services) 2 of 2
Type (Secondary Buyout) 16 of 24
State (Illinois) 4 of 7
Country (United States) 55 of 80
Year (2019) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-30 ECG Management Consultants

Seattle, Washington, United States

ECG Management Consultants, Inc. is a strategic consulting firm that is major healthcare forward, using knowledge and expertise built over the course of four decades to help clients see clearly where healthcare is going and to navigate toward success. ECG Management Consultants was founded in 1973 and is based in Seattle, Washington.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-23 Ncontracts

Brentwood, Tennessee, United States

Ncontracts LLC provides risk, vendor, and compliance management software to a rapidly expanding customer base of more than 1,300 financial institutions located in all 50 states and U.S. territories. Ncontracts's powerful combination of software and services enables financial institutions to achieve their risk management and compliance goals with an integrated, user-friendly cloud-based solution suite that encompasses vendor risk, compliance risk, and enterprise risk management.

Buy -
Buyer
DESCRIPTION

Athyrium Capital Management is a large asset manager focused on the healthcare sector. Athyrium invests in a wide range of financial instruments including royalties, structured credit, and equities as well as select special situations. Athyrium Capital was established in 2008 and is headquartered in New York City.


DEAL STATS #
Overall 37 of 44
Sector (Consumer Services) 3 of 3
Type (Secondary Buyout) 5 of 6
State (Illinois) 3 of 3
Country (United States) 34 of 39
Year (2019) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-16 ArisGlobal

Coral Gables, Florida, United States

ArisGlobal is a visionary technology company that’s transforming the way today’s most successful life sciences companies develop breakthroughs and bring new products to market. ArisGlobal’s LifeSphere drug development platform integrates cognitive computing technologies to automate the core functions of the product lifecycle. Designed with deep expertise and a long-term perspective that spans more than 30 years, the LifeSphere platform delivers actionable insights, boosts efficiency, ensures compliance, and lowers total cost of ownership through a multi-tenant SaaS model. ArisGlobal was founded in 1987 and is based in Coral Gables, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-19 Biora Therapeutics

San Diego, California, United States

Progenity helps patients and their families Prepare for Life, with medically relevant health information starting before conception, through pregnancy and adulthood. Using our highly-complex molecular diagnostic testing, healthcare providers can access the most advanced genomic technology to guide patient care at critical life stages. Progenity was founded in 2010 and is based in San Diego, California.

Sell -

Seller(S) 1

DESCRIPTION

Tyree & D'Angelo Partners (TDP) is a private equity firm that focuses on control investments in lower middle-market companies. TDP seeks companies with less then $50 million in annual revenue and EBITDA of $1 to $5 million. Sectors of interest include healthcare, consumer, agriculture, and business services. TDP has a preference for Midwestern US-based companies, but will consider opportunities across the US and Canada. Tyree & D'Angelo Partners was formed in 2013 and is based in Chicago, Illinois.


DEAL STATS #
Overall 2 of 2
Sector (Consumer Services) 1 of 1
Type (Secondary Buyout) 2 of 2
State (Illinois) 2 of 2
Country (United States) 2 of 2
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-01 Western Veterinary Partners

Denver, Colorado, United States

Western Veterinary Partners acquires and supports veterinary practices and animal hospitals with the non-clinical business challenges they face by providing industry-proven non-clinical administrative support services. Western Veterinary Partners is based in Denver, Colorado.

Buy -