M&A Deal Summary

NMS Capital and Apogem Capital Acquire DirectMed Imaging

On July 7, 2021, private equity firm NMS Capital and asset manager Apogem Capital acquired medical products company DirectMed Imaging from Mercury Partners

Acquisition Highlights
  • This is NMS Capital’s 2nd and Apogem Capital’s 5th transaction in the Medical Products sector.
  • This is NMS Capital’s 17th and Apogem Capital’s 65th transaction in the United States.
  • This is NMS Capital’s 3rd and Apogem Capital’s 4th transaction in California.
Investment Fate
  • DirectMed Imaging was sold to a consortium of financial buyers in 2024.

M&A Deal Summary
Date 2021-07-07
Target DirectMed Imaging
Sector Medical Products
Buyer(s) NMS Capital
Apogem Capital
Sellers(s) Mercury Partners
Deal Type Recapitalization
Advisor(s) Cypress (Legal)

Target

DirectMed Imaging

Poway, California, United States
DirectMed Imaging is a provider of medical imaging aftermarket parts, systems, and field service solutions. DirectMed Imaging was founded in 2011 and is based in Poway, California.

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Buyer(S) 2

Buyer

NMS Capital

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2010
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

New MainStream Capital is a private investment firm that specializes in strategic equity investments and leveraged buyouts. The Firm targets middle-market growth companies throughout the US. New Mainstream focuses on companies with experienced management, high operating margins, and strong cash flows. New MainStream looks to invest $25 to $75 million in companies valued up to $150 million. The Firm will consider opportunities in a variety of sectors, however the Firm has a special interest in healthcare services, consumer products/services, and specialized business services. New MainStream Capital was formed in 2010. The Firm is based in New York City with an additional office in Dallas, Texas.

DEAL STATS #
Overall 18 of 25
Sector (Medical Products) 2 of 2
Type (Recapitalization) 8 of 13
State (California) 3 of 3
Country (United States) 17 of 24
Year (2021) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-12 Safety Management Group

Indianapolis, Indiana, United States

Safety Management Group is a provider of workplace EHS services to clients spanning numerous geographies and end-markets including utilities, healthcare, pharmaceuticals, manufacturing, and construction. Safety Management Group was founded in 1991 and is based in Indianapolis, Indiana.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-12 Flourish Research

Apex, North Carolina, United States

Flourish Research is a clinical trial site network focused on performing the highest quality trials for sponsors and CROs and providing patients with an exceptional clinical experience. Flourish Research was founded in 2021 and is based in Apex, North Carolina.

Buy -
Buyer

Apogem Capital

Chicago, Illinois, United States
Category Asset Manager
Founded 2001
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apogem Capital is a diversified alternative investment manager and subsidiary of insurance provider, New York Life. Apogem manages a variety of investment strategies including private equity, private credit, and real assets. Within private equity, the Firm looks to make fund, direct, and secondary investments, as well as acquire GP stakes. Within its direct investing activity, Apogem targets mid-sized companies valued up to $250 million and will consider businesses throughout North America and Europe. Apogem Capital formed as the result of New York Life combining PA Capital, Madison Capital Funding, and Goldpoint Partners into one entity. Apogem Capital is based in New York City.

DEAL STATS #
Overall 65 of 69
Sector (Medical Products) 5 of 5
Type (Recapitalization) 10 of 10
State (California) 4 of 4
Country (United States) 65 of 69
Year (2021) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-23 Area Wide Protective

North Canton, Ohio, United States

Area Wide Protective is a provider of professional traffic control design and execution services in support of utility infrastructure maintenance and construction activity. Area Wide Protective was founded in 1993 and is based in North Canton, Ohio.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-11 Pentec Health

Glen Mills, Pennsylvania, United States

Pentec Health is a provider of specialty infusion services to patients who require access to complex pharmaceutical products and services outside of the hospital setting. Pentec Health was founded in 1983 and is based in Glen Mills, Pennsylvania.

Sell -

Seller(S) 1

SELLER

Mercury Partners

Investor

Category Private Equity Firm
Founded 2015
Size Small
Type Sector Agnostic
DESCRIPTION

Mercury Partners is a private investment firm focused on acquiring and operating lower middle-market, founder-owned businesses in the business services and financial services sectors. The Firm will consider opportunities throughout the US and generally seeks profitable ($1 to $4 million of EBITDA) companies with $10 to $50 million of revenue. Mercury Partners was established in 2015 and is based in Newport Beach, California.

DEAL STATS #
Overall 1 of 1
Sector (Medical Products) 1 of 1
Type (Recapitalization) 1 of 1
State (California) 1 of 1
Country (United States) 1 of 1
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-01 DirectMed Imaging

Poway, California, United States

DirectMed Imaging is a provider of medical imaging aftermarket parts, systems, and field service solutions. DirectMed Imaging was founded in 2011 and is based in Poway, California.

Buy -
Mergr

Product

Company

Legal