M&A Deal Summary

The Carlyle Group, Level Equity Management and Silversmith Capital Partners Acquire Net Health

On December 18, 2017, private equity firm The Carlyle Group, private equity firm Level Equity Management and growth capital firm Silversmith Capital Partners acquired software company Net Health

Acquisition Highlights
  • This is The Carlyle Group’s 45th, Level Equity Management’s 4th and Silversmith Capital Partners’ 3rd transaction in the Software sector.
  • This is The Carlyle Group’s 295th, Level Equity Management’s 17th and Silversmith Capital Partners’ 12th transaction in the United States.
  • This is The Carlyle Group’s 12th, Level Equity Management’s 1st and Silversmith Capital Partners’ 1st transaction in Pennsylvania.

M&A Deal Summary

Date 2017-12-18
Target Net Health
Sector Software
Buyer(s) The Carlyle Group
Level Equity Management
Silversmith Capital Partners
Deal Type Secondary Buyout
Advisor(s) Aeris Partners LLC (Financial)
Choate Hall & Stewart LLP (Legal)

Target

Net Health

Pittsburgh, Pennsylvania, United States
website
Net Health is a provider of software solutions for specialized outpatient care. Net Health offers EHR solutions serve five medical specialty markets and offer clients an end-to-end solution that includes practice management tools, clinical workflow documentation, revenue cycle management, expert coaching, and analytics. Net Health was established in 1993 and is based in Pittsburgh, Pennsylvania.

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Buyer(S) 3

Buyer

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1987
PE ASSETS 376.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.


DEAL STATS #
Overall 602 of 695
Sector (Software) 45 of 53
Type (Secondary Buyout) 90 of 125
State (Pennsylvania) 12 of 13
Country (United States) 295 of 336
Year (2017) 25 of 27
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-18 MedRisk

King of Prussia, Pennsylvania, United States

MedRisk is a provider of managed physical medicine services for the workers’ compensation industry in the U.S. The company consistently delivers clinically superior patient outcomes via the coordination and active management of physical medicine services for workers' compensation patients. Today, it manages physical therapy, occupational therapy, and chiropractic treatments for more than 500,000 injured workers annually through a nationwide network across 49 states and Washington, D.C. MedRisk was founded in 1994 and is based in King of Prussia, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-19 Signode Industrial Group

Glenview, Illinois, United States

Signode Industrial Group, Inc. is a global manufacturer of steel and plastic strapping, stretch film and the application equipment and accessory products for each. Signode is the world's leading supplier of transit packaging systems and solutions, which consist of strap, stretch and protective packaging consumables and the application equipment and tooling for each. Based in Glenview, Illinois, Signode's global footprint includes operations in 40 countries across 6 continents, with sales to customers in approximately 60 countries.

Sell $3.9B
Buyer
DESCRIPTION

Level Equity Management LLC is a private investment firm focused on providing equity and structured capital to growth businesses. Sectors of interest include e-commerce, healthcare services, IT, internet software, and media. Level Equity Management was formed in 2009 and is based in New York City.


DEAL STATS #
Overall 21 of 59
Sector (Software) 4 of 18
Type (Secondary Buyout) 2 of 9
State (Pennsylvania) 1 of 1
Country (United States) 17 of 49
Year (2017) 7 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-28 Ensenta

Redwood Shores, California, United States

Ensenta Corp. is a provider of cloud-based imaging and self-service technologies for the Financial Services Industry. Ensenta was founded in 2001 and is based in Redwood Shores, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-22 ClubReady

St. Louis, Missouri, United States

ClubReady LLC is a provider of Software as a Service (SaaS), payments solutions and professional services to over 2,200 fitness clubs and studios. ClubReady LLC was established in 2007 and is based in St. Louis, Missouri.

Sell -
DESCRIPTION

Silversmith Capital Partners is a private investment firm focused on growth capital investments in SaaS and healthcare IT/services companies. The Firm looks to invest $20 to $125 million in growing companies (20%+) with at least $10 million in revenue. Silversmith Capital Partners was established in 2015 and is headquartered in Boston, Massachusetts.


DEAL STATS #
Overall 13 of 37
Sector (Software) 3 of 14
Type (Secondary Buyout) 1 of 1
State (Pennsylvania) 1 of 1
Country (United States) 12 of 32
Year (2017) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-05 daVinci

Buffalo Grove, Illinois, United States

daVinci is a provider of prepaid solutions for global incentive and reward programs. daVinci offers robust corporate partner platforms that distribute both physical and virtual cards through leading-edge digital solutions where payments can be distributed via email, text message or product packaging. daVinci was established in 1996 and is based in Buffalo Grove, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-01 Iodine Software

Austin, Texas, United States

Iodine Software is a provider of artificial intelligence-based software solutions for health systems that reduce errors and omissions in clinical documentation. Iodine Software was established in 2010 and is based in Austin, Texas.

Buy -