M&A Deal Summary

Varian Medical Systems Acquires Aspekt Solutions

On September 26, 2023, Varian Medical Systems acquired healthcare services company Aspekt Solutions from L2 Capital Partners and Merion Investment Partners

Acquisition Highlights
  • This is Varian Medical Systems’ 5th transaction in the Healthcare Services sector.
  • This is Varian Medical Systems’ 13th transaction in the United States.
  • This is Varian Medical Systems’ 1st transaction in Maryland.

M&A Deal Summary

Date 2023-09-26
Target Aspekt Solutions
Sector Healthcare Services
Buyer(s) Varian Medical Systems
Sellers(s) L2 Capital Partners
Merion Investment Partners
Deal Type Add-on Acquisition

Target

Aspekt Solutions

Greenbelt, Maryland, United States
website
Aspekt Solutions provides radiology and radiation oncology providers the staff, guidance, and expertise they need to turn a high-risk, high-capital business into a competitive advantage. Aspekt Solutions was founded in 2000 and is based in Greenbelt, Maryland.

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Buyer(S) 1

Buyer

Varian Medical Systems

Palo Alto, California, United States

website


Category Company
Founded 1948
Sector Medical Products
Revenue 3.2B USD (2020)
DESCRIPTION
Varian's corporate headquarters in Palo Alto, California.
Varian's corporate headquarters in Palo Alto, California.

Varian Medical Systems is a manufacturer of medical devices and software for treating cancer and other medical conditions with radiotherapy, radiosurgery, proton therapy, and brachytherapy. The company supplies informatics software for managing comprehensive cancer clinics, radiotherapy centers and medical oncology practices. Varian is a supplier of tubes and digital detectors for X-ray imaging in medical, scientific, and industrial applications and also supplies X-ray imaging products for cargo screening and industrial inspection. Varian Medical Systems was formed in 1948 and is based in Palo Alto, California.


DEAL STATS #
Overall 25 of 25
Sector (Healthcare Services) 5 of 5
Type (Add-on Acquisition) 22 of 22
State (Maryland) 1 of 1
Country (United States) 13 of 13
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-25 Bend It Technologies

Petach Tikva, Israel

Bend It Technologies develops and manufactures innovative catheters based on a unique bending technology, enabling extensive steering abilities in micro-diameter and conventional catheter wires and tubes. Bend It Technologies is based in Petach Tikva, Israel.

Buy -

Seller(S) 2

SELLER

L2 Capital Partners

Devon, Pennsylvania, United States

Investor Investor Investor Investor Investor

website


Category Family Office
Founded 2011
Size Small
Type Sector Agnostic
DESCRIPTION

L2 Capital Partners is a lower middle-market private equity firm focused on investing in manufacturing, distribution and service companies. L2 looks to invest up to $20 million per transaction to support shareholder liquidity needs, ownership transitions, or for growth. L2 will consider opportunities throughout North America with generating $10 to $125 million in revenue and up to $20 million of EBITDA. L2 Capital was formed in 2011 and is based in Devon, Pennsylvania.


DEAL STATS #
Overall 7 of 7
Sector (Healthcare Services) 1 of 1
Type (Add-on Acquisition) 3 of 3
State (Maryland) 1 of 1
Country (United States) 7 of 7
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-08 YakAttack

Farmville, Virginia, United States

YakAttack is a vertically integrated, designer and manufacturer of branded mounted aftermarket accessories primarily used to outfit and rig kayaks for fishing. YakAttack was founded in 2009 and is based in Farmville, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-01 Kosmo’s Q

Oklahoma City, Oklahoma, United States

Kosmo’s Q is a rapidly growing brand and premium brand for barbecue rubs, sauces, brines, injections, glazes, and accessories that currently sells through Direct-to-Consumer (D2C) and through a growing number of retail and grocery chains. Kosmo’s Q was founded in 2009 and is based in Oklahoma City.

Buy -
DESCRIPTION

Merion Investment Partners is a mezzanine finance firm that provides subordinated debt to middle-market growth Companies generating at least $10 million in sales and at least $2 million in EBITDA. Merion focuses on opportunities in business services, specialty manufacturing, and healthcare services and products. Merion's invests in the range of $4 and $20 million per transaction. Merion Investment Partners was formed in 2003 and is based in King of Prussia, Pennsylvania.


DEAL STATS #
Overall 25 of 26
Sector (Healthcare Services) 3 of 3
Type (Add-on Acquisition) 9 of 9
State (Maryland) 2 of 2
Country (United States) 25 of 26
Year (2023) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-08 SRE Environmental

Phoenix, Arizona, United States

SRE Environmental is a provider of turnkey transportation services for the management of all types of liquid waste, solid waste, and specialty freight. SRE Environmental was founded in 2005 and is based in Phoenix, Arizona.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-17 TopFire Media

Homewood, Illinois, United States

TopFire Media is a full-service digital marketing and public relations firm that primarily serves the franchising industry. TopFire Media is based in Homewood, Illinois.

Buy -