M&A Deal Summary

22C Capital, Advent International and Spectrum Equity Acquire Definitive Healthcare

On June 5, 2019, private equity firms 22C Capital, Advent International and Spectrum Equity acquired information services company Definitive Healthcare from Spectrum Equity

Acquisition Highlights
  • This is 22C Capital’s 1st, Advent International’s 3rd and Spectrum Equity’s 5th transaction in the Information Services sector.
  • This is 22C Capital’s 1st, Advent International’s 78th and Spectrum Equity’s 67th transaction in the United States.
  • This is 22C Capital’s 1st, Advent International’s 15th and Spectrum Equity’s 5th transaction in Massachusetts.
Investment Fate
  • Definitive Healthcare went public in 2021.

M&A Deal Summary

Date 2019-06-05
Target Definitive Healthcare
Sector Information Services
Buyer(s) 22C Capital
Advent International
Spectrum Equity
Sellers(s) Spectrum Equity
Deal Type Recapitalization
Advisor(s) Evercore Group (Financial)
Latham & Watkins
Rich May (Legal)

Target

Definitive Healthcare

Framingham, Massachusetts, United States
website
Definitive Healthcare is a provider of data and intelligence on hospitals, physicians, and other healthcare providers. The company’s data provides its 2,200+ clients with the analytics and insight needed to effectively segment and research the healthcare provider market. Definitive Healthcare was founded in 2011 and is based in Framingham, Massachusetts.

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Buyer(S) 3

DESCRIPTION

22C Capital is a private investment firm focused on opportunities in the business services, healthcare, and financial services sectors. 22C is a hands-on investor and will consider companies throughout the US. 22C Capital was formed in 2017 and is headquartered in New York City.


DEAL STATS #
Overall 1 of 4
Sector (Information Services) 1 of 1
Type (Recapitalization) 1 of 1
State (Massachusetts) 1 of 1
Country (United States) 1 of 4
Year (2019) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-26 Accuity Delivery Systems

Mount Laurel, New Jersey, United States

Accuity Delivery Systems is a revenue cycle management business that provides clinical documentation improvement, coding and quality assurance and provider education services to its hospital clients. Accuity Delivery Systems is based in Mount Laurel, New Jersey.

Buy -
Buyer

Advent International

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1984
PE ASSETS 76.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Advent is a global private equity firm that targets investments in North America, Europe, Asia, and Latin America. Advent's emerging market efforts are concentrated in Central Europe and Latin America. Advent seeks transactions valued between $50 million and $5 billion and can commit up to $2 billion of equity capital per investment. Broad areas of interest include business & financial services, retail & consumer, technology, media, & telecoms, healthcare & life sciences, and industrial. Prospective transaction types include buyouts, growth capital financings, take privates, and recapitalizations. Advent was formed in 1984 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 269 of 330
Sector (Information Services) 3 of 4
Type (Recapitalization) 13 of 13
State (Massachusetts) 15 of 16
Country (United States) 78 of 100
Year (2019) 6 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-16 AccentCare

Dallas, Texas, United States

AccentCare is a provider of post-acute healthcare, with partnerships and care models covering the full continuum from personal, non-medical care to skilled nursing, rehabilitation, hospice, and care management. AccentCare was founded in 1999 and is headquartered in Dallas, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-07 Vitaldent

Madrid, Spain

Vitaldent is an operator of a network of dental care clinics. Vitaldent operates approximately 300 owned and franchised clinics in Spain, making it one of the largest dental chain networks in Europe. Vitaldent offers a wide range of services, including general odontology, surgery and implants, endodontics, dental aesthetics, prosthesis orthodontics, and pediatric dentistry. Vitaldent was founded in 1991 and is based in Madrid, Spain.

Buy -
Buyer

Spectrum Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1994
PE ASSETS 4.7B USD
Size Large
Type Sector Focused
DESCRIPTION

Spectrum Equity Management L.P. is a private equity investor focused on service businesses. Spectrum specifically targets established businesses in the media, communications, IT, information, and business services industries. The Firm looks to commit $25 to $100 million of equity capital per transaction and focuses on opportunities throughout North America and Western Europe. Prospective transaction situations include leveraged buyouts, recapitalizations, acquisition financings, and secondary purchases. Spectrum Equity Investors was formed in 1994 and has offices in Boston, Massachusetts and Menlo Park, California.


DEAL STATS #
Overall 77 of 94
Sector (Information Services) 5 of 8
Type (Recapitalization) 6 of 6
State (Massachusetts) 5 of 5
Country (United States) 67 of 81
Year (2019) 4 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-19 Ease

San Francisco, California, United States

Ease is an operator of a cloud-based benefits enrollment software platform built for insurance brokers and employers. Ease makes it simple to set up and manage benefits, onboard new hires, stay compliant, and offer employees one destination for all their human resources information. Ease was founded in 2015 and is based in San Francisco, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-16 Visual Lease

Woodbridge, New Jersey, United States

Visual Lease is an accounting software provider including comprehensive and sophisticated real estate and equipment lease management and accounting software platforms for public and private companies, government entities and other organizations with 50 to 20,000+ leases. Visual Lease was founded in 1995 and is based in Woodbridge, New Jersey.

Buy -

Seller(S) 1

SELLER

Spectrum Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1994
PE ASSETS 4.7B USD
Size Large
Type Sector Focused
DESCRIPTION

Spectrum Equity Management L.P. is a private equity investor focused on service businesses. Spectrum specifically targets established businesses in the media, communications, IT, information, and business services industries. The Firm looks to commit $25 to $100 million of equity capital per transaction and focuses on opportunities throughout North America and Western Europe. Prospective transaction situations include leveraged buyouts, recapitalizations, acquisition financings, and secondary purchases. Spectrum Equity Investors was formed in 1994 and has offices in Boston, Massachusetts and Menlo Park, California.


DEAL STATS #
Overall 56 of 70
Sector (Information Services) 4 of 6
Type (Recapitalization) 2 of 2
State (Massachusetts) 3 of 5
Country (United States) 51 of 63
Year (2019) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-19 Ease

San Francisco, California, United States

Ease is an operator of a cloud-based benefits enrollment software platform built for insurance brokers and employers. Ease makes it simple to set up and manage benefits, onboard new hires, stay compliant, and offer employees one destination for all their human resources information. Ease was founded in 2015 and is based in San Francisco, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-16 Visual Lease

Woodbridge, New Jersey, United States

Visual Lease is an accounting software provider including comprehensive and sophisticated real estate and equipment lease management and accounting software platforms for public and private companies, government entities and other organizations with 50 to 20,000+ leases. Visual Lease was founded in 1995 and is based in Woodbridge, New Jersey.

Buy -