M&A Deal Summary

Ares Private Equity Group and Patient Square Capital Acquires Hanger

On July 21, 2022, private equity firms Ares Private Equity Group and Patient Square Capital acquired medical products company Hanger for 1.3B USD

Acquisition Highlights
  • This is Ares Private Equity Group’s 1st and Patient Square Capital’s 1st transaction in the Medical Products sector.
  • This is Ares Private Equity Group’s 8th and Patient Square Capital’s largest (disclosed) transaction.
  • This is Ares Private Equity Group’s 75th and Patient Square Capital’s 3rd transaction in the United States.
  • This is Ares Private Equity Group’s 9th and Patient Square Capital’s 1st transaction in Texas.

M&A Deal Summary

Date 2022-07-21
Target Hanger
Sector Medical Products
Buyer(s) Ares Private Equity Group
Patient Square Capital
Deal Type Going Private
Deal Value 1.3B USD
Advisor(s) Bank of America Merrill Lynch (BofA Securities) (Financial)
Foley & Lardner LLP (Legal)

Target

Hanger

Austin, Texas, United States
website
Hanger's corporate headquarters in Austin, Texas.
Hanger's corporate headquarters in Austin, Texas.
Hanger is a provider of orthotic and prosthetic (O&P) services and products. Hanger distributes branded and private label O&P devices, products, and components, and provides rehabilitative solutions. Hanger was formed in 1861 and is based in Austin, Texas.

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Buyer(S) 2

Buyer

Ares Private Equity Group

Los Angeles, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2003
PE ASSETS 20.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Ares Private Equity Group is the private equity arm of Ares Management, a global alternative asset manager. The Ares Private Equity Group specializes in opportunistic majority/shared control investments in under-capitalized middle-market companies. Ares looks for companies with strong franchises and attractive growth opportunities. The Group prefers to be the lead investor and will invest across the capital structure, including common equity, preferred equity, convertible equity/debt and senior debt. Areas of interest include business services, defense, healthcare, manufacturing, industrial, energy and consumer products and services. Ares Private Equity Group was formed in 2003 and is based in Los Angeles, California.


DEAL STATS #
Overall 87 of 88
Sector (Medical Products) 1 of 1
Type (Going Private) 6 of 6
State (Texas) 9 of 9
Country (United States) 75 of 76
Year (2022) 2 of 3
Size (of disclosed) 8 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-20 SLR Consulting

Buckinghamshire, United Kingdom

SLR Consulting is a provider of environmental consultancy services to public and private sector clients. SLR Consulting was founded in 1994 and is based in Buckinghamshire, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-23 Atlas Crane Service

Aurora, Illinois, United States

Atlas Crane Service is a full-service crane rental provider offering turnkey maintenance, repair, and overhaul solutions. Atlas Crane Service was founded in 2009 and is based in Aurora, Illinois.

Buy -
Buyer

Patient Square Capital

Investor Investor

website


Category Private Equity Firm
Founded 2020
SizeSmall
Type Sector Focused
DESCRIPTION

Patient Square Capital is a private investment firm specializing in the healthcare sector. The Firm seeks opportunities to invest broadly across the healthcare industry, including technology-enabled services, biopharmaceuticals, the pharmaceutical value chain, medical devices, diagnostics, providers, digital health and consumer health. Patient Square Capital was formed in 2020 and is headquartered in Menlo Park, California.


DEAL STATS #
Overall 3 of 3
Sector (Medical Products) 1 of 1
Type (Going Private) 2 of 2
State (Texas) 1 of 1
Country (United States) 3 of 3
Year (2022) 2 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-03 SOC Telemed

Herndon, Virginia, United States

SOC Telemed is a provider of telemedicine technology and solutions to hospitals, health systems, post-acute providers, physician networks, value-based care organizations, and health plans. Built on proven and scalable infrastructure as an enterprise-wide solution, SOC’s technology platform, Telemed IQ, rapidly deploys and seamlessly optimizes telemedicine programs across the continuum of care. SOC Telemed is based in Reston, Virginia.

Buy -