M&A Deal Summary

Summit Partners and Charterhouse Strategic Partners Acquires LogistiCare Solutions

On May 1, 2004, private equity firm Summit Partners and Charterhouse Strategic Partners acquired healthcare services company LogistiCare Solutions LLC for 155M USD

Acquisition Highlights
  • This is Summit Partners’ 13th and Charterhouse Strategic Partners’ 2nd transaction in the Healthcare Services sector.
  • This is Summit Partners’ 4th and Charterhouse Strategic Partners’ 1st largest (disclosed) transaction.
  • This is Summit Partners’ 145th and Charterhouse Strategic Partners’ 7th transaction in the United States.
  • This is Summit Partners’ 6th and Charterhouse Strategic Partners’ 1st transaction in Georgia.
Investment Fate
  • LogistiCare Solutions was sold to a publicly-traded strategic buyer in 2007 for 220M USD.

M&A Deal Summary

Date 2004-05-01
Target LogistiCare Solutions LLC
Sector Healthcare Services
Buyer(s) Summit Partners
Charterhouse Strategic Partners
Deal Type Recapitalization
Deal Value 155M USD
Advisor(s) William Blair & Co. LLC (Financial)

Target

LogistiCare Solutions LLC

Atlanta, Georgia, United States
website
LogistiCare (Atlanta, GA) is a leader in the non-emergency medical transportation (NEMT) service sector. The company provides transportation services to governmental agencies and other human services organizations that are typically under cost pressures due to the increasing costs of healthcare and declining budgets. State Medicaid programs are required by federal regulation to provide recipients with access to and from medical encounters; however, states are often poorly equipped to efficiently and economically self perform and manage for this mission-critical transportation requirement.

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Buyer(S) 2

Buyer

Summit Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1984
PE ASSETS 19.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Summit Partners is a private equity and venture capital firm with offices in Boston, Palo Alto, and London. Summit looks for businesses operating in growth industries. Sectors of interest include business services, communications technology and services, consumer products, energy, financial services, healthcare and life sciences, industrial products, internet/information services, media/entertainment, semiconductors, electronics, and software. Summit Partners is known for having a proactive business development group for sourcing transactions. Summit will consider both minority or majority investment stakes and is willing to commit as little as $10 million or as much as $500 million in combined debt/junior capital per transaction. The Firm's geographic coverage spans North America and Europe. Summit Partners was formed in 1984.


DEAL STATS #
Overall 151 of 337
Sector (Healthcare Services) 13 of 36
Type (Recapitalization) 2 of 12
State (Georgia) 6 of 11
Country (United States) 145 of 286
Year (2004) 7 of 11
Size (of disclosed) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-04-14 Hostelworld Group plc

Dublin, Ireland

Hostelworld Group plc provides online bookings and reservations technology for the budget, independent, and youth travel sectors worldwide, through its boo.com, hostelworld.com, and hostels.com brands.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-05-11 Alopa Networks, Inc.

Santa Clara, California, United States

Alopa Networks provides end-to-end subscriber services solutions that allow broadband Internet service providers to create and deploy subscriber services quickly and cost-effectively.

Sell $15M
Buyer

Charterhouse Strategic Partners

Summit, New Jersey, United States

website


Category Private Equity Firm
Founded 1973
SizeMiddle-Market
Type Sector Agnostic
DESCRIPTION

Charterhouse Strategic Partners is a private equity firm that targets investments in middle market companies located throughout North America. Charterhouse typically pursues companies valued between $25 and $150 million, however the firm will also consider new platform companies valued less than $50 million if there is the possibility for rapid expansion (organic or through acquisitions). Target companies generally possess highly motivated management with a proven track record, scalable business models, sustainable competitive advantages (brand recognition/proprietary products), and a leading position in a growing market. Broad sectors of interest include business services, healthcare services, consumer products, and consumer services. Charterhouse was founded in 1973 and is based in Summit, New Jersey.


DEAL STATS #
Overall 8 of 18
Sector (Healthcare Services) 2 of 2
Type (Recapitalization) 1 of 2
State (Georgia) 1 of 2
Country (United States) 7 of 17
Year (2004) 2 of 4
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-04-08 Upstream Rehabilitation, Inc.

Birmingham, Alabama, United States

Upstream Rehabilitation, Inc. is a provider of a comprehensive set of outpatient rehabilitation services through over 300 owned and managed physical therapy clinics across twenty-two states. Upstream Rehabilitation was established in 2003 and is based in Birmingham, Alabama.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-05-24 LASON, Inc.

Troy, Michigan, United States

Lason, Inc. (Troy, MI) enables organizations to secure their decisions and their futures by improving business processes through outsourced services in industries that are data and document-intensive. The company serves the financial services, healthcare, government, manufacturing and industrial markets where accuracy, privacy and security are top concerns. Our customized solutions provide substantial and identifiable cost savings.

Buy -