M&A Deal Summary

Cogdell Spencer Acquires Erdman

On March 13, 2008, Cogdell Spencer, Inc. acquired business services company Erdman Corp. from Lubar & Co. and Baird Capital for 247M USD

Acquisition Highlights
  • This is Cogdell Spencer’s 1st transaction in the Business Services sector.
  • This is Cogdell Spencer’s 1st largest (disclosed) transaction.
  • This is Cogdell Spencer’s 1st transaction in the United States.
  • This is Cogdell Spencer’s 1st transaction in Wisconsin.
Investment Fate
  • Erdman was divested to a financial buyer in 2012.

M&A Deal Summary

Date 2008-03-13
Target Erdman Corp.
Sector Business Services
Buyer(s) Cogdell Spencer, Inc.
Sellers(s) Lubar & Co.
Baird Capital
Deal Type Add-on Acquisition
Deal Value 247M USD

Target

Erdman Corp.

Madison, Wisconsin, United States
website
Erdman Corp. is a healthcare planning, development, and design-build firm, partnering with hospitals, integrated health systems, and physician groups to provide optimal healthcare facility solutions. Erdman was founded in 1951 and is based in Madison, Wisconsin.

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Buyer(S) 1

Buyer

Cogdell Spencer, Inc.

Charlotte, North Carolina, United States

Category Company
Founded 2005
SectorReal Estate
Employees370
DESCRIPTION

Cogdell Spencer specializes in the ownership, development, acquisition, management, and leasing of medical office buildings and healthcare related facilities.


DEAL STATS #
Overall 1 of 1
Sector (Business Services) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Wisconsin) 1 of 1
Country (United States) 1 of 1
Year (2008) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-03 Erdman Corp.

Madison, Wisconsin, United States

Erdman Corp. is a healthcare planning, development, and design-build firm, partnering with hospitals, integrated health systems, and physician groups to provide optimal healthcare facility solutions. Erdman was founded in 1951 and is based in Madison, Wisconsin.

Sell -

Seller(S) 2

SELLER

Lubar & Co.

Milwaukee, Wisconsin, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1968
SizeMiddle-Market
Type Sector Agnostic
DESCRIPTION

Lubar & Co. is a private investment firm that seeks control or minority investments in Midwest US-based companies from the Great Lakes to Texas. The Firm looks for businesses with at least $15 million of revenue and valued between $15 and $100 million. Sectors of interest include niche manufacturing, business services, energy, architecture/engineering/construction, healthcare products and services, and asset management. Prospective transaction situations can include management buyouts, generational changes of ownership, recapitalizations, corporate divestitures, late-stage growth equity, and co-investments with other private equity firms. Lubar & Co. was formed in 1968 and is based in Milwaukee, Wisconsin.


DEAL STATS #
Overall 1 of 7
Sector (Business Services) 1 of 1
Type (Add-on Acquisition) 1 of 5
State (Wisconsin) 1 of 2
Country (United States) 1 of 7
Year (2008) 1 of 1
Size (of disclosed) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-01 Optique Capital Management, Inc.

Milwaukee, Wisconsin, United States

Optique Capital Management, Inc. is an SEC registered investment advisor specializing in value-related products. Its current fund offerings include domestic large cap, international large cap, international ADR equity and global dividend value products.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-04-23 Shared Imaging LLC

Steamwood, Illinois, United States

Shared Imaging LLC is an independent provider of CT, MRI, and PET/CT systems to hospitals and healthcare providers. The company has over 200 diagnostic imaging systems in 42 states, including one of the most advanced MRI technology portfolios in the industry and is the largest independent provider of CT systems in the US. Shared Imaging was founded in 1987 and is based in Streamwood, Illinois.

Buy -
SELLER

Baird Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1989
PE ASSETS 3.1B USD
SizeLarge
Type Sector Agnostic
DESCRIPTION

Baird Capital Partners (BCP) is the US private equity arm of Baird Private Equity. BCP makes investments in middle-market companies based in the US. BCP targets companies valued between $25 and $125 million and looks to invest between $15 and $35 million of equity per transaction. BCP focuses on three primary areas including business services (transaction processing, process outsourcing, professional services), healthcare (outsourcing services, medical products, contract manufacturing), and manufactured products (industrial/commercial, specialty consumer, distribution). BCP is affiliated with Baird Capital Partners Europe, Baird Capital Partners Asia, Baird Venture Partners, and Granville Baird Capital Partners. Baird Capital Partners is based in Chicago, Illinois.


DEAL STATS #
Overall 19 of 43
Sector (Business Services) 3 of 6
Type (Add-on Acquisition) 13 of 27
State (Wisconsin) 8 of 10
Country (United States) 19 of 39
Year (2008) 1 of 2
Size (of disclosed) 1 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-02-26 Ellman International, Inc.

Oceanside, New York, United States

Ellman International is a privately-held manufacturer of surgical devices used to perform medical, dental and veterinary procedures in the United States, Europe and Asia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-04-15 Viant Medical

Foxborough, Massachusetts, United States

Viant Medical is a contract manufacturing organization (“CMO”), specializing in medical device components. The company offers a broad range of capabilities that support the global medical device original equipment manufacturers’ production of devices for diagnostic, orthopedic, surgical and other applications. Viant was founded in 2007 and is based in Foxborough, Massachusetts.

Buy -