M&A Deal Summary

Cressey and HgCapital Acquire HHAeXchange

On January 9, 2019, private equity firms Cressey and HgCapital acquired internet software and services company HHAeXchange from McCarthy Partners Management, Wincove Private Holdings and Martis Capital Managment

Acquisition Highlights
  • This is Cressey’s 1st and HgCapital’s 14th transaction in the Internet Software and Services sector.
  • This is Cressey’s 28th and HgCapital’s 5th transaction in the United States.
  • This is Cressey’s 2nd and HgCapital’s 2nd transaction in New York.

M&A Deal Summary
Date 2019-01-09
Target HHAeXchange
Sector Internet Software and Services
Buyer(s) Cressey
HgCapital
Sellers(s) McCarthy Partners Management
Wincove Private Holdings
Martis Capital Managment
Deal Type Recapitalization
Advisor(s) Lincoln International (Financial)

Target

HHAeXchange

New York, New York, United States
HHAeXchange is a homecare management software solution for the Medicaid LTSS population. The company acts as a single source of truth in connecting payers, providers, and patients through an intuitive web-based platform, enabling unparalleled communication, transparency, and visibility. HHAeXchange was formed ion 2008 and is based in New York City.

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Buyer(S) 2

Buyer

Cressey

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
PE ASSETS 1.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Cressey & Company LP is a specialist private equity investment firm focused on buy-and-build opportunities in the healthcare sector. The firm invests in the range of $10 - $100 million and EBITA of at least $5 million. The firm specific areas of interest include hospitals, homecare, outpatient services, and specialty distribution. Types of transaction include buyout, growth and recapitalization. It also seeks controlling interest. Cressey & Company has offices in Chicago, Illinois and Nashville, Tennessee.

DEAL STATS #
Overall 29 of 34
Sector (Internet Software and Services) 1 of 2
Type (Recapitalization) 5 of 6
State (New York) 2 of 2
Country (United States) 28 of 33
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-10 InnerChange

Orem, Utah, United States

InnerChange is a provider of residential treatment offering clinically sophisticated therapeutic services and accredited academics to young women with behavioral, emotional and substance abuse problems. InnerChange was founded in 2006 and is based in Orem, Utah.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-12 Statlab Medical Products

McKinney, Texas, United States

Statlab Medical Products is a developer and manufacturer of cost-effective histology, cytology, and immunohistochemistry diagnostic supplies. StatLab offers 1,750 of the most commonly purchased diagnostic supplies used by independent and hospital-based anatomic pathology laboratories. Statlab Medical Products was founded in 1976 and is based in McKinney, Texas.

Sell -
Buyer

HgCapital

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2000
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HgCapital is a European private equity firm focused on a wide range of transactions including public-to-private leveraged buy-outs, management buy-ins, divestitures, and turnarounds. Broad sectors of interest include consumer and leisure, healthcare, industrials, services, technology, media, and renewable energy. The Firm will consider both majority and minority investment positions. HgCapital is the successor to Mercury Capital Partners, a former unit of Merill Lynch which was spun out by management in 2000. HgCapital has offices in London and Munich.

DEAL STATS #
Overall 105 of 141
Sector (Internet Software and Services) 14 of 21
Type (Recapitalization) 2 of 3
State (New York) 2 of 3
Country (United States) 5 of 16
Year (2019) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-21 Combell

Ghent, Belgium

Combell is a mass web hoster offering services from domain names, email and shared hosting to online presence, e-commerce solutions and server hosting in the cloud. Combell was founded in 1999 and is based in Ghent, Belgium.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-29 Transporeon

Ulm, Germany

Transporeon is a provider of transportation logistics cloud platform allows manufacturers, retailers and carriers to fully digitize their transportation logistics processes. Transporeon was founded in 2000 and is based in Ulm, Germany.

Buy -

Seller(S) 3

SELLER

McCarthy Partners Management

Omaha, Nebraska, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1986
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

McCarthy Capital is a private equity firm that seeks to invest in mid-to-late-stage companies. The firm looks for companies with revenue of at least $15 million and $3 million in operating profits. McCarthy will consider companies across a broad range of industries possessing significant growth opportunities through participation in growing markets, market share expansion, industry consolidation or innovative business strategies. McCarthy prefers to invest in the range of $5 and $125 million, and will take a minority or majority ownership stake in companies where management has material capital at risk. McCarthy Capital was founded in 1986 and is based in Omaha, Nebraska.

DEAL STATS #
Overall 14 of 25
Sector (Internet Software and Services) 2 of 2
Type (Recapitalization) 2 of 2
State (New York) 1 of 1
Country (United States) 14 of 25
Year (2019) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-14 BiggerPockets

Denver, Colorado, United States

BiggerPockets is an online resource for investors looking to build wealth through real estate investing. Real estate investors using the BiggerPockets platform partake in regular discussion and debate about best practices across a broad array of real estate and wealth-building topics. The company produces free-to-consume educational content across written, audio and video channels, provides tools and networking solutions to paying subscribers and facilitates connections between investors and real estate professionals, such as lenders and agents. BIggerPockets was founded in 2004 and is based in Denver, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-02 Corkcicle

Orlando, Florida, United States

Corkcicle develops, markets and sells innovative branded consumer products across several categories, including premium insulated drinkware, barware, soft-coolers and more. Corkcicle was founded in 2010 and is based in Orlando, Florida.

Buy -
SELLER

Wincove Private Holdings

New York, New York, United States

Investor Investor

Category Private Equity Firm
Founded 2008
Size Small
Type Sector Agnostic
DESCRIPTION

Wincove Private Holdings is an independent private equity firm that invests in smaller, profitable companies in partnership with management. Wincove looks to support family and/or seller succession transactions, recapitalizations, management buyouts, consolidations, and corporate divestitures. Wincove is a generalist firm, and will consider opportunities in a variety of industries. The Firm targets companies located in the US and Canada. Prospective companies typically have less then $50 million in revenue. Wincove Private Holdings was formed in 2008 and is based in New York City.

DEAL STATS #
Overall 5 of 10
Sector (Internet Software and Services) 1 of 1
Type (Recapitalization) 1 of 1
State (New York) 1 of 2
Country (United States) 5 of 10
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-01 Purgo Holdings

United States

Purgo Holdings is focused on building a platform of filtration and separation technologies in high-growth water and infrastructure and process filtration and separation markets. Purgo Holdings is based in the United States.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-09 Fortbrand Services

Plainview, New York, United States

Fortbrand Services is a provider of maintenance and support equipment for the global aviation industry. Fortbrand’s Ground Support Equipment business provides sales, leasing, and short-term rentals of mission-critical ground support equipment to airlines, ground handling companies, and fixed base operators. The Company’s Airfield Maintenance Equipment business distributes and leases snow removal and maintenance equipment to airports. Fortbrand Services was founded in 1983 and is based in Plainview, New York.

Buy -
SELLER

Martis Capital Managment

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2012
Size Small
Type Sector Focused
DESCRIPTION

Martis Capital Management is a private equity firm focused exclusively on the North American middle-market healthcare industry. The Firm seeks founder-led companies in the services and outsourcing, information technology, consumer and wellness, and products and diagnostic sub-sectors. Martis considers buyout and growth equity opportunities with typical transactions between $25 and $100 million. Martis Capital Management is headquartered in San Francisco, California.

DEAL STATS #
Overall 3 of 10
Sector (Internet Software and Services) 1 of 2
Type (Recapitalization) 1 of 3
State (New York) 1 of 1
Country (United States) 3 of 10
Year (2019) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-31 Citizens Rx

Oak Park, Illinois, United States

Citizens Rx is a provider of pharmacy benefit management services, including formulary management, claims processing, and rebate administration. Citizens Rx was founded in 2009 and is based in Oak Park, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-01 Citizens Rx

Oak Park, Illinois, United States

Citizens Rx is a provider of pharmacy benefit management services, including formulary management, claims processing, and rebate administration. Citizens Rx was founded in 2009 and is based in Oak Park, Illinois.

Sell -
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