M&A Deal Summary

Cressey & Company Acquires InnerChange

On December 20, 2011, private equity firm Cressey & Company acquired healthcare services company InnerChange from CIC Partners

Acquisition Highlights
  • This is Cressey & Company’s 11th transaction in the Healthcare Services sector.
  • This is Cressey & Company’s 15th transaction in the United States.
  • This is Cressey & Company’s 1st transaction in Utah.
Investment Fate
  • InnerChange was sold to a strategic buyer in 2018.

M&A Deal Summary

Date 2011-12-20
Target InnerChange
Sector Healthcare Services
Buyer(s) Cressey & Company
Sellers(s) CIC Partners
Deal Type Secondary Buyout

Target

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.

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Buyer(S) 1

Buyer

Cressey & Company

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 16 of 37
Sector: Healthcare Services M&A 11 of 20
Type: Secondary Buyout M&A Deals 2 of 8
State: Utah M&A 1 of 1
Country: United States M&A 15 of 36
Year: 2011 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-09-06 Essent Healthcare

Nashville, Tennessee, United States

Essent Healthcare, Inc. is owns and operates non-urban acute care hospitals that are essential to communities in Pennsylvania, Massachusetts, Connecticut, and Texas.

Sell $260M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-06-21 US Renal Care

Plano, Texas, United States

US Renal Care is a provider of outpatient treatment centers for persons suffering from chronic and acute renal disease. The company serves more than 25,000 patients in 335 dialysis facilities in 32 states and the Territory of Guam. US Renal Care was founded in 2000 and is based in Plano, Texas.

Sell -

Seller(S) 1

SELLER

CIC Partners

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1974
PE ASSETS 500M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

CIC Partners is a lower middle-market private equity firm that targets investments in energy, food service, manufacturing, service, retail, technology, and media companies. CIC looks for businesses generating sales of $10 to $500 million where the firm can invest $5 to $50 million of equity capital, either as a majority or minority position. Prospective transaction situations include management-led buyouts, growth financings, and recapitalizations. CIC Partners is the successor to Cardinal Investment Company's Private Equity Group, originally formed in 1974. CIC Partners is based in Dallas, Texas.


DEAL STATS #
Overall 19 of 32
Sector: Healthcare Services M&A 1 of 1
Type: Secondary Buyout M&A Deals 6 of 9
State: Utah M&A 1 of 1
Country: United States M&A 18 of 31
Year: 2011 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-01-03 SPG Holdings

Dallas, Texas, United States

Founded in 2005, SPG Holdings is a paper products manufacturer with a focus on supplying the restaurant and foodservice distribution industries. SPG has state-of-the-art manufacturing plants in Georgia, Mississippi and Wisconsin with the ability to supply a full suite of paper products including napkins, sandwich wraps, carryout bags and deli paper.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-18 Legends

New York, New York, United States

Legends provides hospitality, merchandise, ticket sales, planning, sponsorships and experiential services to the sports and entertainment industries, as well as the management of landmark attractions such as Yankee Stadium, AT&T Stadium (home of the Dallas Cowboys) and the observatory at New York City’s World Trade Center. Legends was founded in 2008 and is based in New York.

Sell -