Cressey Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Cressey has acquired 3 companies. It has also invested in 1 other.

Cressey’s most common sectors for investment are healthcare services (49%) and medical products (18%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (32%) and recapitalization (21%). In total, Cressey has invested in 14 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 2004 when it acquired Select Medical Holdings for $2.3B.

In the last 3 years, Cressey has exited 4 companies. The Firm’s most common exit type is trade sale (53%). Cressey’s largest (disclosed) exit occurred in 2014 when it sold Encompass Home Health for $750M.

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M&A Summary

  • M&A Total Activity47
    • M&A Buy Activity28
    • M&A Sell Activity19
  • Total Sectors Invested 9
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 25
  • M&A Advisors 5

Cressey & Co. LP

155 N. Wacker Drive, Suite 4500,
Chicago, Illinois 60606
United States
(312) 945-5700
www.cresseyco.com
cresseychicago@cresseyco.com

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.


Investment Criteria

Sectors of Interest: Consumer Services, Healthcare Services, Life Science, Medical Products

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Recapitalization, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA 5 -
Investment Size 10 100
Enterprise Value 50 300
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (1.2/yr) # 22 2 1 2 - 1 28
vol $3.4B $3.4B
Sell (0.8/yr) # 15 - - - - 4 19
vol $1.4B $1.4B
  47

Most Recent M&A

Company Date Value Type
Verisys Corp. 2021-07-16 - Secondary Buyout
Alexandria, Virginia · www.verisys.com
Lifeway Mobility LLC 2021-06-23 - Recapitalization
Hartford, Connecticut · www.lifewaymobility.com
Sentage Corp. 2021-04-01 - Add-on Acquisition
St. Petersburg, Florida · www.dentalservices.net
RestorixHealth 2021-03-02 - Add-on Acquisition
White Plains, New York · www.restorixhealth.com
Statlab Medical Products, Inc. 2021-01-12 - Secondary Buyout
McKinney, Texas · www.statlab.com
Homecare Software Solutions LLC 2019-01-09 - Recapitalization
Long Island City, New York · www.hhaexchange.com
HHAeXchange 2019-01-08 - Growth Capital
Long Island City, New York · www.hhaexchange.com
Elite Dental Partners LLC 2018-06-13 - Secondary Buyout
Chicago, Illinois · www.elitedentalpartners.com
Statlab Medical Products, Inc. 2017-06-08 - Recapitalization
McKinney, Texas · www.statlab.com
Verisys Corp. 2017-03-14 - Growth Capital
Alexandria, Virginia · www.verisys.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Concentra, Inc. 2015-03-23 Valor Healthcare, Inc. 2020-09-01 1
Addison, Texas · www.concentra.com Addison, Texas · www.valorhealthcare.com

M&A by Sector

Sector Current # Value All-time # Value
Healthcare Services 4 (40%) 1.1B (100%) 14 (48%) 3.4B (100%)
Medical Products 1 (10%) - 5 (17%) -
Consumer Services 1 (10%) - 2 (7%) -
Internet Software and Services 2 (20%) - 2 (7%) -
Software - - 2 (7%) -
Education 1 (10%) - 1 (3%) -
Food 1 (10%) - 1 (3%) -
Information Technology - - 1 (3%) -
Life Science - - 1 (3%) -
Total 10 $1.1B 29 $3.4B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 10 (100%) 1.1B (100%) 28 (97%) 3.4B (100%)
  Texas 1 (10%) 1.1B (100%) 5 (17%) 1.1B (31%)
  New York 2 (20%) - 3 (10%) -
  Tennessee 1 (10%) - 3 (10%) -
  Illinois 1 (10%) - 3 (10%) -
  Massachusetts 1 (10%) - 2 (7%) -
  Connecticut 1 (10%) - 2 (7%) -
  California 1 (10%) - 2 (7%) -
  Pennsylvania - - 2 (7%) 2.3B (69%)
  Utah 1 (10%) - 1 (3%) -
  Iowa 1 (10%) - 1 (3%) -
  Wisconsin - - 1 (3%) -
  Virginia - - 1 (3%) -
  Louisiana - - 1 (3%) -
  Florida - - 1 (3%) -
Ireland - - 1 (3%) -
Domestic 10 (100%) 1.1B (100%) 28 (97%) 3.4B (100%)
Cross-border - - 1 (3%) -
Total 10 $1.1B 29 $3.4B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 1 (10%) - 9 (31%) -
Recapitalization 3 (30%) - 6 (21%) -
Secondary Buyout 2 (20%) - 5 (17%) -
Growth Capital 2 (20%) - 4 (14%) -
Venture - - 2 (7%) -
Going Private - - 1 (3%) 2.3B (69%)
Divestiture 1 (10%) 1.1B (100%) 1 (3%) 1.1B (31%)
Add-on Acquisition 1 (10%) - 1 (3%) -
Total 10 $1.1B 29 $3.4B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 5 (26%) 1.2B (82%)
Trade Sale 5 (26%) 260M (18%)
Secondary Sale 5 (26%) -
IPO 2 (11%) -
Recapitalization 2 (11%) -
Total 19 $1.4B

Top M&A Advisors

Financial Deals
Triple Tree LLC
1
CIT Capital Securities LLC
1
Legal Deals
Ropes & Gray LLP
8
Kirkland & Ellis LLP
2
McDermott Will & Emery LLP
1

Deal Values

buy # Total
> $1B 2 $3.4B
TOTAL $3.4B
Largest Select Medical Holdings Corp.
$2.3B (2004-10-18)
sell # Total
$100M to $1B 3 $1.4B
< $100M 1 $38M
TOTAL $1.4B
Largest Encompass Home Health, Inc. (EHHI)
$750M (2014-11-24)

M&A Connections

Deals
Acquired from
Investor(s)
34%
10 (34%)
Strategic(s)
3%
1 (3%)
Exited to
Investor(s)
37%
7 (37%)
Strategic(s)
53%
10 (53%)

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