Cressey Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Cressey has acquired 2 companies. It has also invested in 2 others.

Cressey’s most common sectors for investment are healthcare services (49%) and medical products (15%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (34%) and recapitalization (19%). 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.

The Firm’s most common exit type is trade sale (58%). 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 Activity40
    • M&A Buy Activity26
    • M&A Sell Activity14
  • Total Sectors Invested 9
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 23
  • 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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (1.2/yr) # 20 1 2 1 2 - 26
vol $3.4B $3.4B
Sell (0.2/yr) # 13 1 - - - - 14
vol $1.4B $1.4B
  40

Most Recent M&A

Company Date Value Type
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
Wound Care Specialists 2016-07-12 - Add-on Acquisition
Metairie, Louisiana · www.woundcarespecialists.com
PurFoods LLC 2016-05-02 - Growth Capital
Ankeny, Iowa · www.purfoods.com
VetCor, Inc. 2015-04-20 - Recapitalization
Hingham, Massachusetts · www.vetcor.com
Concentra, Inc. 2015-03-23 1.1B USD Divestiture
Addison, Texas · www.concentra.com
Sentage Corp. (dba Dental Services Group) 2015-03-02 - Secondary Buyout
Minneapolis, Minnesota · www.dentalservices.net
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Statlab Medical Products, Inc. 2017-06-08 American MasterTech Scientific, Inc. 2017-11-28 1
McKinney, Texas · www.statlab.com Lodi, California · www.americanmastertech.com
Concentra, Inc. 2015-03-23 CarePoint Health 2017-06-27 1
Addison, Texas · www.concentra.com Jacksonville, Florida · www.carepointjax.com

M&A by Sector

Sector Current # Value All-time # Value
Healthcare Services 4 (33%) 1.1B (100%) 13 (48%) 3.4B (100%)
Medical Products 2 (17%) - 4 (15%) -
Consumer Services 1 (8%) - 2 (7%) -
Internet Software and Services 2 (17%) - 2 (7%) -
Software - - 2 (7%) -
Education 1 (8%) - 1 (4%) -
Food 1 (8%) - 1 (4%) -
Information Technology 1 (8%) - 1 (4%) -
Life Science - - 1 (4%) -
Total 12 $1.1B 27 $3.4B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 12 (100%) 1.1B (100%) 26 (96%) 3.4B (100%)
  Texas 2 (17%) 1.1B (100%) 5 (19%) 1.1B (31%)
  Tennessee 1 (8%) - 3 (11%) -
  Illinois 1 (8%) - 3 (11%) -
  New York 2 (17%) - 2 (7%) -
  Massachusetts 1 (8%) - 2 (7%) -
  California 1 (8%) - 2 (7%) -
  Pennsylvania - - 2 (7%) 2.3B (69%)
  Virginia 1 (8%) - 1 (4%) -
  Utah 1 (8%) - 1 (4%) -
  Minnesota 1 (8%) - 1 (4%) -
  Iowa 1 (8%) - 1 (4%) -
  Wisconsin - - 1 (4%) -
  Louisiana - - 1 (4%) -
  Connecticut - - 1 (4%) -
Ireland - - 1 (4%) -
Domestic 12 (100%) 1.1B (100%) 26 (96%) 3.4B (100%)
Cross-border - - 1 (4%) -
Total 12 $1.1B 27 $3.4B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 1 (8%) - 9 (33%) -
Recapitalization 3 (25%) - 5 (19%) -
Growth Capital 3 (25%) - 4 (15%) -
Secondary Buyout 3 (25%) - 4 (15%) -
Venture - - 2 (7%) -
Going Private - - 1 (4%) 2.3B (69%)
Divestiture 1 (8%) 1.1B (100%) 1 (4%) 1.1B (31%)
Add-on Acquisition 1 (8%) - 1 (4%) -
Total 12 $1.1B 27 $3.4B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 5 (36%) 1.2B (82%)
Trade Sale 3 (21%) 260M (18%)
IPO 2 (14%) -
Recapitalization 2 (14%) -
Secondary Sale 2 (14%) -
Total 14 $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
PE Firm(s)
93%
13 93%
Strategic(s)
7%
1 7%
Exited to
PE Firm(s)
47%
7 47%
Strategic(s)
53%
8 53%