Investment Summary

Fifth Street Capital, Audax Private Debt and NexPhase Capital Invest In CPS

On November 1, 2012, lender Fifth Street Capital, mezzanine finance firm Audax Private Debt and private equity firm NexPhase Capital invested in healthcare services company CPS

Investment Highlights
  • This is Fifth Street Capital’s 10th, Audax Private Debt’s 2nd and NexPhase Capital’s 3rd transaction in the Healthcare Services sector.
  • This is Fifth Street Capital’s 61st, Audax Private Debt’s 43rd and NexPhase Capital’s 15th transaction in the United States.
  • This is Fifth Street Capital’s 1st, Audax Private Debt’s 6th and NexPhase Capital’s 1st transaction in Ohio.
Investment Fate
  • CPS was sold to a consortium of financial buyers in 2019.

Investment Summary

Date 2012-11-01
Target CPS
Sector Healthcare Services
Investor(s) Fifth Street Capital
Audax Private Debt
NexPhase Capital
Deal Type Growth Capital

Target

CPS

Dublin, Ohio, United States
CPS is a provider of outsourced pharmacy services to hospitals and integrated health systems. CPS offers a suite of services, information technology and data informatics, including pharmacy management, technology-based tools and data analytics. CPS was founded in 1971 and is based in Dublin, Ohio.

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Investor(S) 3

Investor
DESCRIPTION

Fifth Street Capital is a public investment firm focused on providing mezzanine financing to support expansions, acquisitions, recapitalizations, and management buyouts of middle-market US based companies. Fifth Street looks to invest between $5 and $50 million per transaction. Sectors of interest include consumer products, healthcare services, manufacturing, medical device manufacturing, food services, business services, restaurants, speciality retail, logistics, and value added distribution. Fifth Street Capital is based in White Plains, New York.


DEAL STATS #
Overall 62 of 70
Sector: Healthcare Services M&A 10 of 10
Type: Growth Capital M&A Deals 7 of 7
State: Ohio M&A 1 of 2
Country: United States M&A 61 of 69
Year: 2012 M&A 11 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-01 Dexter Axle Co.

Elkhart, Indiana, United States

Dexter Axle Co., Inc. is a designer and manufacturer of trailer axle, brake and suspension assemblies and related replacement parts used primarily in the industrial and utility trailer.

Buy $360M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-20 Garretson Resolution Group

Cincinnati, Ohio, United States

Garretson Resolution Group is a neutral provider of services to parties who are settling personal injury claims. Company provides outsourced medical lien resolution and complex settlement administration services for law firms, corporations, insurance companies, plaintiffs and defendants in mass tort, class action and single event litigations.

Buy -
Investor

Audax Private Debt

New York, New York, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 5.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Mezzanine is the mezzanine finance arm of the Audax Group. The Firm focuses on investing in both private and public, US-based middle market companies with a strong history of cash flows and consistent revenue growth. Audax will consider subordinated mezzanine debt commitments, second lien or junior secured debt, preferred stock and common stock. The Firm seeks to invest in companies with EBITDA between $10 and $100 million. Types of transaction include MBOs, LBOs, growth capital financings, acquisition financings, and recapitalizations. Audax Private Debt is based in New York, New York.


DEAL STATS #
Overall 44 of 120
Sector: Healthcare Services M&A 2 of 11
Type: Growth Capital M&A Deals 3 of 18
State: Ohio M&A 6 of 8
Country: United States M&A 43 of 118
Year: 2012 M&A 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-08-15 Alegeus

Waltham, Massachusetts, United States

Alegeus is a provider of benefits administration software, debit cards, and transaction processing solutions for consumer directed healthcare accounts, including flexible spending accounts, health reimbursement arrangements, and health savings accounts. Alegeus was formed in 2012 and is based in Waltham, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-26 Ornua Ingredients North America

Whitehall, Wisconsin, United States

Ornua Ingredients North America is a manufacturer of custom analog and processed cheese ingredients and products for industrial, food service, and retail markets. Ornua Ingredients North America was founded in 1994 and is based in Whitehall, Wisconsin.

Buy -
Investor

NexPhase Capital

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2007
PE ASSETS 2.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

NexPhase Capital is the private equity investment arm of investment bank Moelis & Company. The firm targets growth equity and control buyouts requiring equity investments of $40 to 225 million. NexPhase Capital has particular interest in the business services, consumer and retail, financial services, healthcare services, industrial and telecom industries. NexPhase Capital was formed in 2007 and is based in New York, New York.


DEAL STATS #
Overall 16 of 44
Sector: Healthcare Services M&A 3 of 6
Type: Growth Capital M&A Deals 1 of 10
State: Ohio M&A 1 of 1
Country: United States M&A 15 of 42
Year: 2012 M&A 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-10-03 Freeport Financial Partners

Chicago, Illinois, United States

Freeport Financial Partners LLC is a middle market direct lending asset manager.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-18 MidCap Financial

Bethesda, Maryland, United States

MidCap Financial is a commercial finance company focused on providing debt solutions to middle-market healthcare companies. MidCap Financial was founded in 2008 and is based in Bethesda, Maryland.

Sell -