M&A Deal Summary

Flexpoint Ford and Penfund Acquires Canadian Hospital Specialties

On April 22, 2021, private equity firm Flexpoint Ford and mezzanine finance firm Penfund acquired medical products company Canadian Hospital Specialties from Cortec Group

Acquisition Highlights
  • This is Flexpoint Ford’s 3rd and Penfund’s 1st transaction in the Medical Products sector.
  • This is Flexpoint Ford’s 1st and Penfund’s 14th transaction in Canada.
  • This is Flexpoint Ford’s 1st and Penfund’s 10th transaction in Ontario.

M&A Deal Summary

Date 2021-04-22
Target Canadian Hospital Specialties
Sector Medical Products
Buyer(s) Flexpoint Ford
Penfund
Sellers(s) Cortec Group
Deal Type Secondary Buyout
Advisor(s) Harris Williams & Co.
TM Capital Corp. (Financial)

Target

Canadian Hospital Specialties

Oakville, Ontario, Canada
website
Canadian Hospital Specialties manufactures, sells, markets, and distributes disposable medical and surgical products primarily to the Canadian hospital market. Canadian Hospital Specialties based in Oakville, Ontario.

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Buyer(S) 2

Buyer

Flexpoint Ford

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2005
PE ASSETS 4.3B USD
SizeLarge
Type Sector Focused
DESCRIPTION

Flexpoint Ford is a private equity firm focused on investments in healthcare and financial services companies. Target areas within healthcare include healthcare providers, payers, and other benefits-related businesses, pharmaceutical distribution/outsourcing businesses, and mature product companies. Flexpoint prefers control based investments and looks to commit $50 to $500 million per transaction. Flexpoint Ford was formed in 2005 and is based in Chicago with an additional office in New York City.


DEAL STATS #
Overall 42 of 45
Sector (Medical Products) 3 of 3
Type (Secondary Buyout) 9 of 11
State (Ontario) 1 of 1
Country (Canada) 1 of 1
Year (2021) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-08 Dash Financial Technologies

New York, New York, United States

Dash Financial Technologies LLC is a provider of options and equities agency execution services to both buy-side and sell-side institutions. Dash offers a variety of software tools for traders, a regulatory technology suite, and various data/analytics offerings. Through the Dash platform, clients can devise bespoke routing and algorithmic strategies calibrated to their precise execution objectives, with Dash’s trade desk acting as a consultative guide during this process. Dash Financial Technologies LLC was founded in 2009 and is based in New York City.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-06 LERETA

Covina, California, United States

LERETA is a national tax service and flood hazard certification company focused on providing a full suite of national real estate tax services for residential and commercial loans, including automated online research and certification, tax bill processing, a suite of delinquent tax services, and customized tax outsourcing service programs. LERETA was formed in 1986 and is based in Covina, California.

Buy -
Buyer

Penfund

Toronto, Ontario, Canada

Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 1979
PE ASSETS 1.8B CAD
SizeLarge
Type Sector Agnostic
DESCRIPTION

Penfund is a private investment firm that provides equity, junior capital, and alternative financing to Canadian-based middle-market companies with EBITDA of at least C$20 million. Penfund can commit up to C$225 million per transaction. Penfund does not have any industry preferences and its investments are generally used to support growth needs, recapitalization, shareholder liquidity, acquisitions, and buyouts. Penfund was formed in 1979 and is based in Toronto.


DEAL STATS #
Overall 26 of 28
Sector (Medical Products) 1 of 1
Type (Secondary Buyout) 10 of 12
State (Ontario) 10 of 10
Country (Canada) 14 of 14
Year (2021) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-05 Aveanna Healthcare

Atlanta, Georgia, United States

Aveanna Healthcare is a provider of pediatric home care with 180 locations in 23 states, and 26,000 caregivers currently serving over 40,000 patients. Aveanna Healthcare was founded in 2017 and is based in Atlanta, Georgia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-19 Gastro Health

Miami, Florida, United States

Gastro Health is a gastroenterology physician practice management company with 21 centers across South Florida. Gastro Health was founded in 2003 and is based in Miami, Florida.

Buy -

Seller(S) 1

SELLER

Cortec Group

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1984
PE ASSETS 4.6B USD
SizeLarge
Type Sector Agnostic
DESCRIPTION

Cortec Group, Inc. is a private equity firm focused on acquiring mid-sized businesses operating in basic industries. Cortec Group is an experienced and knowledgeable investor in healthcare products and services, B2C and B2B products, value-added distribution (including eCommerce), and specialty services companies with revenues of $40-$300 million and EBITDA of $7 to $35+ million. The Cortec Group was formed in 1984 and is based in New York City.


DEAL STATS #
Overall 30 of 31
Sector (Medical Products) 6 of 6
Type (Secondary Buyout) 18 of 19
State (Ontario) 1 of 1
Country (Canada) 1 of 1
Year (2021) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-17 Groundworks

Virginia Beach, Virginia, United States

Groundworks is a vertically integrated foundation services company that serves primarily the single-family residential market, providing a critical suite of services to homeowners that preserve home value, integrity, and safety, including foundation repair, basement waterproofing, crawl space repair and encapsulation, and concrete lifting. Groundworks is based in Virginia Beach, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-17 Window Nation

Fulton, Maryland, United States

Window Nation is a DTC provider of windows and related products for the residential repair and replacement market in the United States. Window Nation was founded in 2006 and is based in Fulton, Maryland.

Sell -