M&A Deal Summary

Fresenius Medical Care Acquires Liberty Dialysis

On February 28, 2012, Fresenius Medical Care acquired medical products company Liberty Dialysis from KRG Capital Partners and Norwest Mezzanine Partners for 1.7B USD

Acquisition Highlights
  • This is Fresenius Medical Care’s 4th transaction in the Medical Products sector.
  • This is Fresenius Medical Care’s 2nd largest (disclosed) transaction.
  • This is Fresenius Medical Care’s 8th transaction in the United States.
  • This is Fresenius Medical Care’s 1st transaction in Washington.

M&A Deal Summary

Date 2012-02-28
Target Liberty Dialysis
Sector Medical Products
Buyer(s) Fresenius Medical Care
Sellers(s) KRG Capital Partners
Norwest Mezzanine Partners
Deal Type Add-on Acquisition
Deal Value 1.7B USD

Target

Liberty Dialysis

Merer Island, Washington, United States
website
Liberty Dialysis LLC is the third largest dialysis services company in the world operating over 280 dialysis programs throughout the country. Liberty provides dialysis services to patients who have been diagnosed with end-stage renal disease (“ESRD”).

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Buyer(S) 1

Buyer

Fresenius Medical Care

Bad Homburg, Germany

website


Category Company
Founded 1996
Sector Healthcare Services
Employees123,538
Revenue 19.4B EUR (2022)
DESCRIPTION

Fresenius Medical Care a kidney dialysis company, provides renal dialysis products and services. Fresenius Medical Care was founded in 1996 and is based in Bad Homburg, Germany.


DEAL STATS #
Overall 9 of 16
Sector (Medical Products) 4 of 6
Type (Add-on Acquisition) 8 of 15
State (Washington) 1 of 2
Country (United States) 8 of 12
Year (2012) 2 of 2
Size (of disclosed) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-02-09 Eastview Dialysis

Victor, New York, United States

Eastview is a New York corporation which provides in-center staff-assisted hemodialysis, self-care training, home hemodialysis, and home peritoneal dialysis training and support.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-08 Fresenius Nine Dialysis

Germany

Fresenius Nine Dialysis, a provider of dialysis services and manufacturer of dialysis products. Five of the clinics are located in Portugal and four clinics are located in Poland.

Sell -

Seller(S) 2

SELLER

KRG Capital Partners

Denver, Colorado, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1996
PE ASSETS 4.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

KRG Capital Partners is a private equity investment firm focused on acquiring controlling interests in middle-market companies. Prospective transaction situations include owner recapitalizations, management buyouts of private companies, mangement buyouts of corporate divisions, outright purchases, and family successions. Target companies typically generate sales of $35 to $400 million and EBITDA of $10 to $100 million. Sectors of interest include healthcare services, medical technology and life sciences; business services and distribution; construction materials and services; transportation services; marketing; specialty finance and insurance; aerospace, defense, and government services; energy services and products; and infrastructure. KRG primarily looks for opportunities located in the US and Canada but will selectively consider investments in Western Europe. KRG was formed in 1996 and is based in Denver, Colorado with additional offices in Mill Valley, California and Las Vegas, Nevada.


DEAL STATS #
Overall 23 of 41
Sector (Medical Products) 4 of 6
Type (Add-on Acquisition) 13 of 21
State (Washington) 2 of 2
Country (United States) 23 of 40
Year (2012) 2 of 4
Size (of disclosed) 1 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-17 PetroChoice

King of Prussia, Pennsylvania, United States

PetroChoice is the largest lubricant distributor in the United States, providing business solutions for industrial lubricant needs and commercial and passenger car motor oil. PetroChoice was founded in 1969 and is headquartered in King of Prussia, Pennsylvania.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-12 Tronair

Toledo, Ohio, United States

Tronair, Inc. designs, manufactures, and sells of ground support equipment for business, commercial and military aircraft. Tronair's broad and innovative product line of GSE, comprised of over 1,500 products, is used by over 350 unique aircraft platforms. Tronair is the market leader in its core products and market segments, serving leading aircraft OEMs (e.g., Bombardier, Gulfstream, Embraer, Boeing and Airbus), fixed based operators, maintenance and repair providers, corporate hangars, commercial airlines, defense contractors and military airbases around the world.

Sell -
SELLER

Norwest Mezzanine Partners

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 2.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Norwest Mezzanine Partners (NMP) is an independent investment firm focused on providing junior capital to support transactions initiated by private equity sponsors. NMP looks to commit up to $50 million per investment. Prospective transaction situations can include buyouts, acquisitions, leveraged buildups or consolidations, recapitalizations, and going privates. NMP will consider opportunities in a wide range of industries, including distribution, manufacturing, healthcare, and consumer products. Norwest Mezzanine Partners is affiliated with private equity firm Norwest Equity Partners. NMP was formed in 2000 and is based in Minneapolis, Minnesota.


DEAL STATS #
Overall 20 of 53
Sector (Medical Products) 3 of 3
Type (Add-on Acquisition) 8 of 26
State (Washington) 1 of 2
Country (United States) 19 of 51
Year (2012) 1 of 3
Size (of disclosed) 1 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-26 Savage Arms

Westfield, Massachusetts, United States

Savage Arms is a manufacturer of hunting rifles and shotguns, delivering innovative products for more than 100 years. Savage Arms was formed in 1894 and is based in Westfield, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-06-06 International Imaging Materials

Amherst, New York, United States

International Imaging Materials is a developer and manufacturer of Thermal Transfer Ribbons, Direct Thermal Films, and Fluid Inks used to print-on-demand variable information such as barcodes, text, and graphics in Automatic Identification, Packaging, and Graphics markets. In addition, medical applications, such as orthopedic braces, sterile supplies, compression devices, and patient mobility products, vices. International Imaging Materials was founded in 1983 and is based in Amherst, New York.

Sell -