M&A Deal Summary

GHO Capital Partners and Goldman Sachs Merchant Banking Acquires DNA Diagnostics Center

On October 13, 2015, private equity firms GHO Capital Partners LLP and Goldman Sachs Merchant Banking acquired life science company DNA Diagnostics Center, Inc. from WindRose Health Investors for 110M USD

Acquisition Highlights
  • This is GHO Capital Partners’ 1st and Goldman Sachs Merchant Banking’s 1st transaction in the Life Science sector.
  • This is GHO Capital Partners’ 1st and Goldman Sachs Merchant Banking’s 45th largest (disclosed) transaction.
  • This is GHO Capital Partners’ 1st and Goldman Sachs Merchant Banking’s 83rd transaction in the United States.
  • This is GHO Capital Partners’ 1st and Goldman Sachs Merchant Banking’s 4th transaction in Ohio.
Investment Fate
  • DNA Diagnostics Center was sold to a publicly-traded strategic buyer in 2021.

M&A Deal Summary

Date 2015-10-13
Target DNA Diagnostics Center, Inc.
Sector Life Science
Buyer(s) GHO Capital Partners LLP
Goldman Sachs Merchant Banking
Sellers(s) WindRose Health Investors
Deal Type Secondary Buyout
Deal Value 110M USD
Advisor(s) Robert W. Baird & Co., Inc. (Financial)
Hogan Lovells (Legal)

Target

DNA Diagnostics Center, Inc.

Fairfield, Ohio, United States
website
DNA Diagnostics Center is a provider of private DNA testing services for paternity and other family relationships, forensics, cell line authentication, and ancestry. DDC provides products approved by the FDA and EMA, and is accredited by the American Association of Blood Banks (AABB), The Ministry of Justice, The College of American Pathologists (CAP), and The Clinical Laboratory Improvement Amendment (CLIA). DNA Diagnostics Center was founded in 1995 and is based in Fairfield, Ohio.

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Buyer(S) 2

Buyer

GHO Capital Partners LLP

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2014
SizeSmall
Type Sector Focused
DESCRIPTION

GHO Capital Partners is a private investment firm focused on the healthcare sector. The Firm will consider opportunities throughout Europe and seeks well-established, profitable businesses that have the potential to deliver a combination of double-digit top line growth, significant efficiency gains and international expansion. GHO Capital Partners was established in 2014 and is based in London.


DEAL STATS #
Overall 1 of 17
Sector (Life Science) 1 of 11
Type (Secondary Buyout) 1 of 9
State (Ohio) 1 of 1
Country (United States) 1 of 7
Year (2015) 1 of 2
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-02 Quotient Clinical Ltd.

Ruddington, United Kingdom

Quotient Clinical Ltd. is a provider of outsourced, early-stage drug development services to the pharmaceutical industry. Quotient Sciences has brought innovation to the pharmaceutical services sector through its unique Translational Pharmaceutics® platform, which is proven to accelerate development timelines, reduce development costs, and drive improvement in R&D productivity.

Buy -
Buyer

Goldman Sachs Merchant Banking

New York, New York, United States

website


Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.


DEAL STATS #
Overall 119 of 175
Sector (Life Science) 1 of 5
Type (Secondary Buyout) 37 of 62
State (Ohio) 4 of 5
Country (United States) 83 of 118
Year (2015) 14 of 16
Size (of disclosed) 45 of 50
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-05 Wolverine Advanced Materials LLC

Dearborn, Michigan, United States

Wolverine Advanced Materials LLC is a manufacturer of highly engineered critical automotive components and customized technology solutions for the energy, transportation and industrial markets.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-16 GCA Services Group, Inc.

Cleveland, Ohio, United States

GCA Services Group, Inc. is a provider of quality facility services, including janitorial/custodial services, contamination control for cleanroom manufacturing, facilities operations and maintenance services, grounds and athletic field management services, diversified staffing, and more.

Buy -

Seller(S) 1

SELLER

WindRose Health Investors

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2000
PE ASSETS 1.2B USD
SizeLarge
Type Sector Focused
DESCRIPTION

MTS Health Investors LLC is a specialist private investment firm focused on opportunities in the services sectors of the healthcare industry. Specific areas of interest include managed care/health insurance, healthcare providers, distributors of medical/products and providers of outsourced services. MTS also invests in low-technology medical product manufacturers. MTS makes equity investments in US based companies valued between $25 and $300 million. Prospective transaction types include buyouts, divestitures, recapitalizations, take-privates, acquisition financings, and growth financings. MTS Health Investors was formed in 2000 and is based in New York City.


DEAL STATS #
Overall 10 of 24
Sector (Life Science) 1 of 2
Type (Secondary Buyout) 3 of 8
State (Ohio) 1 of 1
Country (United States) 10 of 24
Year (2015) 3 of 3
Size (of disclosed) 6 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-29 Trust Healthcare Consulting Services LLC

Springfield, Missouri, United States

TrustHCS is a provider of outsourced coding and health information management services. TrustHCS partners with U.S. hospitals, physician groups, and healthcare systems to provide a complete offering of revenue cycle management services. Trust HCS was formed in 2010 and is based in Springfield, Missouri.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-08 Shearwater Health, Inc.

Nashville, Tennessee, United States

Shearwater Health, Inc. is a provider of offshore clinical resources serving U.S. healthcare companies. Its clinical process outsourcing offering provides intelligent, patient-centered solutions that lower costs and improve outcomes for healthcare payers, providers, and service companies. Shearwater Health was founded in 1973 and is based in Nashville, Tennessee.

Buy -