M&A Deal Summary

Healthcare Solutions Acquires Cypress Care

On July 26, 2007, Healthcare Solutions acquired business services company Cypress Care from Lovett Miller, Brazos Private Equity Partners and Audax Private Debt

Acquisition Highlights
  • This is Healthcare Solutions’ 1st transaction in the Business Services sector.
  • This is Healthcare Solutions’ 1st transaction in the United States.
  • This is Healthcare Solutions’ 1st transaction in Georgia.

M&A Deal Summary
Date 2007-07-26
Target Cypress Care
Sector Business Services
Buyer(s) Healthcare Solutions
Sellers(s) Lovett Miller
Brazos Private Equity Partners
Audax Private Debt
Deal Type Add-on Acquisition

Target

Cypress Care

Duluth, Georgia, United States
website
Cypress Care, Inc. is a provider of pharmacy and specialty healthcare services to manage claims related expenses for workers' compensation and auto insurance carriers, third party administrators, managed care organizations, government agencies, and self-insured employers.

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Buyer(S) 1

Buyer

Healthcare Solutions

Duluth, Georgia, United States

website

Category Company
Founded 2007
Sector Healthcare Services
DESCRIPTION

Healthcare Solutions provides ancillary healthcare and cost containment services to the workers’ compensation and auto medical claims markets. The company provides pharmacy benefit management, injury case management, preferred provider organization networks, and bill review services.

DEAL STATS #
Overall 1 of 3
Sector (Business Services) 1 of 1
Type (Add-on Acquisition) 1 of 3
State (Georgia) 1 of 1
Country (United States) 1 of 3
Year (2007) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-09-06 ScripNet

Las Vegas, Nevada, United States

ScripNet is a provider of pharmacy benefit management companies in North America, providing PBM services to more than 5 million employees through pharmacies in all 50 states. ScripNet is a 10-time winner of Inc. Magazine's annual listing of the 500/5000 fastest-growing privately held companies in the nation and this year celebrates its 15th year in business.

Buy -

Seller(S) 3

SELLER

Lovett Miller

Neptune Beach, Florida, United States

Investor Investor

website

Category Private Equity Firm
Founded 1997
PE ASSETS 175M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Lovett Miller & Co. is a private equity firm that provides growth and shareholder liquidity capital to high-growth privately held companies located in the Southeast US and Texas. Lovett Miller looks for businesses generating sales of $1 to $50 million and can commit up to $15 million per transaction. Areas of interest include technology products and services, healthcare services and devices, business services, consumer and retail, and financial services. The Firm prefers minority positions. Lovett Miller is based in Jacksonville, Florida with an additional office in Tampa.

DEAL STATS #
Overall 7 of 17
Sector (Business Services) 1 of 2
Type (Add-on Acquisition) 4 of 12
State (Georgia) 4 of 4
Country (United States) 7 of 17
Year (2007) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-06-30 Kinetic Books Company

Seattle, Washington, United States

Kinetic Books Company, Inc., an interactive textbook publisher, creates and publishes digital curriculum products.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-10-31 Tower Communications

Los Angeles, California, United States

Tower Communications designs and operates computer database and transaction systems to enable government agencies and contractors to communicate and transact with one another and with their constituents. We have served agencies at the federal, state, county, and city levels.

Sell -
SELLER

Brazos Private Equity Partners

Dallas, Texas, United States

website

Category Private Equity Firm
Founded 1999
PE ASSETS 1.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Brazos Private Equity Partners is a private investment firm that specializes in recapitalizations of family owned businesses, CEO led buy-and-build situations, non-core divestitures, and small cap take privates. Target companies generally have growing free cash-flow, sustainable competitive advantages, and a leading market position. Brazos looks to invest up to $100 million in companies with annual revenues between $25 and $250 million. Brazos primarily invests in consumer and business services, consumer products, restaurants and specialty retail, distribution, healthcare services, financial services, insurance, and manufacturing. Brazos targets opportunities located throughout the United States, with a particular emphasis on Texas and the Southwest US. Brazos was formed in 1999 and is based in Dallas, Texas.

DEAL STATS #
Overall 6 of 25
Sector (Business Services) 1 of 1
Type (Add-on Acquisition) 3 of 10
State (Georgia) 1 of 2
Country (United States) 6 of 25
Year (2007) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-26 Procura Management

Eagleville, Pennsylvania, United States

Procura Management is a provider of medical cost containment and managed care services related to workers’ compensation and automobile claims for insurance companies, TPAs, managed care organizations, government agencies, and self-employed/self-insured companies.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-09-19 LSO

Austin, Texas, United States

LSO is a provider of parcel delivery services throughout the Southern United States. LSO offers its clients overnight, expedited ground, same-day, and last-mile logistics solutions. LSO was founded in 1991 and is based in Austin, Texas.

Sell $16M
SELLER

Audax Private Debt

New York, New York, United States

Investor Investor Investor Investor Investor

website

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 valued between $10 and $60 million. Types of transaction include MBOs, LBOs, growth capital financings, acquisition financings, and recapitalizations.

DEAL STATS #
Overall 10 of 51
Sector (Business Services) 2 of 6
Type (Add-on Acquisition) 5 of 19
State (Georgia) 1 of 1
Country (United States) 10 of 51
Year (2007) 5 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-12 API Heat Transfer

Buffalo, New York, United States

API Heat Transfer is a designer and manufacturer of a wide range of heat transfer technologies that service virtually every industrial market including food and beverage, dairy, compressors, air separation, chemical processing, mobile vehicles, power generation, pharmaceuticals, HVAC, and a wide variety of general industrial applications.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-08-14 Supresta

Ardsley, New York, United States

Supresta is a developer, manufacturer, and marketer of organophosphorus flame retardants and functional fluids. Flame retardants are used in a wide variety of end products to save lives and to protect property by reducing flammability. Functional fluids are fire resistant hydraulic fluids used in industrial applications including power generation, aviation, and heavy industrial manufacturing. Supresta is based in Ardsley, New York.

Sell -
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