Linden Capital Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Linden Capital Partners has acquired 10 companies. It has also invested in 1 other.

Linden Capital Partners’ most common sectors for investment arehealthcare services (28%) and medical products (21%) . The Firm’s most common investment types include secondary buyout (38%) and buyout (lbo, mbo, mbi) (28%). In total, Linden Capital Partners has invested in 17 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 2013 when it acquired Young Innovations for $314M.

In the last 3 years, Linden Capital Partners has exited 6 companies. The Firm’s most common exit type is trade sale (45%). Linden Capital Partners’ largest (disclosed) exit occurred in 2024 when it sold Specialty Networks for $1.2B.

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M&A Summary

M&A Total Activity70
- M&A Buy Activity44
- M&A Sell Activity26
Total Sectors Invested 14
Total Countries Invested 2
M&A Buy/Sell Connections 36
M&A Advisors 10

Linden Capital Partners

Linden Capital Partners LLC

Transaction Criteria	Min	Max
Target Revenue	-	-
Target EBITDA	10	40
Investment Size	-	-
Enterprise Value	-	-
values in millions of USD

Transaction Criteria

Min

Max

Target Revenue

Target EBITDA

Investment Size

Enterprise Value

values in millions of USD

Year	≤ '19	'20	'21	'22	'23	'24	T
Buy (2.4/yr)	#	32	3	6	2	-	1	44
vol	$354M						$354M
Sell (1.8/yr)	#	18	3	2	3	-	1	27
vol	$1.5B					$1.2B	$2.7B
	71

Year

≤ '19

'20

'21

'22

'23

'24

Buy (2.4/yr)

vol

$354M

Sell (1.8/yr)

vol

$1.5B

$1.2B

$2.7B

Company	Date	Value	Type
Alcresta Therapeutics, Inc.	2024-03-12	-	Secondary Buyout
Newton, Massachusetts · www.alcresta.com
Specialty Networks LLC	2024-01-31	1.2B USD	Trade Sale
Cleveland, Ohio · www.specialtynetworks.com
Spear Education LLC	2022-12-19	-	Secondary Sale
Scottsdale, Arizona · www.speareducation.com
LifeStyles Healthcare Pte. Ltd.	2022-12-01	-	Secondary Buyout
Singapore, Singapore · www.lifestylesglobal.com
Aspirion Health Resources	2022-06-21	-	Stake Purchase
Columbus, Georgia · www.aspirion.com
Advarra, Inc.	2022-06-10	-	Secondary Sale
Columbia, Maryland · www.advarra.com
Smile Doctors LLC	2022-01-05	-	Recapitalization
Dallas, Texas · www.smiledoctors.com
Formulated Solutions LLC	2021-09-28	-	Secondary Buyout
Largo, Florida · www.formulatedsolutions.com
GCX Corp.	2021-09-20	-	Buyout (LBO, MBO, MBI)
Petaluma, California · www.gcx.com
BioIVT LLC	2021-08-24	-	Secondary Buyout
Hicksville, New York · www.bioivt.com
View All >>

Company

Date

Value

Type

Alcresta Therapeutics, Inc.

2024-03-12

Secondary Buyout

Newton, Massachusetts · www.alcresta.com

Specialty Networks LLC

2024-01-31

1.2B USD

Trade Sale

Cleveland, Ohio · www.specialtynetworks.com

Spear Education LLC

2022-12-19

Secondary Sale

Scottsdale, Arizona · www.speareducation.com

LifeStyles Healthcare Pte. Ltd.

2022-12-01

Secondary Buyout

Singapore, Singapore · www.lifestylesglobal.com

Aspirion Health Resources

2022-06-21

Stake Purchase

Columbus, Georgia · www.aspirion.com

Advarra, Inc.

2022-06-10

Secondary Sale

Columbia, Maryland · www.advarra.com

Smile Doctors LLC

2022-01-05

Recapitalization

Dallas, Texas · www.smiledoctors.com

Formulated Solutions LLC

2021-09-28

Secondary Buyout

Largo, Florida · www.formulatedsolutions.com

GCX Corp.

2021-09-20

Buyout (LBO, MBO, MBI)

Petaluma, California · www.gcx.com

BioIVT LLC

2021-08-24

Secondary Buyout

Hicksville, New York · www.bioivt.com

View All >>

Company	Acquired	Add-On/Sale	Date	#
BioIVT LLC	2021-08-24	SEKISUI XenoTech LLC	2022-09-12	6
Hicksville, New York · www.bioivt.com	Kansas, Kansas · www.xenotech.com
Regenity Biosciences	2019-08-01	Sunstar's Degradable Solutions	2020-12-29	2
Paramus, New Jersey · www.regenity.com	Schlieren, Switzerland · www.degradablesolutions.com
Healthcare Outcomes Performance Co.	2019-08-01	Stryker Corp. - Value-Based Care Business (BPCI)	2020-10-14	3
Phoenix, Arizona · www.hopco.com	Kalamazoo, Michigan

Company

Acquired

Add-On/Sale

Date

BioIVT LLC

2021-08-24

SEKISUI XenoTech LLC

2022-09-12

Hicksville, New York · www.bioivt.com

Kansas, Kansas · www.xenotech.com

Regenity Biosciences

2019-08-01

Sunstar's Degradable Solutions

2020-12-29

Paramus, New Jersey · www.regenity.com

Schlieren, Switzerland · www.degradablesolutions.com

Healthcare Outcomes Performance Co.

2019-08-01

Stryker Corp. - Value-Based Care Business (BPCI)

2020-10-14

Phoenix, Arizona · www.hopco.com

Kalamazoo, Michigan

Sector	Current #	Value	All-time #	Value
Healthcare Services	7 (30%)	-	13 (27%)	40M (11%)
Medical Products	6 (26%)	-	10 (21%)	314M (89%)
Life Science	5 (22%)	-	10 (21%)	-
Chemicals	-	-	2 (4%)	-
Consumer Products	1 (4%)	-	2 (4%)	-
Distribution	-	-	2 (4%)	-
Packaging	2 (9%)	-	2 (4%)	-
Business Services	-	-	1 (2%)	-
Consumer Services	-	-	1 (2%)	-
Education	-	-	1 (2%)	-
Franchising	1 (4%)	-	1 (2%)	-
Information Technology	1 (4%)	-	1 (2%)	-
Safety/Security	-	-	1 (2%)	-
Test/Measurement Equipment	-	-	1 (2%)	-
Total	23	-	48	$354M

Sector

Current #

Value

All-time #

Value

Healthcare Services

7 (30%)

13 (27%)

40M (11%)

Medical Products

6 (26%)

10 (21%)

314M (89%)

Life Science

5 (22%)

10 (21%)

Chemicals

2 (4%)

Consumer Products

1 (4%)

2 (4%)

Distribution

2 (4%)

Packaging

2 (9%)

2 (4%)

Business Services

1 (2%)

Consumer Services

1 (2%)

Education

1 (2%)

Franchising

1 (4%)

1 (2%)

Information Technology

1 (4%)

1 (2%)

Safety/Security

1 (2%)

Test/Measurement Equipment

1 (2%)

Total

$354M

State/Country	Current #	Value	All-time #	Value
United States	22 (96%)	-	47 (98%)	354M (100%)
	Illinois	2 (9%)	-	9 (19%)	314M (89%)
	California	2 (9%)	-	5 (10%)	-
	Maryland	1 (4%)	-	4 (8%)	-
	New Jersey	3 (13%)	-	3 (6%)	-
	Tennessee	2 (9%)	-	3 (6%)	40M (11%)
	Texas	2 (9%)	-	3 (6%)	-
	Pennsylvania	2 (9%)	-	3 (6%)	-
	Arizona	2 (9%)	-	3 (6%)	-
	Massachusetts	1 (4%)	-	3 (6%)	-
	Georgia	2 (9%)	-	2 (4%)	-
	Florida	2 (9%)	-	2 (4%)	-
	Kansas	-	-	2 (4%)	-
	New York	1 (4%)	-	1 (2%)	-
	Ohio	-	-	1 (2%)	-
	North Carolina	-	-	1 (2%)	-
	Michigan	-	-	1 (2%)	-
	Connecticut	-	-	1 (2%)	-
Singapore	1 (4%)	-	1 (2%)	-
Domestic	22 (96%)	-	47 (98%)	354M (100%)
Cross-border	1 (4%)	-	1 (2%)	-
Total	23	-	48	$354M

State/Country

Current #

Value

All-time #

Value

United States

22 (96%)

47 (98%)

354M (100%)

Illinois

2 (9%)

9 (19%)

314M (89%)

California

2 (9%)

5 (10%)

Maryland

1 (4%)

4 (8%)

New Jersey

3 (13%)

3 (6%)

Tennessee

2 (9%)

3 (6%)

40M (11%)

Texas

2 (9%)

3 (6%)

Pennsylvania

2 (9%)

3 (6%)

Arizona

2 (9%)

3 (6%)

Massachusetts

1 (4%)

3 (6%)

Georgia

2 (9%)

2 (4%)

Florida

2 (9%)

2 (4%)

Kansas

2 (4%)

New York

1 (4%)

1 (2%)

Ohio

1 (2%)

North Carolina

1 (2%)

Michigan

1 (2%)

Connecticut

1 (2%)

Singapore

1 (4%)

1 (2%)

Domestic

22 (96%)

47 (98%)

354M (100%)

Cross-border

1 (4%)

1 (2%)

Total

$354M

Type	Current #	Value	All-time #	Value
Secondary Buyout	14 (61%)	-	18 (38%)	-
Buyout (LBO, MBO, MBI)	5 (22%)	-	13 (27%)	40M (11%)
Growth Capital	1 (4%)	-	7 (15%)	-
Going Private	-	-	2 (4%)	314M (89%)
Divestiture	-	-	2 (4%)	-
Recapitalization	1 (4%)	-	2 (4%)	-
Stake Purchase	1 (4%)	-	2 (4%)	-
Acquisition Financing	1 (4%)	-	1 (2%)	-
Consolidation	-	-	1 (2%)	-
Total	23	-	48	$354M

Type

Current #

Value

All-time #

Value

Secondary Buyout

14 (61%)

18 (38%)

Buyout (LBO, MBO, MBI)

5 (22%)

13 (27%)

40M (11%)

Growth Capital

1 (4%)

7 (15%)

Going Private

2 (4%)

314M (89%)

Divestiture

2 (4%)

Recapitalization

1 (4%)

2 (4%)

Stake Purchase

1 (4%)

2 (4%)

Acquisition Financing

1 (4%)

1 (2%)

Consolidation

1 (2%)

Total

$354M

Type	Total #	Value
Secondary Sale	9 (33%)	10M (< 1%)
Trade Sale - Public Company	7 (26%)	2.1B (78%)
Trade Sale	6 (22%)	575M (21%)
Merger	1 (4%)	-
Recapitalization	1 (4%)	-
Sold to Management	1 (4%)	-
SPAC	1 (4%)	-
Unknown	1 (4%)	-
Total	27	$2.7B

Type

Total #

Value

Secondary Sale

9 (33%)

10M (< 1%)

Trade Sale - Public Company

7 (26%)

2.1B (78%)

Trade Sale

6 (22%)

575M (21%)

Merger

1 (4%)

Recapitalization

1 (4%)

Sold to Management

1 (4%)

SPAC

1 (4%)

Unknown

1 (4%)

Total

$2.7B

Financial	Deals
Houlihan Lokey	4
Jefferies	4
William Blair	2

Financial

Deals

Houlihan Lokey

Jefferies

William Blair

Legal	Deals
Kirkland & Ellis	26
Paul Hastings	1
Bass, Berry & Sims	1

Legal

Deals

Kirkland & Ellis

Paul Hastings

Bass, Berry & Sims

buy	#	Total
$100M to $1B	1	$314M
< $100M	1	$40M
TOTAL	$354M
Largest	Young Innovations, Inc. $314M (2013-01-31)

buy

Total

$100M to $1B

$314M

< $100M

$40M

TOTAL

$354M

Largest

Young Innovations, Inc.
$314M (2013-01-31)

sell	#	Total
> $1B	1	$1.2B
$100M to $1B	4	$1.5B
< $100M	1	$10M
TOTAL	$2.7B
Largest	Specialty Networks LLC $1.2B (2024-01-31)

sell

Total

> $1B

$1.2B

$100M to $1B

$1.5B

< $100M

$10M

TOTAL

$2.7B

Largest

Specialty Networks LLC
$1.2B (2024-01-31)

		Deals
Acquired from
Investor(s)	42%	20 (42%)
Strategic(s)	6%	3 (6%)
Exited to
Investor(s)	37%	10 (37%)
Strategic(s)	48%	13 (48%)

Deals

Acquired from

Investor(s)

20 (42%)

Strategic(s)

3 (6%)

Exited to

Investor(s)

10 (37%)

Strategic(s)

13 (48%)

FAQ

When was Linden Capital Partners founded?

Linden Capital Partners was founded in 2004.

What type of investor is Linden Capital Partners?

Linden Capital Partners is a private equity firm.

Where is Linden Capital Partners headquartered?

Linden Capital Partners is headquartered in Chicago, Illinois.

How much capital does Linden Capital Partners have under management?

Linden Capital Partners has 3.0B USD under management.

Linden Capital Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

M&A Summary