Water Street Healthcare Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Water Street Healthcare Partners has acquired 1 company. It has also invested in 6 others.

Water Street Healthcare Partners’ most common sectors for investment aremedical products (28%) and life science (24%) . The Firm’s most common investment types include growth capital (34%) and buyout (lbo, mbo, mbi) (18%). In total, Water Street Healthcare Partners has invested in 18 US states and 4 different countries. Its largest (disclosed) acquisition occurred in 2012 when it acquired Breg for $158M.

In the last 3 years, Water Street Healthcare Partners has exited 2 companies. The Firm’s most common exit type is trade sale (62%). Water Street Healthcare Partners’ largest (disclosed) exit occurred in 2005 when it sold Medex for $925M.

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M&A Summary

  • M&A Total Activity81
    • M&A Buy Activity50
    • M&A Sell Activity31
  • Total Sectors Invested 9
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 37

Water Street Healthcare Partners

Water Street Healthcare Partners LLC

444 West Lake Street,
Chicago, Illinois 60606
United States
(312) 506-2900
www.waterstreet.com
info@waterstreet.com

Water Street is a specialist private equity firm that targets investments in healthcare companies. Specific areas of interest within healthcare include diagnostic devices, medical products, pharmaceutical services, specialty distribution, specialty pharmaceuticals, and specialty services. Water Street targets non-core units of larger corporations and private middle-market companies. Transactions are typically valued between $50 and $500 million. Water Street does not invest in biotechnology, traditional healthcare facilities (hospitals, nursing homes) or early-stage companies without positive cash flow. Water Street was formed in 2005 and is based in Chicago, Illinois.


Investment Criteria

Sectors of Interest: Business Services, Distribution, Healthcare Services, Life Science, Medical Products

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Going Private, Growth Capital, Recapitalization, PIPE, Secondary Buyout, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 10 100
Enterprise Value 50 500
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (2.0/yr) # 40 3 1 3 1 2 50
vol $850M $850M
Sell (0.6/yr) # 28 1 2 - - - 31
vol $3.8B $850M $375M $5.0B
  81

Most Recent M&A

Company Date Value Type
MedSpeed LLC 2024-08-13 - Growth Capital
Elmhurst, Illinois · www.medspeed.com
Hansen Hunter 2024-05-29 - Growth Capital
Portland, Oregon · www.hhc-cpa.com
Belair Instrument Co. LLC 2023-02-15 - Growth Capital
Pine Brook, New Jersey · www.avantik-us.com
Catalyx 2022-10-01 - Buyout (LBO, MBO, MBI)
Cork, Ireland · www.catalyx.ai
Alcor Scientific 2022-02-23 - Growth Capital
Smithfield, Rhode Island · www.alcorscientific.com
Renovo Solutions 2022-01-11 - Growth Capital
Irvine, California · www.renovo1.com
Custopharm, Inc. 2021-09-27 375M USD Trade Sale
Carlsbad, California · www.custopharm.com
Orgentec Diagnostika GmbH 2021-06-30 - Trade Sale
Mainz, Germany · www.orgentec.com
Medical Guardian LLC 2021-01-11 - Growth Capital
Philadelphia, Pennsylvania · www.medicalguardian.com
Key Surgical LLC 2020-10-06 850M USD Trade Sale
Minneapolis, Minnesota · www.keysurgical.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Discovery Life Sciences 2018-10-16 Corning, Inc. - Gentest Business 2022-04-05 7
Huntsville, Alabama · www.dls.com Corning, New York
Safeguard Medical LLC 2020-02-05 Vetrun - Universal Splint product line 2021-07-20 4
Huntersville, North Carolina · www.safeguardmedical.com Costa Mesa, California
EVERSANA 2018-10-01 HVH Precision Analytics 2020-07-15 9
Milwaukee, Wisconsin · www.eversana.com Wayne, Pennsylvania · www.hvhprecision.com
Safeguard Medical LLC 2020-02-05 Water-Jel Technologies LLC 2020-05-05 3
Huntersville, North Carolina · www.safeguardmedical.com Carlstadt, New Jersey · www.waterjel.com
EVERSANA 2018-10-01 Triplefin LLC 2018-10-01 8
Milwaukee, Wisconsin · www.eversana.com Cincinnati, Ohio · www.triplefin.com
EVERSANA 2018-10-01 The Access Group 2018-10-01 7
Milwaukee, Wisconsin · www.eversana.com Berkeley Heights, New Jersey · www.theaccessgp.com
Viant Medical 2016-12-06 Integer Holdings - Advanced Surgical & Orthopedics Business 2018-05-03 5
Foxborough, Massachusetts · www.viantmedical.com Frisco, Texas
Viant Medical 2016-12-06 Vention Medical, Inc. - Device Manufacturing Business 2017-02-20 4
Foxborough, Massachusetts · www.viantmedical.com Salem, New Hampshire
Breg, Inc. 2012-05-24 United Orthopedic Group, Inc. 2014-10-15 1
Carlsbad, California · www.breg.com Carlsbad, California · www.unitedorthogroup.com

M&A by Sector

Sector Current # Value All-time # Value
Medical Products 5 (24%) 158M (100%) 14 (28%) 280M (33%)
Life Science 5 (24%) - 12 (24%) 198M (23%)
Healthcare Services 3 (14%) - 10 (20%) 297M (35%)
Business Services 5 (24%) - 6 (12%) -
Information Technology 2 (10%) - 3 (6%) -
Distribution - - 2 (4%) 75M (9%)
Manufacturing 1 (5%) - 1 (2%) -
Marketing - - 1 (2%) -
Test/Measurement Equipment - - 1 (2%) -
Total 21 $158M 50 $850M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 19 (90%) 158M (100%) 47 (94%) 850M (100%)
  California 3 (14%) 158M (100%) 9 (18%) 158M (19%)
  North Carolina 3 (14%) - 5 (10%) 75M (9%)
  Illinois 3 (14%) - 5 (10%) -
  Pennsylvania 2 (10%) - 5 (10%) 150M (18%)
  New Jersey 1 (5%) - 5 (10%) 123M (14%)
  Massachusetts 1 (5%) - 3 (6%) -
  Ohio - - 3 (6%) 75M (9%)
  Florida - - 2 (4%) -
  Wisconsin 1 (5%) - 1 (2%) -
  Rhode Island 1 (5%) - 1 (2%) -
  Oregon 1 (5%) - 1 (2%) -
  Montana 1 (5%) - 1 (2%) -
  Louisiana 1 (5%) - 1 (2%) -
  Alabama 1 (5%) - 1 (2%) -
  Connecticut - - 1 (2%) 147M (17%)
  Georgia - - 1 (2%) 122M (14%)
  Virginia - - 1 (2%) -
  Michigan - - 1 (2%) -
Ireland 1 (5%) - 1 (2%) -
Switzerland 1 (5%) - 1 (2%) -
Germany - - 1 (2%) -
Domestic 19 (90%) 158M (100%) 47 (94%) 850M (100%)
Cross-border 2 (10%) - 3 (6%) -
Total 21 $158M 50 $850M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 13 (62%) - 17 (34%) -
Buyout (LBO, MBO, MBI) 3 (14%) - 9 (18%) 75M (9%)
Divestiture 1 (5%) 158M (100%) 7 (14%) 577M (68%)
Stake Purchase - - 6 (12%) -
Consolidation 3 (14%) - 4 (8%) 75M (9%)
Secondary Buyout 1 (5%) - 4 (8%) -
Going Private - - 2 (4%) 123M (14%)
PIPE - - 1 (2%) -
Total 21 $158M 50 $850M

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 13 (42%) 4.1B (82%)
Secondary Sale 7 (23%) 903M (18%)
Trade Sale 6 (19%) -
Merger 4 (13%) -
Recapitalization 1 (3%) -
Total 31 $5.0B

Deal Values

buy # Total
$100M to $1B 5 $700M
< $100M 2 $150M
TOTAL $850M
Largest Breg, Inc.
$158M (2012-05-24)
sell # Total
$100M to $1B 9 $4.9B
< $100M 2 $78M
TOTAL $5.0B
Largest Medex, Inc.
$925M (2005-03-21)

M&A Connections

Deals
Acquired from
Investor(s)
8%
4 (8%)
Strategic(s)
14%
7 (14%)
Exited to
Investor(s)
26%
8 (26%)
Strategic(s)
74%
23 (74%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

6.0B USD

Established

2005

Specialist/Generalist

Specialist

Leadership

Tim Dugan

Managing Partner

Boris Bernstein

Managing Director Europe

Chris Sweeney

Partner

Kevin Swan

Partner

Max Mishkin

Partner

FAQ

When was Water Street Healthcare Partners founded?

Water Street Healthcare Partners was founded in 2005.

What type of investor is Water Street Healthcare Partners?

Water Street Healthcare Partners is a private equity firm.

Where is Water Street Healthcare Partners headquartered?

Water Street Healthcare Partners is headquartered in Chicago, Illinois.

How much capital does Water Street Healthcare Partners have under management?

Water Street Healthcare Partners has 6.0B USD under management.

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