M&A Deal Summary

LLM Capital Partners, Pharos Capital Group and JLL Partners Acquire IASIS Healthcare

On October 1, 1999, growth capital firm LLM Capital Partners, private equity firm Pharos Capital Group and private equity firm JLL Partners acquired healthcare services company IASIS Healthcare

Acquisition Highlights
  • This is LLM Capital Partners’ 2nd, Pharos Capital Group’s 2nd and JLL Partners’ 1st transaction in the Healthcare Services sector.
  • This is LLM Capital Partners’ 6th, Pharos Capital Group’s 3rd and JLL Partners’ 2nd transaction in the United States.
  • This is LLM Capital Partners’ 2nd, Pharos Capital Group’s 2nd and JLL Partners’ 1st transaction in Tennessee.
Investment Fate
  • IASIS Healthcare was sold to a consortium of financial buyers in 2004 for 1.4B USD.
  • IASIS Healthcare merged with another company in 2017.

M&A Deal Summary

Date 1999-10-01
Target IASIS Healthcare
Sector Healthcare Services
Buyer(s) LLM Capital Partners
Pharos Capital Group
JLL Partners
Deal Type Consolidation

Target

IASIS Healthcare

Franklin, Tennessee, United States
website
IASIS Healthcare Corp. is an owner and operator of medium-sized acute care hospitals in high-growth urban and suburban markets. Additionally, IASIS owns and operates a Medicaid managed health plan in Phoenix that serves over 108,000 members. IASIS Healthcare was formed in 1998 and is based in Franklin, Tennessee.

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Buyer(S) 3

Buyer

LLM Capital Partners

Boston, Massachusetts, United States

website


Category Growth Capital Firm
Founded 1991
Size Small
Type Sector Agnostic
DESCRIPTION

LLM Capital Partners LLC is a private equity firm that makes growth capital investments in mid-sized companies. The Firm's investment strategy is to provide $10 to $30 million of non-control growth funding to businesses with enterprise values between $15 and $250 million. Broad sectors of interest include healthcare services, business services and niche manufacturing. LLM Capital was formed in 1991 and has offices in Boston, Massachusetts and San Francisco, California.


DEAL STATS #
Overall 6 of 12
Sector (Healthcare Services) 2 of 2
Type (Consolidation) 1 of 2
State (Tennessee) 2 of 2
Country (United States) 6 of 12
Year (1999) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1999-09-28 Spectrum Clubs

El Segundo, California, United States

Spectrum Clubs, Inc. operates 23 upscale athletic clubs with 12 locations in the Los Angeles, CA market and 11 locations in San Antonio, TX.

Buy $49M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2000-02-26 American Cellular corp.

Franklin, Tennessee, United States

American Cellular was one of the largest independent rural cellular telephone system operators in the U.S. The Company owned and operated non-wireline FCC-licensed cellular telephone systems primarily in rural areas of the Midwestern and Eastern portions of the U.S. American Cellular was acquired by a joint venture between AT&T and Dobson.

Sell $2.4B
Buyer

Pharos Capital Group

Dallas, Texas, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1998
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Focused
DESCRIPTION

Pharos Capital Group is a private equity firm that provides later-stage equity funding to companies at or near cash-flow break even. Investment funds are typically used to support growth, acquisitions, management buyouts, or recapitalization. Pharos looks to commit $20 to $50 million per transaction. Target sectors include healthcare, business services, and technology. Pharos prefers US-based opportunities. Pharos Capital Group was formed in 1998 and is based in Dallas, Texas.


DEAL STATS #
Overall 3 of 39
Sector (Healthcare Services) 2 of 15
Type (Consolidation) 1 of 1
State (Tennessee) 2 of 10
Country (United States) 3 of 38
Year (1999) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1999-01-01 StreamServe

Burlington, Massachusetts, United States

StreamServe, Inc. is a provider of enterprise content management solutions for banking, supply chain, insurance, and utilities industries.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2000-03-01 SmartDM

Nashville, Tennessee, United States

SmartDM, a full-service direct marketing agency based in Nashville, Tenn., that offers comprehensive direct marketing services and information management for mid-sized companies. It that has 90 employees in the company's main office in Nashville and in Kansas City, Las Vegas and New York. SmartDM has more than 100 clients, including Wyndham Hotels Worldwide, Gaylord Entertainment, Harrah's Entertainment, the American Red Cross, Comcast-Spectacor, several leading consumer finance and mortgage companies, the National Basketball Association, Bass Pro Shops and many other sports-related enterprises.

Buy -
Buyer

JLL Partners

New York, New York, United States

Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1988
PE ASSETS 5.8B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

JLL Partners, Inc. is a private equity investment firm that invests alongside management in middle-market companies. JLL prefers control investments in sectors such as healthcare services, medical products, food and consumer products, chemicals, broadcasting, transportation, automotive, industrial manufacturing, and distribution. In addition to traditional buyout transaction, JLL also seeks distressed/turnaround situations. JLL Partners was formed in 1988 and is based in New York City.


DEAL STATS #
Overall 2 of 40
Sector (Healthcare Services) 1 of 4
Type (Consolidation) 1 of 2
State (Tennessee) 1 of 2
Country (United States) 2 of 38
Year (1999) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1998-01-15 Freedom Chemical

Huntington Beach, California, United States

Freedom Chemical Co. was a leading global manufacturer of specialty and fine chemicals for sale to a variety of customers who used these chemicals to enhance the performance of their finished products.

Sell $375M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2000-07-12 PCS Health Systems

Scottsdale, Arizona, United States

PCS Health Systems, Inc. is a pharmacy benefit manager, providing drug and health management solutions for health plans and patients. As America's premier pharmaceutical care system, PCS works to encourage proper drug use and helps to lower the cost of drugs for its clients. PCS manages and monitors approximately 300 million individual prescriptions each year representing $10 billion in drug expenditures.

Buy $1.0B