M&A Deal Summary

Leonard Green & Partners and Novo Holdings A/S Acquire WCG

On November 14, 2019, private equity firm Leonard Green & Partners and corporate investor Novo Holdings A/S acquired information services company WCG from Arsenal Capital Partners and DFO Management

Acquisition Highlights
  • This is Leonard Green & Partners’ 4th and Novo Holdings A/S’s 1st transaction in the Information Services sector.
  • This is Leonard Green & Partners’ 75th and Novo Holdings A/S’s 1st transaction in the United States.
  • This is Leonard Green & Partners’ 1st and Novo Holdings A/S’s 1st transaction in New Jersey.

M&A Deal Summary
Date 2019-11-14
Target WCG
Sector Information Services
Buyer(s) Leonard Green & Partners
Novo Holdings A/S
Sellers(s) Arsenal Capital Partners
DFO Management
Deal Type Recapitalization

Target

WCG

Princeton, New Jersey, United States
WCG is a provider of regulatory and ethical review services for human research. The pioneer of independent ethical review, WCG continues to drive ingenuity in the clinical research space. WCG delivers transformational solutions that stimulate growth, foster compliance and maximize efficiency for those who perform clinical trials. WCG was founded in 2012 and is based in Princeton, New Jersey.

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Buyer(S) 2

Buyer

Leonard Green & Partners

Los Angeles, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1989
PE ASSETS 75.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Leonard Green & Partners is a mega-sized private equity firm that invests in established companies that are leaders in their respective markets. Leonard Green will consider investments in consumer and business services, consumer products, distribution, media, and retail. Typical transaction values for acquisitions are between $500 million and $2 billion, however, the firm is capable of closing transactions valued up to $5 billion. Types of transactions include public-to-private, recapitalizations of privately held businesses, growth capital, equity capital to facilitate acquisitions, turnarounds/restructurings, and acquisitions of divisions/assets from large corporations. Leonard Green & Partners was formed in 1989 and is based in Los Angeles, California.

DEAL STATS #
Overall 80 of 101
Sector (Information Services) 4 of 4
Type (Recapitalization) 6 of 8
State (New Jersey) 1 of 1
Country (United States) 75 of 93
Year (2019) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-11 Press Ganey

Wakefield, Massachusetts, United States

Press Ganey is a provider of healthcare performance solutions for hospitals, healthcare and home care providers. Press Ganey utilizes patient and employee surveys to collect vast amounts of proprietary data on behalf of clients to power its industry-leading benchmarking and analytics tools and advisory services. Press Ganey was founded in 1985 and is based in Wakefield, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-26 Pye-Barker Fire & Safety

Alpharetta, Georgia, United States

Pye-Barker Fire & Safety is a provider of route-based fire protection services, including monitoring, inspection, maintenance and repair of fire detection and suppression products. Pye-Barker Fire & Safety was formed in1946 and is based in Alpharetta, Georgia.

Buy -
Buyer

Novo Holdings A/S

Investor Investor Investor Investor Investor

Category Corporate Investor
Founded 1999
Size Middle-Market
Type Sector Focused
DESCRIPTION

Novo Holdings A/S is a Danish holding company and the investment arm of the Novo Nordisk Foundation. Novo Holdings' objective is to grow the assets of the Foundation and improve the lives of people around the world. In addition to investing in equity and fixed income securities, Novo Holdings pursues direct investments in life science companies. Novo Holdings A/S was established in 1999 and is headquartered in Hellerup, Denmark.

DEAL STATS #
Overall 4 of 14
Sector (Information Services) 1 of 1
Type (Recapitalization) 1 of 1
State (New Jersey) 1 of 2
Country (United States) 1 of 7
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-28 ConvaTec

Reading, United Kingdom

ConvaTec is a global medical products and technologies company that provides advanced wound care, ostomy care, continence, and critical care, and infusion devices. ConvaTec was formed in 1972 and is based in Reading, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-22 Altasciences

Laval, Quebec, Canada

Altasciences is a forward-thinking, mid-sized contract research organization offering pharmaceutical and biotechnology companies a proven, flexible approach to preclinical and clinical pharmacology studies, including formulation, manufacturing, and analytical services. Altasciences was founded in 1992 and is based in Laval, Quebec.

Buy -

Seller(S) 2

SELLER

Arsenal Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2000
PE ASSETS 10.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Arsenal Capital Partners is a private equity firm focused on middle-market healthcare, specialty industrial, and financial service companies. Specifically, Arsenal looks to acquire businesses in the areas of specialty chemicals, aerospace/defense, transportation, environmental services, business services, insurance, asset management, financial technology, medical products, healthcare IT, and healthcare contract research/manufacturing. The Firm typically seeks to commit $50 to $300 million per investment in profitable businesses with at least $10 million of EBITDA. Funds are generally used to support buyouts, recapitalizations, growth financings, consolidations, and divestitures. The Firm avoids investing in companies reliant on high levels of technology. Arsenal Capital Partners was formed in 2000 and is headquartered in New York City.

DEAL STATS #
Overall 28 of 34
Sector (Information Services) 1 of 1
Type (Recapitalization) 1 of 1
State (New Jersey) 4 of 4
Country (United States) 27 of 31
Year (2019) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-18 Spartech

St. Louis, Missouri, United States

Spartech is a producer of plastic products including polymeric compounds, concentrates, custom extruded sheet and roll stock products, and packaging solutions for a wide spectrum of customers. Spartech was founded in 1960 and is based in St. Louis, Missouri.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-26 PSG

Cleveland, Ohio, United States

PSG is a manufacturer of proprietary and custom polymer additives, dispersions, and performance chemicals for the rubber, plastic, and engineered wood industries. PSG offers a variety of customer-centric solutions that improve polymer processing, increase surface protection, and enhance product performance. PSG was formed in 2015 and is based in Cleveland, Ohio.

Sell -
SELLER

DFO Management

New York, New York, United States

Investor Investor

Category Family Office
Founded 1998
PE ASSETS 16.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

DFO Management is the private investment vehicle for Michael Dell, founder of Dell Computers. The Firm targets investment opportunities across the US and internationally and is split into several groups. These include Public Equity, Special Opportunities, Private Equity, Real Estate, and Partnerships. The Private Equity group targets transactions that include leveraged and management buyouts, take privates, mezzanine debt and other structured investments, PIPEs and growth equity financings, platform acquisitions and roll-ups, and partnerships with other financial sponsors. DFO looks to commit $100 to $250 million per transaction and prefers investments in non-technology companies. DFO Management was formed in 1998 and is based in New York City.

DEAL STATS #
Overall 7 of 10
Sector (Information Services) 1 of 1
Type (Recapitalization) 1 of 1
State (New Jersey) 1 of 1
Country (United States) 6 of 9
Year (2019) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-21 DentalOne Partners

Plano, Texas, United States

DentalOne Partners is a dental practice management company provides a wide range of business services to its affiliated dental practices in Arizona, Colorado, Texas, and Utah. Among the services provided by Dental One are administrative functions, including accounting, human resources, marketing and finance; recruitment of professional, administrative and support personnel in the practices; and equipment and facility leasing. DentalOne Partners is based in Plano, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-11 Hayward Industries

Charlotte, North Carolina, United States

Hayward Industries is a manufacturer of residential and commercial pool equipment and industrial flow control products. Hayward markets a full line of energy efficient pool and spa equipment including pumps, filters, heaters, cleaners, salt chlorinators, automation, lighting, safety, and flow control products. Hayward Industries was incorporated in 1925 and is based in Charlotte, North Carolina.

Sell -
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