Linden Capital Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Linden Capital Partners has acquired 7 companies. It has also invested in 1 other.

Linden Capital Partners’ most common sectors for investment are healthcare services (28%) and medical products (28%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (34%) and secondary buyout (31%). In total, Linden Capital Partners has invested in 14 US states. 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 2003 when it sold AbilityOne for $575M.

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M&A Summary

  • M&A Total Activity51
    • M&A Buy Activity31
    • M&A Sell Activity20
  • Total Sectors Invested 8
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 30
  • M&A Advisors 8

Linden Capital Partners

150 N Riverside Plaza, Suite 5100,
Chicago, Illinois 60606
United States
(312) 506-5600
www.lindenllc.com
info@lindenllc.com

Linden LLC is a private equity firm that invests in businesses involved in the healthcare and life science sectors. However, the firm also executes any size private equity transaction between $10 million to $2 billion through the firm's alliance with Madison Dearborn Partners. Linden is not a venture capital investor. The firm specializes in investments in non-core businesses owned by large corporations, as well as traditional management buyouts of independent companies. Linden LLC was formed in 2004 and is based in Chicago, Illinois.


Investment Criteria

Sectors of Interest: Chemicals, Consumer Services, Distribution, Education, Healthcare Services, Life Science, Medical Products, Retail

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

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

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA 5 30
Investment Size - -
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (2.0/yr) # 21 4 1 3 2 - 31
vol $354M $354M
Sell (1.6/yr) # 12 2 2 1 1 2 20
vol $1.3B $174M $1.5B
  51

Most Recent M&A

Company Date Value Type
ProPharma Group Holdings LLC 2020-09-22 - Secondary Buyout
Overland Park, Kansas · www.propharmagroup.com
Solara Medical Supplies LLC 2020-05-26 - Add-on Acquisition
Chula Vista, California · www.solaramedicalsupplies.com
Collagen Matrix, Inc. 2019-08-01 - Secondary Buyout
Oakland, New Jersey · www.collagenmatrix.com
Healthcare Outcomes Performance Co. 2019-08-01 - Buyout (LBO, MBO, MBI)
Phoenix, Arizona · www.hopco.com
Advarra, Inc. 2019-06-06 - Secondary Buyout
Columbia, Maryland · www.advarra.com
Avalign Technologies Holdings, Inc. 2018-12-27 - Secondary Buyout
Lake Forest, Illinois · www.avaligntech.com
SeraCare Life Sciences, Inc. 2018-11-26 - Add-on Acquisition
Milford, Massachusetts · www.seracare.com
Solara Medical Supplies LLC 2018-06-04 - Growth Capital
Chula Vista, California · www.solaramedicalsupplies.com
Evolution Research Group LLC 2018-05-30 - Secondary Buyout
Watchung, New Jersey · www.evolutionresearchgroup.com
Young Innovations, Inc. 2017-11-08 - Secondary Buyout
Algonquin, Illinois · www.ydnt.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Pinnacle Treatment Centers, Inc. 2016-08-10 HealthQwest, Inc. 2020-08-17 4
Pittsburgh, Pennsylvania · www.pinnacletreatment.com Douglasville, Georgia · www.healthqwest.us
Advarra, Inc. 2019-06-06 IRB Co., Inc. 2020-04-20 2
Columbia, Maryland · www.advarra.com Buena Park, California · www.irbco.com
Evolution Research Group LLC 2018-05-30 Richmond Behavioral Associates 2020-03-09 2
Watchung, New Jersey · www.evolutionresearchgroup.com Staten Island, New York · www.rbany.com
Pinnacle Treatment Centers, Inc. 2016-08-10 Aegis Treatment Centers LLC 2020-01-23 3
Pittsburgh, Pennsylvania · www.pinnacletreatment.com Canoga Park, California · www.aegistreatmentcenters.com
Young Innovations, Inc. 2017-11-08 PuraGraft LLC 2019-11-11 6
Algonquin, Illinois · www.ydnt.com Kingwood, Texas · www.puragraft.com
Advarra, Inc. 2019-06-06 Forte Research Systems, Inc. 2019-09-05 1
Columbia, Maryland · www.advarra.com Madison, Wisconsin · www.forteresearch.com
Young Innovations, Inc. 2017-11-08 Germiphene Corp. 2019-06-03 5
Algonquin, Illinois · www.ydnt.com Brantford, Ontario · www.germiphene.com
Pinnacle Treatment Centers, Inc. 2016-08-10 Addiction Medicine Care (AMC) 2019-05-02 2
Pittsburgh, Pennsylvania · www.pinnacletreatment.com Reynoldsburg, Ohio
Young Innovations, Inc. 2017-11-08 Crystal Tip 2019-05-01 4
Algonquin, Illinois · www.ydnt.com Irvine, California · www.crystaltip.com
Evolution Research Group LLC 2018-05-30 Finger Lakes Clinical Research (FLCR) 2019-04-01 1
Watchung, New Jersey · www.evolutionresearchgroup.com Rochester, New York · www.flclinical.com

M&A by Sector

Sector Current # Value All-time # Value
Medical Products 5 (33%) - 9 (27%) 314M (89%)
Healthcare Services 4 (27%) - 9 (27%) 40M (11%)
Life Science 3 (20%) - 8 (24%) -
Chemicals 1 (7%) - 2 (6%) -
Distribution - - 2 (6%) -
Consumer Services - - 1 (3%) -
Education 1 (7%) - 1 (3%) -
Packaging 1 (7%) - 1 (3%) -
Total 15 - 33 $354M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 15 (100%) - 33 (100%) 354M (100%)
  Illinois 3 (20%) - 9 (27%) 314M (89%)
  California 2 (13%) - 4 (12%) -
  Pennsylvania 2 (13%) - 3 (9%) -
  Maryland 1 (7%) - 3 (9%) -
  New Jersey 2 (13%) - 2 (6%) -
  Arizona 2 (13%) - 2 (6%) -
  Massachusetts - - 2 (6%) -
  Kansas - - 2 (6%) -
  Texas 1 (7%) - 1 (3%) -
  Florida 1 (7%) - 1 (3%) -
  Connecticut 1 (7%) - 1 (3%) -
  Tennessee - - 1 (3%) 40M (11%)
  North Carolina - - 1 (3%) -
  Michigan - - 1 (3%) -
Total 15 - 33 $354M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 4 (27%) - 11 (33%) 40M (11%)
Secondary Buyout 8 (53%) - 10 (30%) -
Growth Capital 3 (20%) - 5 (15%) -
Going Private - - 2 (6%) 314M (89%)
Divestiture - - 2 (6%) -
Consolidation - - 1 (3%) -
Recapitalization - - 1 (3%) -
Stake Purchase - - 1 (3%) -
Total 15 - 33 $354M

Exits by Deal Type

Type Total # Value
Secondary Sale 7 (35%) 10M (1%)
Trade Sale - Public Company 5 (25%) 894M (60%)
Trade Sale 5 (25%) 575M (39%)
Merger 1 (5%) -
Sold to Management 1 (5%) -
Unknown 1 (5%) -
Total 20 $1.5B

Top M&A Advisors

Financial Deals
Houlihan Lokey
 3
Jefferies LLC
 3
William Blair & Co. LLC
 2
Legal Deals
Kirkland & Ellis LLP
 19
King & Spalding LLP
 1
Paul Hastings LLP
 1

Deal Values

buy # Total
$100M to $1B 1 $314M
< $100M 1 $40M
TOTAL $354M
Largest Young Innovations, Inc.
$314M (2013-01-31)
sell # Total
$100M to $1B 4 $1.5B
< $100M 1 $10M
TOTAL $1.5B
Largest AbilityOne Corp.
$575M (2003-09-15)

M&A Connections

Deals %
Acquired from
PE Firm(s)
89%
17 89%
Strategic(s)
11%
2 11%
Exited to
PE Firm(s)
44%
8 44%
Strategic(s)
56%
10 56%

Investor Summary

Size

Large

PE Assets

3.0B USD

Established

2004

Specialist/Generalist

Specialist

Leadership

Brian Miller

Co-Founder & Managing Partner

Anthony Davis

Co-Founder, Managing Partner & President

Kam Shah

Partner

Michael Farah

Partner

Michael Watts

Partner

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