Linden Capital Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Linden Capital Partners has acquired 9 companies. It has also invested in 3 others.

Linden Capital Partners’ most common sectors for investment aremedical products (29%) and healthcare services (27%) . The Firm’s most common investment types include secondary buyout (36%) and buyout (lbo, mbo, mbi) (29%). In total, Linden Capital Partners has invested in 17 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 5 companies. The Firm’s most common exit type is trade sale (50%). 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 Activity62
    • M&A Buy Activity40
    • M&A Sell Activity22
  • Total Sectors Invested 9
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 37
  • M&A Advisors 9

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 ≤ '17 '18 '19 '20 '21 '22 T
Buy (2.8/yr) # 26 3 3 3 5 - 40
vol $354M $354M
Sell (1.2/yr) # 16 1 1 3 1 - 22
vol $1.5B $1.5B
  62

Most Recent M&A

Company Date Value Type
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
RQM+ Corp. 2021-08-16 - Secondary Buyout
Monroeville, Pennsylvania · www.rqmplus.com
Flexan LLC 2021-07-26 - Add-on Acquisition
Lincolnshire, Illinois · www.flexan.com
Statlab Medical Products, Inc. 2021-01-12 - Secondary Buyout
McKinney, Texas · www.statlab.com
Specialty Networks LLC 2020-12-15 - Growth Capital
Rocky River, Ohio
Z-Medica LLC 2020-10-28 - Add-on Acquisition
Wallingford, Connecticut · www.z-medica.com
Vital Care, LLC 2020-10-19 - Growth Capital
Meridian, Mississippi · www.vitalcareinc.com
IVX Health 2020-10-14 - Acquisition Financing
Brentwood, Tennessee · www.ivxhealth.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Advarra, Inc. 2019-06-06 Bio-Optronics, Inc. 2021-03-09 7
Columbia, Maryland · www.advarra.com Rochester, New York · www.bio-optronics.com
Collagen Matrix, Inc. 2019-08-01 Sunstar's Degradable Solutions 2020-12-29 1
Oakland, New Jersey · www.collagenmatrix.com Schlieren, Switzerland · www.degradablesolutions.com
Healthcare Outcomes Performance Co. 2019-08-01 Stryker Corp. - Value-Based Care Business (BPCI) 2020-10-14 2
Phoenix, Arizona · www.hopco.com Kalamazoo, Michigan
Advarra, Inc. 2019-06-06 Forte Research Systems, Inc. 2019-09-05 6
Columbia, Maryland · www.advarra.com Madison, Wisconsin · www.forteresearch.com

M&A by Sector

Sector Current # Value All-time # Value
Medical Products 7 (32%) - 12 (29%) 314M (89%)
Healthcare Services 6 (27%) - 11 (26%) 40M (11%)
Life Science 4 (18%) - 9 (21%) -
Chemicals - - 2 (5%) -
Distribution - - 2 (5%) -
Education 2 (9%) - 2 (5%) -
Packaging 2 (9%) - 2 (5%) -
Consumer Services - - 1 (2%) -
Franchising 1 (5%) - 1 (2%) -
Total 22 - 42 $354M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 22 (100%) - 42 (100%) 354M (100%)
  Illinois 2 (9%) - 9 (21%) 314M (89%)
  California 3 (14%) - 5 (12%) -
  Pennsylvania 3 (14%) - 4 (10%) -
  Arizona 3 (14%) - 3 (7%) -
  Maryland 1 (5%) - 3 (7%) -
  New Jersey 2 (9%) - 2 (5%) -
  Florida 2 (9%) - 2 (5%) -
  Texas 2 (9%) - 2 (5%) -
  Tennessee 1 (5%) - 2 (5%) 40M (11%)
  Massachusetts - - 2 (5%) -
  Kansas - - 2 (5%) -
  Ohio 1 (5%) - 1 (2%) -
  New York 1 (5%) - 1 (2%) -
  Mississippi 1 (5%) - 1 (2%) -
  North Carolina - - 1 (2%) -
  Michigan - - 1 (2%) -
  Connecticut - - 1 (2%) -
Total 22 - 42 $354M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 13 (59%) - 15 (36%) -
Buyout (LBO, MBO, MBI) 5 (23%) - 12 (29%) 40M (11%)
Growth Capital 3 (14%) - 7 (17%) -
Going Private - - 2 (5%) 314M (89%)
Divestiture - - 2 (5%) -
Acquisition Financing 1 (5%) - 1 (2%) -
Consolidation - - 1 (2%) -
Recapitalization - - 1 (2%) -
Stake Purchase - - 1 (2%) -
Total 22 - 42 $354M

Exits by Deal Type

Type Total # Value
Secondary Sale 7 (32%) 10M (1%)
Trade Sale - Public Company 6 (27%) 894M (60%)
Trade Sale 6 (27%) 575M (39%)
Merger 1 (5%) -
Sold to Management 1 (5%) -
Unknown 1 (5%) -
Total 22 $1.5B

Top M&A Advisors

Financial Deals
Houlihan Lokey
 4
Jefferies LLC
 3
William Blair & Co. LLC
 2
Legal Deals
Kirkland & Ellis LLP
 23
Bass, Berry & Sims PLC
 1
Honigman Miller Schwartz and Cohn 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
Investor(s)
36%
15 (36%)
Strategic(s)
5%
2 (5%)
Exited to
Investor(s)
32%
7 (32%)
Strategic(s)
55%
12 (55%)

Investor Summary

Investor Type

Private Equity Firm

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

Alex Greeley

Partner

Kam Shah

Partner

Katie Kornel

Partner

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