Linden Capital Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Linden Capital Partners has acquired 10 companies. It has also invested in 1 other.

Linden Capital Partners’ most common sectors for investment arehealthcare services (28%) and medical products (25%) . The Firm’s most common investment types include secondary buyout (38%) and buyout (lbo, mbo, mbi) (28%). In total, Linden Capital Partners has invested in 17 US states and 2 different countries. 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 2024 when it sold Specialty Networks for $1.2B.

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M&A Summary

  • M&A Total Activity70
    • M&A Buy Activity44
    • M&A Sell Activity26
  • Total Sectors Invested 13
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 34
  • M&A Advisors 10

Linden Capital Partners

Linden Capital Partners LLC

110 N. Wacker Drive 55th Floor,
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 10 40
Investment Size - -
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (2.4/yr) # 32 3 6 2 - 1 44
vol $354M $354M
Sell (1.8/yr) # 18 3 2 3 - 1 27
vol $1.5B $1.2B $2.7B
  71

Most Recent M&A

Company Date Value Type
Alcresta Therapeutics, Inc. 2024-03-12 - Secondary Buyout
Newton, Massachusetts · www.alcresta.com
Specialty Networks LLC 2024-01-31 1.2B USD Trade Sale
Cleveland, Ohio · www.specialtynetworks.com
Spear Education LLC 2022-12-19 - Secondary Sale
Scottsdale, Arizona · www.speareducation.com
LifeStyles Healthcare Pte. Ltd. 2022-12-01 - Secondary Buyout
Singapore, Singapore · www.lifestylesglobal.com
Aspirion Health Resources 2022-06-21 - Stake Purchase
Columbus, Georgia · www.aspirion.com
Advarra, Inc. 2022-06-10 - Secondary Sale
Columbia, Maryland · www.advarra.com
Smile Doctors LLC 2022-01-05 - Recapitalization
Dallas, Texas · www.smiledoctors.com
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
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
BioIVT LLC 2021-08-24 SEKISUI XenoTech LLC 2022-09-12 5
Hicksville, New York · www.bioivt.com Kansas, Kansas · www.xenotech.com
Regenity Biosciences 2019-08-01 Sunstar's Degradable Solutions 2020-12-29 2
Paramus, New Jersey · www.regenity.com Schlieren, Switzerland · www.degradablesolutions.com
Healthcare Outcomes Performance Co. 2019-08-01 Stryker Corp. - Value-Based Care Business (BPCI) 2020-10-14 3
Phoenix, Arizona · www.hopco.com Kalamazoo, Michigan

M&A by Sector

Sector Current # Value All-time # Value
Healthcare Services 7 (30%) - 13 (27%) 40M (11%)
Medical Products 6 (26%) - 12 (25%) 314M (89%)
Life Science 5 (22%) - 10 (21%) -
Chemicals - - 2 (4%) -
Distribution - - 2 (4%) -
Packaging 2 (9%) - 2 (4%) -
Business Services - - 1 (2%) -
Consumer Products 1 (4%) - 1 (2%) -
Consumer Services - - 1 (2%) -
Education - - 1 (2%) -
Franchising 1 (4%) - 1 (2%) -
Information Technology 1 (4%) - 1 (2%) -
Test/Measurement Equipment - - 1 (2%) -
Total 23 - 48 $354M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 22 (96%) - 47 (98%) 354M (100%)
  Illinois 2 (9%) - 9 (19%) 314M (89%)
  California 2 (9%) - 5 (10%) -
  Maryland 1 (4%) - 4 (8%) -
  New Jersey 3 (13%) - 3 (6%) -
  Tennessee 2 (9%) - 3 (6%) 40M (11%)
  Arizona 2 (9%) - 3 (6%) -
  Texas 2 (9%) - 3 (6%) -
  Pennsylvania 2 (9%) - 3 (6%) -
  Massachusetts 1 (4%) - 3 (6%) -
  Georgia 2 (9%) - 2 (4%) -
  Florida 2 (9%) - 2 (4%) -
  Kansas - - 2 (4%) -
  New York 1 (4%) - 1 (2%) -
  Ohio - - 1 (2%) -
  North Carolina - - 1 (2%) -
  Michigan - - 1 (2%) -
  Connecticut - - 1 (2%) -
Singapore 1 (4%) - 1 (2%) -
Domestic 22 (96%) - 47 (98%) 354M (100%)
Cross-border 1 (4%) - 1 (2%) -
Total 23 - 48 $354M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 14 (61%) - 18 (38%) -
Buyout (LBO, MBO, MBI) 5 (22%) - 13 (27%) 40M (11%)
Growth Capital 1 (4%) - 7 (15%) -
Going Private - - 2 (4%) 314M (89%)
Divestiture - - 2 (4%) -
Recapitalization 1 (4%) - 2 (4%) -
Stake Purchase 1 (4%) - 2 (4%) -
Acquisition Financing 1 (4%) - 1 (2%) -
Consolidation - - 1 (2%) -
Total 23 - 48 $354M

Exits by Deal Type

Type Total # Value
Secondary Sale 9 (33%) 10M (< 1%)
Trade Sale - Public Company 7 (26%) 2.1B (78%)
Trade Sale 6 (22%) 575M (21%)
Merger 1 (4%) -
Recapitalization 1 (4%) -
Sold to Management 1 (4%) -
SPAC 1 (4%) -
Unknown 1 (4%) -
Total 27 $2.7B

Top M&A Advisors

Financial Deals
Houlihan Lokey
4
Jefferies
4
William Blair
2
Legal Deals
Kirkland & Ellis
26
King & Spalding LLP
1
Paul Hastings
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
> $1B 1 $1.2B
$100M to $1B 4 $1.5B
< $100M 1 $10M
TOTAL $2.7B
Largest Specialty Networks LLC
$1.2B (2024-01-31)

M&A Connections

Deals
Acquired from
Investor(s)
42%
20 (42%)
Strategic(s)
6%
3 (6%)
Exited to
Investor(s)
37%
10 (37%)
Strategic(s)
48%
13 (48%)

FAQ

When was Linden Capital Partners founded?

Linden Capital Partners was founded in 2004.

What type of investor is Linden Capital Partners?

Linden Capital Partners is a private equity firm.

Where is Linden Capital Partners headquartered?

Linden Capital Partners is headquartered in Chicago, Illinois.

How much capital does Linden Capital Partners have under management?

Linden Capital Partners has 3.0B USD under management.

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