M&A Deal Summary

Tailwind and Littlejohn Acquire Benevis

On March 1, 2018, private equity firms Tailwind and Littlejohn acquired healthcare services company Benevis from FFL Partners

Acquisition Highlights
  • This is Tailwind’s 2nd and Littlejohn’s 1st transaction in the Healthcare Services sector.
  • This is Tailwind’s 36th and Littlejohn’s 44th transaction in the United States.
  • This is Tailwind’s 4th and Littlejohn’s 2nd transaction in Georgia.
Investment Fate
  • Benevis went bankrupt in 2020.
  • Benevis was sold to a financial buyer in 2020.

M&A Deal Summary
Date 2018-03-01
Target Benevis
Sector Healthcare Services
Buyer(s) Tailwind
Littlejohn
Sellers(s) FFL Partners
Deal Type Recapitalization

Target

Benevis

Marietta, Georgia, United States
Benevis provides various non-clinical services to group dental practices, including providing dental facilities, support staff, and other business services. Kool Smiles and Resolution Dental are the firm’s two major clients. Kool Smiles is a nationally-branded provider of dental care focused primarily on children enrolled in Medicaid and State Children's Health Insurance Programs. The limited access to care for children on Medicaid/SCHIP plans provides an attractive growth opportunity for Kool Smiles as it continues to expand offices with a mission to provide quality care to this underserved population. Benevis was founded in 2002 and is based in Marietta, Georgia.

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Buyer(S) 2

Buyer

Tailwind

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2003
PE ASSETS 3.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Tailwind is an independent private equity firm focused on making control investments in companies operating in the healthcare, media/communications, and business services sectors. Tailwind looks to invest $25 to $200 million in profitable businesses valued above $500 million. The Firm seeks companies with proven business models and strong opportunities for growth, either organically or through acquisition. Tailwind Capital was formed in 2003 and is based in New York, New York.

DEAL STATS #
Overall 36 of 51
Sector (Healthcare Services) 2 of 3
Type (Recapitalization) 4 of 5
State (Georgia) 4 of 5
Country (United States) 36 of 51
Year (2018) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-01 Nsight

Green Bay, Wisconsin, United States

Nsight is a regional telecommunications business based in Green Bay, Wisconsin with an operating history of more than one hundred years. Nsight provides more than 280,000 customers in Green Bay and the surrounding rural Wisconsin markets with wireless services under the Cellcom brand name.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-01 Abode Healthcare

Durango, Colorado, United States

Abode Healthcare provides a full spectrum of home health and hospice services in attractive, growing markets across the United States. Abode’s service offerings are thoughtfully tailored to patients and families, with focused attention given to individual needs and preferences. Abode Healthcare was formed in 2012 and is based in Durango, Colorado.

Buy -
Buyer

Littlejohn

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1996
PE ASSETS 7.8B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Littlejohn is a private equity firm that makes control investments in mid-sized companies undergoing change; either in capital structure, strategy, operations, or growth. Littlejohn looks to commit $50 to $250 million of equity, mezzanine, or credit capital in companies with annual revenues of $100 to $800 million. Sectors of interest include industrial equipment, packaging, chemicals, automotive and transportation parts and equipment, food and food processing, healthcare, plastics, aerospace/defense, distribution, environmental and infrastructure services, and consumer products. The Firm avoids investing in real estate, fashion, retail, and businesses engaged in high technology. Littlejohn prefers opportunities located in the US, but also considers opportunities in Europe and Canada. Littlejohn was formed in 1996 and is based in Greenwich, Connecticut.

DEAL STATS #
Overall 48 of 64
Sector (Healthcare Services) 1 of 1
Type (Recapitalization) 7 of 8
State (Georgia) 2 of 2
Country (United States) 44 of 60
Year (2018) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-20 GSE Environmental

Houston, Texas, United States

GSE Environmental is a designer and manufacturer of geosynthetic lining solutions used in the containment and management of solids, liquids, and gasses for organizations engaged in waste management, mining, liquid containment, aquaculture, agriculture, and other industrial activities.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-30 Motion Recruitment Partners

Boston, Massachusetts, United States

Motion Recruitment Partners provides IT staffing and direct hire services focused on skilled, difficult-to-fill positions. Motion Recruitment Partners was formed in 1989 and is based in Boston, Massachusetts.

Buy -

Seller(S) 1

SELLER

FFL Partners

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1997
PE ASSETS 5.4B USD
Size Mega
Type Sector Focused
DESCRIPTION

FFL Partners (formerly known as Friedman Fleischer & Lowe) is a private equity group focused on majority and minority investments in North American middle-market companies. Prospective businesses generally have revenues of $30 to $400 million and are valued between $50 and $300 million. Target situations include ownership restructurings in closely-held and family-owned companies, management buyouts, PIPEs, growth equity fundings, take privates, special situations, and recapitalizations. Sectors of interest include outsourced business services, education and training, marketing and media, consumer products, healthcare, and financial services. FFL Partners was formed in 1997 and is based in San Francisco.

DEAL STATS #
Overall 16 of 32
Sector (Healthcare Services) 3 of 7
Type (Recapitalization) 1 of 1
State (Georgia) 2 of 3
Country (United States) 15 of 30
Year (2018) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-04 Autism Learning Partners

Monrovia, California, United States

Autism Learning Partners is a provider of therapy to children with Autism Spectrum Disorders. ALP’s services include ABA, speech, occupational, and physical therapies. The Company utilizes custom-tailored treatment programs, licensed professionals, and experienced staff to address the unique treatment needs of children with ASD. Autism Learning Partners is based in Monrovia, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-10 Accordion Partners

New York, New York, United States

Accordion Partners is a private equity-focused financial and technology consulting firm. Working at the intersection of sponsors and management teams, Accordion partners with clients at every stage of the investment lifecycle. Accordion Partners was founded in 2009 and is based in New York City.

Buy -
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