M&A Deal Summary

Morgan Stanley Capital Partners Acquires Ovation Fertility

On June 17, 2019, private equity firm Morgan Stanley Capital Partners acquired healthcare services company Ovation Fertility from WindRose Health Investors

Acquisition Highlights
  • This is Morgan Stanley Capital Partners’ 3rd transaction in the Healthcare Services sector.
  • This is Morgan Stanley Capital Partners’ 29th transaction in the United States.
  • This is Morgan Stanley Capital Partners’ 6th transaction in California.

M&A Deal Summary
Date 2019-06-17
Target Ovation Fertility
Sector Healthcare Services
Buyer(s) Morgan Stanley Capital Partners
Sellers(s) WindRose Health Investors
Deal Type Recapitalization
Advisor(s) Harris Williams & Co. (Financial)

Target

Ovation Fertility

Los Angeles, California, United States
Ovation Fertility is a national network of reproductive endocrinologists and scientific thought leaders focused on reducing the cost of live birth through more efficient and effective fertility care. Ovation’s IVF and genetics laboratories and affiliated practices work collaboratively to raise the bar for IVF treatment, with state-of-the-art, evidence-based fertility services that give hopeful parents the best chance for a successful pregnancy. Physicians partner with Ovation to offer their patients advanced preimplantation genetic testing. Ovation also provides donor eggs that come with the world’s first Euploid Embryo Guarantee®, as well as secure frozen egg, embryo, and sperm long-term storage; consultative services to help IVF laboratories improve quality and performance; and fertility preservation programs that enable more women to freeze their eggs and build future families. Ovation Fertility was founded in 2015 and is based in Los Angeles, California.

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Buyer(S) 1

Buyer

Morgan Stanley Capital Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1985
Size Large
Type Sector Agnostic
DESCRIPTION

Morgan Stanley Capital Partners (MSCP) is the private investment arm of financial services firm and investment bank Morgan Stanley. MSCP looks to partner with founders looking to leverage Morgan Stanley's resources, as well as fund corporate carveouts, recapitalizations, buyouts, and industry consolidations. Areas of interest include business services, industrials, education, consumer products/services, food/beverage, retail, healthcare, and packaging. MSCP primarily targets businesses operating in North America valued between $75 and $750 million. Morgan Stanley Capital Partners is based in New York City.

DEAL STATS #
Overall 32 of 48
Sector (Healthcare Services) 3 of 3
Type (Recapitalization) 3 of 4
State (California) 6 of 7
Country (United States) 29 of 45
Year (2019) 3 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-11 Impact Fitness

Brighton, Michigan, United States

Impact Fitness is a Planet Fitness franchisee with units across Michigan, Indiana, British Columbia and Western Ontario. Impact Fitness is based in Brighton, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-18 Project Management Academy

West Lafayette, Indiana, United States

Project Management Academy provides best-in-class training for project management professionals. The company provides both in-person and online training for individuals and corporations across the U.S. for project management and related career-critical disciplines. Training for the PMP certification, the leading certification for project managers across multiple industries. Courses in related project management disciplines, including Agile, Six Sigma, Scrum, CAPM, and ITIL. Continuing education for the PMP certification. Project Management Academy is based in West Lafayette, Indiana.

Buy -

Seller(S) 1

SELLER

WindRose Health Investors

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2000
PE ASSETS 2.5B USD
Size Large
Type Sector Focused
DESCRIPTION

MTS Health Investors LLC is a specialist private investment firm focused on opportunities in the services sectors of the healthcare industry. Specific areas of interest include managed care/health insurance, healthcare providers, distributors of medical/products and providers of outsourced services. MTS also invests in low-technology medical product manufacturers. MTS makes equity investments in US based companies valued between $25 and $300 million. Prospective transaction types include buyouts, divestitures, recapitalizations, take-privates, acquisition financings, and growth financings. MTS Health Investors was formed in 2000 and is based in New York City.

DEAL STATS #
Overall 16 of 25
Sector (Healthcare Services) 11 of 15
Type (Recapitalization) 2 of 3
State (California) 1 of 1
Country (United States) 16 of 25
Year (2019) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-04 Lykan Bioscience

Hopkinton, Massachusetts, United States

Lykan Bioscience is a manufacturing services organization, focused on providing outsourced end-to-end production and logistics solutions for pharmaceutical and biotech companies focused on cell and gene therapies. Lykan Bioscience is based in Hopkinton, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-21 Aerocare

Orlando, Florida, United States

Aerocare is a provider of oxygen, respiratory, sleep, and other chronic therapy services to patients in the home. AeroCare's patients typically suffer from the chronic obstructive pulmonary disease (COPD), obstructive sleep apnea (OSA), or congestive heart failure (CHF) and require in-home therapy services. Aerocare Holdings, Inc. was founded in 2000 and is based in Orlando, Florida.

Sell -
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