M&A Deal Summary

Morgan Stanley Capital Partners Acquires SpendMend

On March 2, 2022, private equity firm Morgan Stanley Capital Partners acquired business services company SpendMend from Sheridan Capital Partners

Acquisition Highlights
  • This is Morgan Stanley Capital Partners’ 4th transaction in the Business Services sector.
  • This is Morgan Stanley Capital Partners’ 39th transaction in the United States.
  • This is Morgan Stanley Capital Partners’ 3rd transaction in Michigan.

M&A Deal Summary
Date 2022-03-02
Target SpendMend
Sector Business Services
Buyer(s) Morgan Stanley Capital Partners
Sellers(s) Sheridan Capital Partners
Deal Type Recapitalization
Advisor(s) Evercore Group (Financial)
Kirkland & Ellis (Legal)

Target

SpendMend

Grand Rapids, Michigan, United States
SpendMend helps healthcare organizations nationwide discover the full impact of financial leakage upon their organization. As the healthcare expert in audit recovery and spend visibility, SpendMend has perfected the process of holistically analyzing complex spend data to help an organization shed light upon ubiquitous financial leakage. SpendMend helps recover financial leakage and partners with clients to optimize cost cycle management and improve spend visibility. SpendMend was founded in 1993 and is based in Grand Rapids, Michigan.

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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 42 of 48
Sector (Business Services) 4 of 6
Type (Recapitalization) 4 of 4
State (Michigan) 3 of 3
Country (United States) 39 of 45
Year (2022) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-01 PPC Flexible Packaging

Buffalo Grove, Illinois, United States

PPC Flexible Packaging is a provider of converted flexible packaging for the healthcare, medical, organic snack, pet food, bakery and produces markets. The company excels in the design and manufacture of value-added printed, laminated and stand up pouch packaging for the most demanding applications. Recognized for its focus on exceptional speed to market, it excels in delivering service, quality, and technology to its valued customer base. PPC Flexible Packaging was founded in 1968 and is based in Buffalo Grove, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-18 Fairway Lawns

Little Rock, Arizona, United States

Fairway Lawns is a provider of residential lawn treatment and pest control services. The Company currently serves over 40,000 customers from 12 lawn treatment locations and 2 pest control locations across six states (AL, AR, GA, OK, SC, TN). Fairway Lawns was formed in 1979 and is based in Little Rock, Arizona.

Buy -

Seller(S) 1

SELLER

Sheridan Capital Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2012
PE ASSETS 300M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Sheridan Capital Partners is a private equity firm focused on acquiring and investing in consumer products/services and healthcare companies across the US and Canada. Sheridan looks to invest $10 to $50 million in businesses valued from $20 to $150 million. Prospective transaction situations include growth buyouts, family owned company acquisitions, consolidations, and recapitalizations. Sheridan Capital Partners was formed in 2012 and is headquartered in Chicago, Illinois.

DEAL STATS #
Overall 7 of 8
Sector (Business Services) 1 of 1
Type (Recapitalization) 2 of 2
State (Michigan) 1 of 1
Country (United States) 6 of 7
Year (2022) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-05 Smile Doctors

Dallas, Texas, United States

Smile Doctors is an orthodontics-focused dental service organization in the U.S. Smile Doctors services over 100 affiliated practices offering both traditional braces and clear aligners. Smile Doctors focuses exclusively on developing and growing affiliated orthodontic practices. Smile Doctors was founded in 2015 and is based in Dallas, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-01 Dermatologists of Central States

Cincinnati, Ohio, United States

Dermatologists of Central States is a dermatology practice management company serving dermatology clinics throughout Ohio and its neighboring states. DOCS provides its partner practices with centralized non-clinical resources and services that enable clinicians to focus exclusively on providing best-in-class dermatological care to patients. Dermatologists of Central States is based in Cincinnati, Ohio.

Sell -
Mergr

Product

Company

Legal