M&A Deal Summary

RiverGlade Capital and Upstream Capital Acquire TenderHeart Health Outcomes

On August 14, 2020, private equity firms RiverGlade Capital and Upstream Capital acquired healthcare services company TenderHeart Health Outcomes from Brookside Capital Partners and Satori Capital

Acquisition Highlights
  • This is RiverGlade Capital’s 2nd and Upstream Capital’s 1st transaction in the Healthcare Services sector.
  • This is RiverGlade Capital’s 4th and Upstream Capital’s 3rd transaction in the United States.
  • This is RiverGlade Capital’s 3rd and Upstream Capital’s 1st transaction in Texas.

M&A Deal Summary

Date 2020-08-14
Target TenderHeart Health Outcomes
Sector Healthcare Services
Buyer(s) RiverGlade Capital
Upstream Capital
Sellers(s) Brookside Capital Partners
Satori Capital
Deal Type Secondary Buyout

Target

TenderHeart Health Outcomes

Austin, Texas, United States
website
TenderHeart Health Outcomes is a provider of care management solutions, in partnership with managed care organizations, for patients with incontinence issues. TenderHeart Health Outcomes was founded in 2005 and is based in Austin, Texas.

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Buyer(S) 2

Buyer
DESCRIPTION

RiverGlade Capital is a private equity firm that targets investments in the healthcare services sector. The Firm targets profitable companies (at least $3 million of EBITDA) and generally prefers founder-owned businesses. Specific areas of interest include outsourced payor services, outsourced provider services, staffing, infusion, lab, medical products, and technology-enabled services and solutions. RiverGlade Capital was established in 2017 and is headquartered in Chicago, Illinois.


DEAL STATS #
Overall 4 of 8
Sector (Healthcare Services) 2 of 5
Type (Secondary Buyout) 2 of 3
State (Texas) 3 of 4
Country (United States) 4 of 8
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-08 CityVet

Dallas, Texas, United States

CityVet provides veterinary hospital services as well as pharmacy, boarding, and grooming services, through three brands: CityVet Clinics, Ruffit, and CityPet Supply. CityVet was established in 1999 and is based in Dallas, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-01 Dynamic Access

Richardson, Texas, United States

Dynamic Access is a full service, on-demand outsourced provider of vascular access insertion services with a proven clinical model that lowers costs for its customers and leads to better patient outcomes. Dynamic Access was founded in 2004 and is based in Richardson, Texas.

Buy -
DESCRIPTION

Upstream Capital is a private equity firm focused on acquiring small, profitable ($300k to $10 million) businesses that are at an inflection point. Sectors of interest include healthcare, consumer products, distribution, business services, and training. The Firm prefers companies with low capex needs, recurring revenue and defensible market positions. Upstream Capital was formed in 2015 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 3 of 4
Sector (Healthcare Services) 1 of 1
Type (Secondary Buyout) 1 of 2
State (Texas) 1 of 1
Country (United States) 3 of 4
Year (2020) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-04 Spiro Health

Sandwich, Massachusetts, United States

Spiro Health is a patient-centric, service-oriented post-acute care and home medical equipment provider. The company offers a diverse set of prescription-based home medical equipment (HME) and supplies that promote total sleep health and respiratory care. By leveraging new technology solutions, the company provides patients and partners with a seamless experience when ordering critical HME and supplies. Serving over 50,000 active patients, Spiro Health is dedicated to reducing the pain point for referral sources and patients and making their lives easier in the path toward better health and wellness. Spiro Health was founded in 2020 and is based in Sandwich, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-28 Chamberlain Group

Oak Brook, Illinois, United States

Chamberlain Group designs and engineers residential garage door openers, commercial door operators, and gate entry systems. Company products are connected through innovative MyQ technology which empowers users to control or monitor their entry points through smartphone access. Chamberlain Group is based in Oak Brook, Illinois.

Buy -

Seller(S) 2

DESCRIPTION

Brookside Capital Partners is an investment management firm focused on stable lower-middle market companies in the US. The Firm typically commits $5 to $30 million per transaction to support buyouts, leveraged recapitalizations, strategic acquisitions and growth. Potential businesses generally have revenue greater than $15 million, and EBITDA of at least $4 million. Industries of interest include business services, consumer, distribution, healthcare, manufacturing, and transportation and logistics. Brookside Capital Partners was established in 2001 and is based in Stamford, Connecticut.


DEAL STATS #
Overall 9 of 18
Sector (Healthcare Services) 1 of 2
Type (Secondary Buyout) 4 of 9
State (Texas) 2 of 2
Country (United States) 9 of 18
Year (2020) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-05 Water-Jel Technologies

Carlstadt, New Jersey, United States

Water-Jel Technologies LLC is a provider of emergency burn care products to the industrial, military, and consumer markets. In addition to burn care products, Water-Jel offers a portfolio of branded and private label products targeted principally for the industrial first-aid cabinet.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-15 Spectrio

Oldsmar, Florida, United States

Spectrio is a provider of technology-enabled, customer engagement, and content management solutions, including digital signage, interactive kiosks, on-hold marketing, on-premise messaging & music, and Wi-Fi marketing. Spectrio's subscription-based model is underpinned by a large, proprietary content library including 10,000+ templates and 100,000+ pieces of customized, vertical-specific content delivered through a proprietary, cloud-based content management software platform that enables scalable, efficient deployment of brand-compliant content for its large, diverse, and location-based clients. Spectrio was founded in 2002 and is based in Oldsmar, Florida.

Sell -
SELLER

Satori Capital

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2008
PE ASSETS 200M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Satori Capital is a private investment firm that looks to partner with management teams to pursue profitable, growth-oriented companies with $5 to $50 million of EBITDA. The Firm does not have any sector preferences and generally looks for situations where there is an opportunity for accelerated growth. The Firm will consider majority or minority positions and prefers businesses operating in the US. Satori Capital was formed in 2008 and is based in Dallas, Texas.


DEAL STATS #
Overall 6 of 7
Sector (Healthcare Services) 1 of 1
Type (Secondary Buyout) 2 of 2
State (Texas) 2 of 3
Country (United States) 6 of 7
Year (2020) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-15 24 Hour Fitness

San Ramon, California, United States

24 Hour Fitness is a health club provider, involved in helping members change their lives and reach their individual fitness goals. 24 Hour Fitness offers fitness solutions for everyone including personal training services, group exercise classes and strength, cardio and functional training equipment.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-01 Komline-Sanderson

Peapack, New Jersey, United States

Komline-Sanderson is a designer and manufacturer of equipment for wastewater management, environmental control, and other industrial applications. Komline-Sanderson was founded in 1946 and is based in Peapack, New Jersey.

Buy -