M&A Deal Summary

ACON Investments and Triton Pacific Capital Partners Acquire Injured Workers Pharmacy

On July 23, 2014, private equity firms ACON Investments and Triton Pacific Capital Partners acquired life science company Injured Workers Pharmacy from Parthenon Capital and Audax Private Equity

Acquisition Highlights
  • This is ACON Investments’ 1st and Triton Pacific Capital Partners’ 2nd transaction in the Life Science sector.
  • This is ACON Investments’ 24th and Triton Pacific Capital Partners’ 17th transaction in the United States.
  • This is ACON Investments’ 1st and Triton Pacific Capital Partners’ 1st transaction in Massachusetts.

M&A Deal Summary

Date 2014-07-23
Target Injured Workers Pharmacy
Sector Life Science
Buyer(s) ACON Investments
Triton Pacific Capital Partners
Sellers(s) Parthenon Capital
Audax Private Equity
Deal Type Secondary Buyout
Advisor(s) Jefferies (Financial)
Kirkland & Ellis (Legal)

Target

Injured Workers Pharmacy

Andover, Massachusetts, United States
Injured Workers Pharmacy is an independent mail order pharmacy serving the needs of injured workers. IWP offers a full range of therapeutic options to ease pain and discomfort caused by injury and meets each patient’s individual needs through a dedicated team of pharmacists. Injured Workers Pharmacy was founded in 2001 and is based in Andover, Massachusetts.

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Buyer(S) 2

Buyer

ACON Investments

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

ACON Investments is an international private equity firm that targets investments in the US, Europe, and Latin America. ACON's investment strategy covers 'opportunities at times of change - responding at points of inflection where value creation is possible'. Examples include businesses that serve the rapidly growing US Hispanic population, energy and energy service needs, businesses in need of operational help, and opportunities in Latin America resulting from economic deregulation and political liberalization. ACON's looks for companies where it can commit $20 to $150 million of equity capital. Target sectors include consumer products and services, distribution, business services and industrial manufacturing. ACON Investments was formed in 1996 and has offices in Washington DC; Houston, Texas; Los Angeles, California; and Madrid, Spain.


DEAL STATS #
Overall 35 of 71
Sector (Life Science) 1 of 5
Type (Secondary Buyout) 6 of 12
State (Massachusetts) 1 of 1
Country (United States) 24 of 42
Year (2014) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-31 Igloo Products

Katy, Texas, United States

Igloo Products designs, produces and distributes a wide and sophisticated assortment of branded hard and soft side coolers, beverage containers, outdoor products and related accessories. Igloo Products was founded in 1947 and is based in Katy, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-16 Peter Piper

Phoenix, Arizona, United States

Peter Piper is a pizza and entertainment restaurant chain operating 32 company-owned locations and 115 franchises in the southwestern U.S. and Mexico. Peter Piper was founded in 1973 and is based in Phoenix, Arizona.

Sell -
Buyer

Triton Pacific Capital Partners

Los Angeles, California, United States

Category Private Equity Firm
Founded 1996
Size Small
Type Sector Agnostic
DESCRIPTION

Triton Pacific Capital Partners is a private equity firm focused on investing in US based small to mid-size growth companies. Triton looks to invest $5 to $15 million in companies generating $2 to $10 million of EBITDA. Sectors of interest include healthcare services, software, IT, business services, consumer products, light manufacturing, logistics, and value-added distribution. Prospective transaction situations include recapitalizations, management buyouts, growth capital financings, divestitures, and shareholder liquidity needs. Triton Pacific Capital Partners was formed in 1996 based in Los Angeles, California.


DEAL STATS #
Overall 17 of 23
Sector (Life Science) 2 of 3
Type (Secondary Buyout) 1 of 1
State (Massachusetts) 1 of 1
Country (United States) 17 of 23
Year (2014) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-24 Blue Bridge

Reston, Virginia, United States

Blue Bridge is a provider of small business financing solutions, with a focus on equipment loans and vendor funding programs on a nationwide basis. Blue Bridge was founded in 2009 and is based in Reston, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-04 Custom Credit Systems

Richardson, Texas, United States

CCS provides proprietary workflow process software as well as system development, integration and customization service to large commercial banks including Bank of America, Wells Fargo and Fifth Third. Each system is customized and designed to acquire data from existing databases and pass data to all ancillary systems while incorporating workflow and unique practices or processes per the client's business needs.

Sell -

Seller(S) 2

SELLER

Parthenon Capital

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 5.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Parthenon Capital is a private equity firm focused on investing in service-based businesses with recurring revenues, defensible niches and competitive advantages. Parthenon looks for businesses valued between $75 and $750 million operating in sectors that include business services, financial services, manufacturing, technology-enabled services, and distribution/logistics. Prospective transaction types include recapitalizations, management buyouts, acquisitions, privatizations, and growth capital financings. Parthenon Capital was formed in 1998 and has offices in Boston, Massachusetts and San Francisco, California.


DEAL STATS #
Overall 14 of 34
Sector (Life Science) 1 of 3
Type (Secondary Buyout) 3 of 8
State (Massachusetts) 2 of 5
Country (United States) 14 of 34
Year (2014) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-01 Periscope Holdings

Austin, Texas, United States

Periscope Holdings is a provider of purpose-based procurement. Periscope eradicates waste and maximizes the value of every dollar spent by our public sector and higher education clients with procurement transformation solutions and services. Periscope Holdings was founded in 2001 and is based in Austin, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-30 Canongate Golf Group

Newnan, Georgia, United States

Canongate Golf Group LLC is a golf course ownership and management company.

Sell $265M
SELLER

Audax Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 19.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Private Equity is a private equity firm focused on acquiring control positions in a variety of mid to large North American headquartered companies. The Firm segments its activities into lower middle-market and larger scale investing. Within its larger group, Audax targets profitable businesses valued up to $800 million and within its lower middle-market group, the Firm seeks companies valued up to $125 million. Sectors of interest include business services, consumer products/services, financial services, healthcare services, industrial services, software, and technology. Audax has a special interest in businesses that can benefit from a buy and build investment strategy for growth. Audax Private Equity was formed in 1999 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 34 of 102
Sector (Life Science) 1 of 4
Type (Secondary Buyout) 16 of 55
State (Massachusetts) 5 of 8
Country (United States) 32 of 97
Year (2014) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-07-09 Wheel Pros

Greenwood Village, Colorado, United States

Wheel Pros is a designer, marketer, and distributor of branded automotive aftermarket wheels, performance tires, and accessories. Wheel Pros was founded in 1995 and is based in Greenwood Village, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-08-11 Tri-Ed Distribution

Woodbury, New York, United States

Tri-Ed is an independent distributor of security and low-voltage technology product. Tri-Ed serves four major segments of the security business including video, access control, intrusion detection and fire/life safety, and provides approximately 110,000 products to over 20,000 active dealer and integrator customers. The company employs over 600 people across 63 locations in the US and Canada.

Sell $420M