M&A Deal Summary

America Service Group Acquires Valitas Health Services

On June 1, 2011, America Service Group acquired staffing company Valitas Health Services from Madison Dearborn Partners, BPOC and Arrowhead Investment Management for 250M USD

Acquisition Highlights
  • This is America Service Group’s 1st transaction in the Staffing sector.
  • This is America Service Group’s largest (disclosed) transaction.
  • This is America Service Group’s 1st transaction in the United States.
  • This is America Service Group’s 1st transaction in Missouri.

M&A Deal Summary

Date 2011-06-01
Target Valitas Health Services
Sector Staffing
Buyer(s) America Service Group
Sellers(s) Madison Dearborn Partners
BPOC
Arrowhead Investment Management
Deal Type Add-on Acquisition
Deal Value 250M USD
Advisor(s) Barclays Investment Bank
BofA Securities (Financial)
Paul Hastings (Legal)

Target

Valitas Health Services

St. Louis, Missouri, United States
Valitas is one of the largest providers of clinical contract staffing and related health care management services in the United States, managing contract sites for correctional facilities and physician practices serving military hospitals.

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Buyer(S) 1

Buyer

America Service Group

Brentwood, Tennessee, United States

Category Company
Founded 1978
Sector Healthcare Services
Employees3,290
DESCRIPTION

America Service Group, Inc. is a national provider of correctional healthcare services in the United States. America Service Group and Valitás Health Services has resulted in a privately held prison healthcare company: Corizon.


DEAL STATS #
Overall 1 of 1
Sector (Staffing) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Missouri) 1 of 1
Country (United States) 1 of 1
Year (2011) 1 of 1
Size (of disclosed) 1 of 1

Seller(S) 3

SELLER

Madison Dearborn Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 28.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Madison Dearborn Partners (MDP) is a large private equity firm that targets buyouts of private or publicly held companies, divestitures of larger companies, recapitalizations of family-owned or closely-held companies, acquisition-oriented financings, and financings to fund internal growth. MDP's target investment size is $100 to $600 million in buyout oriented transactions and $100 to $400 million in growth capital commitments. Areas of interest include basic industries (natural resources, chemicals, energy and power, automotive, building products, food, metals and mining, refining, paper, packaging and forest products, and general manufacturing), as well as communications, consumer products/services, financial services, and healthcare. Madison Dearborn Partners was formed in 1992 and is based in Chicago, Illinois.


DEAL STATS #
Overall 37 of 74
Sector (Staffing) 2 of 2
Type (Add-on Acquisition) 12 of 34
State (Missouri) 2 of 2
Country (United States) 33 of 66
Year (2011) 2 of 3
Size (of disclosed) 25 of 27
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-04-15 Wind Telecom

Rome, Italy

WIND TELECOM S.p.A.(formerly Weather Investments S.p.A.)is an international telecommunications company offering mobile, fixed, internet and international communication services.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-12-19 NextG Networks

San Jose, California, United States

NextG Networks, Inc.,is a facilities-based carrier's carrier that designs, permits, builds, owns, operates and manages Distributed Antenna System (DAS) networks that enhance wireless performance. NextG Networks® DAS networks balance the aesthetics requirements of communities and consumers with the network performance needs of wireless carriers. Performance improvements include increased voice quality, greater handling of call traffic, fewer dropped calls, better mobile coverage, faster file transfers, and enhanced video quality.

Sell $1.0B
SELLER

BPOC

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 1.8B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Beecken Petty O'Keefe & Company (BPOC) is a specialist private equity firm that targets investments in middle-market healthcare companies. Specific areas of interest within healthcare include, specialty distribution; provider and payor outsourcing; pharmacy, infusion, and home healthcare; outpatient an alternate site services; and medical products manufacturing with a focus on capital equipment. The Firm focuses on recapitalizations, buyouts, and growth capital investments. BPOC was formed in 1996 and is based in Chicago, Illinois.


DEAL STATS #
Overall 18 of 37
Sector (Staffing) 2 of 3
Type (Add-on Acquisition) 7 of 18
State (Missouri) 1 of 2
Country (United States) 17 of 36
Year (2011) 1 of 2
Size (of disclosed) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-10-11 RSA Medical

Naperville, Illinois, United States

RSA Medical LLC is an outsourced provider of technology-based, risk management services to the individual health and life insurance industries.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-09-01 Dentistry for Children P.C.

South Weymouth, Massachusetts, United States

Dentistry for Children operates 13 pediatric dental care centers located in the Southeast U.S. The Company focuses on children’s oral health services by providing a complete range of care, including pediatric dentistry, orthodontics, and oral surgery.

Buy -
SELLER

Arrowhead Investment Management

Greenwich, Connecticut, United States

Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1996
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Arrowhead Investment Management is a provider of subordinated debt, preferred stock and non-control common equity to mid-sized businesses. Arrowhead invests alongside private equity sponsors in acquisitions, buyouts, recapitalizations and growth capital transactions. Arrowhead is a generalist investor, however the Firm tends to focus on healthcare, packaging, chemicals, consumer products, industrial manufacturing, value-added distribution and business services. Arrowhead looks to commit $10 to $100 million in transactions valued up to $500 million. Arrowhead Investment Management was formed in 1996 and is based in Greenwich, Connecticut.


DEAL STATS #
Overall 16 of 24
Sector (Staffing) 1 of 1
Type (Add-on Acquisition) 5 of 5
State (Missouri) 1 of 1
Country (United States) 16 of 24
Year (2011) 2 of 3
Size (of disclosed) 5 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-05-12 SRAM

Chicago, Illinois, United States

SRAM LLC is a producer of a full line of high performance bicycle components for original equipment manufacturers and independent bike dealers that are sold primarily under the SRAM, RockShox, Avid, Truvativ, and Zipp brand names.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-07-21 C.H.I. Overhead Doors

Arthur, Illinois, United States

C.H.I. Overhead Doors is a manufacturer and marketer of overhead garage doors in North America. The Company manufactures a complete portfolio of overhead sectional garage door products for both the residential and commercial markets, as well as rolling steel doors for commercial and industrial applications. C.H.I. Overhead Doors was founded in 1981 and is based in Arthur, Illinois.

Buy $290M