Growth Capital • Medical Products

Ampersand Capital Partners, TPG and CPP Investments Invest In Confluent Medical

On April 25, 2011, growth capital firm Ampersand Capital Partners, private equity firm TPG and pension CPP Investments invested in medical products company Confluent Medical

Investment Context
  • This is Ampersand Capital Partners’ 8th, TPG’s 7th and CPP Investments’ 1st transaction in the Medical Products sector.
  • This is Ampersand Capital Partners’ 23rd, TPG’s 120th and CPP Investments’ 4th transaction in the United States.
  • This is Ampersand Capital Partners’ 2nd, TPG’s 4th and CPP Investments’ 1st transaction in Arizona.

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Investment Summary

Date April 25, 2011
Target Confluent Medical
Sector Medical Products
Investor(s) Ampersand Capital Partners
TPG
CPP Investments
Deal Type Growth Capital
Advisor(s) J.P. Morgan Securities (Financial)
Goodwin Procter (Legal)

Target Company

Confluent Medical

Scottsdale, Arizona, United States
Confluent Medical is a contract manufacturer of Nitinol-based and balloon catheter medical devices. Confluent provides a broad range of capabilities including developing and manufacturing components, delivery systems, and finished devices for medical device OEMs in many of the fastest-growing healthcare subsectors, including neurovascular, structural heart, electrophysiology, aortic intervention, peripheral vascular, and ENT. Confluent Medical was founded in 1991 and is based in Scottsdale, Arizona.
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Investors Overview 3

Investor

Ampersand Capital Partners

Wellesley, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1988
PE ASSETS 3.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Ampersand Capital Partners is a middle-market private equity group that concentrates on growth equity investment opportunities in the healthcare sector. The Firm looks to invest $10 to $100 million in businesses with $10 to $100 million of revenue. Specific areas of interests within healthcare include lab products, specialty diagnostic equipment, pharmaceutical outsourcing, and specialty pharma. Ampersand generally prefers to be the first and sole institutional investor. Ampersand was formed in 1988 and is based in Wellesley, Massachusetts.


Deal Context for Investor #
Overall 23 of 86
Sector: Medical Products 8 of 18
Type: Growth Capital 4 of 25
State: Arizona 2 of 3
Country: United States 23 of 70
Year: 2011 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-03-04 Blue Sky BioServices

Worcester, Massachusetts, United States

Blue Sky BioServices is a contract research organization (CRO) that provides gene through screen services in the pharmaceutical and biotechnology R&D market. Blue Sky BioServices was founded in 2003 and is based in Worcester, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-07-14 CoreLab Partners

Princeton, New Jersey, United States

CoreLab Partners, Inc. is a provider of linical trials, medical image assessment, and cardiac safety solutions.

Buy -
Investor

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 296.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


Deal Context for Investor #
Overall 176 of 454
Sector: Medical Products 7 of 15
Type: Growth Capital 17 of 74
State: Arizona 4 of 8
Country: United States 120 of 300
Year: 2011 8 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-04-05 Resource Label Group

Franklin, Tennessee, United States

Resource Label Group is a full-service label company providing custom label design and printing for a wide range of industries. In addition to complete label printing capabilities, our label company offers specialty label customizations. Resource Label Group was established in 1996 and is based in Franklin, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-05-11 CardioDx

Redwood City, California, United States

CardioDx, Inc. is a molecular diagnostics company that serves cardiologists and their patients by offering clinically validated genomic tests to enhance patient care. The company is focused on the personalized management of patients with congestive heart failure, rhythm disturbances and atherosclerosis.

Buy -
Investor
DESCRIPTION

CPP Investments is a Canadian pension fund focused on a variety of investing strategies, including public equities, debt, and alternative investments. The Firm's private equity arm looks to acquire direct stakes in private companies, as well as make fund investments and acquire secondary positions. For direct stakes in companies, CPP looks to invest across North American and Europe and seeks to commit a minimum of $150 million per transaction. CPP has no industry preferences however the Firm will not invest in real assets. CPP Investments was established in 1997 and is based in Toronto, Ontario.


Deal Context for Investor #
Overall 6 of 176
Sector: Medical Products 1 of 4
Type: Growth Capital 2 of 21
State: Arizona 1 of 2
Country: United States 4 of 82
Year: 2011 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-11-01 Stonegate Group

West Midlands, United Kingdom

Stonegate Group operates over 690 pubs and bars across the UK, within a wide variety of formats. Stonegate Group was founded in 2010 and is based in West Midlands, United Kingdom.

Buy £373M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-10-28 Kinetic Concepts

San Antonio, Texas, United States

Kinetic Concepts, Inc. is a developer and marketer of an innovative medical devices for advanced wound healing and therapeutic treatment systems that address skin breakdown, pulmonary complications, and circulation problems associated with patient immobility. KCI's medical devices and therapeutic systems include V.A.C.® Therapy Systems, as well as specialty beds, mattress replacement systems, wheelchair seating, and related devices. KCI serves hospitals, nursing homes, and home care settings both in the U.S. and abroad.

Buy $6.3B