M&A Deal Summary

Amulet Capital Partners Acquires Synteract

On May 25, 2016, private equity firm Amulet Capital Partners acquired life science company Synteract from Celerity Partners, TPE Boulder, Northstar Capital and Gryphon Investors

Acquisition Highlights
  • This is Amulet Capital Partners’ 1st transaction in the Life Science sector.
  • This is Amulet Capital Partners’ 1st transaction in the United States.
  • This is Amulet Capital Partners’ 1st transaction in California.
Investment Fate
  • Synteract was sold to a publicly-traded strategic buyer in 2020.

M&A Deal Summary

Date 2016-05-25
Target Synteract
Sector Life Science
Buyer(s) Amulet Capital Partners
Sellers(s) Celerity Partners
TPE Boulder
Northstar Capital
Gryphon Investors
Deal Type Secondary Buyout
Advisor(s) Wells Fargo Securities
Raymond James - Investment Banking (Financial)
Kirkland & Ellis (Legal)

Target

Synteract

Carlsbad, California, United States
Synteract, Inc. is an operator of a full-service international contract research organization (CRO) focused on Phase I‐IV clinical trials for emerging to mid-sized biopharma clients in the U.S., Europe, and Asia. Synteract was founded in 1995 and is based in Carlsbad, California.

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Buyer(S) 1

DESCRIPTION

Amulet Capital Partners is a private investment firm focused on middle-market investments in the healthcare sector. Amulet looks to commit $25 to $150 million per transaction to a support a variety of transaction situations including, buyouts, corporate divestitures, growth capital financings, and special situations. Amulet Capital was established in 2013 and is headquartered in Greenwich, Connecticut.


DEAL STATS #
Overall 1 of 15
Sector (Life Science) 1 of 1
Type (Secondary Buyout) 1 of 3
State (California) 1 of 2
Country (United States) 1 of 14
Year (2016) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-22 Peloton Advantage

Parsippany, New Jersey, United States

Peloton Advantage LLC is a provider of clinical-focused strategic consulting and scientific communication services, including publication planning and medical writing. Peloton is very highly regarded by its clients and is viewed as a quality provider with strong therapeutic expertise, as well as outstanding project and account management capabilities. Peloton Advantage was founded in 2005 and is based in Parsippany, New Jersey.

Buy -

Seller(S) 4

SELLER

Celerity Partners

Los Angeles, California, United States

Investor Investor Investor


Category Private Equity Firm
Founded 1995
Size Small
Type Sector Agnostic
DESCRIPTION

Celerity Partners is a private equity firm that has invested equity capital in the change of control transactions of private companies. Celerity Partners typically partner with business owners to provide liquidity to entrepreneur and family-owned businesses, recapitalize existing owners of independent companies or facilitate corporate divestitures. Celerity Partners will consider investment opportunities across a wide range of industries in Healthcare, Contract Manufacturing, Energy Services, Infrastructure, and Environmental Services, and Transportation & Logistics. Celerity Partners was formed in 1995 and has offices in Los Angeles and Menlo Park.


DEAL STATS #
Overall 15 of 23
Sector (Life Science) 3 of 5
Type (Secondary Buyout) 5 of 8
State (California) 7 of 11
Country (United States) 13 of 21
Year (2016) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-17 360 Physical Therapy

Chandler, Arizona, United States

360 Physical Therapy operates outpatient physical therapy clinics that treat a wide range of orthopedic, chronic pain, neuropathic, and vestibular disorders. 360 Physical Therapy was founded in 2001 and is based in Chandler, Arizona.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-10 Pinnacle Treatment Centers

Mt. Laurel, New Jersey, United States

Pinnacle Treatment Centers is a comprehensive provider of substance abuse treatment services to individuals that are addicted to drugs and / or alcohol. Pinnacle Treatment Centers was founded in 2006 and is based in Mt. Laurel, New Jersey.

Sell -
SELLER

TPE Boulder

Braintree, Massachusetts, United States

Category Private Equity Firm
Founded 1997
PE ASSETS 200M USD
Size Small
Type Sector Agnostic
DESCRIPTION

TPE Boulder is a private equity firm focused on small buyout and growth equity investments in profitable healthcare and software companies. TPE will consider minority or control positions and targets companies with $4 to $40 million in revenue and at least $1.5 million of EBITDA. Specific areas of interest include healthcare services, healthcare IT, healthcare payment management systems, enterprise software, SaaS, and Internet B2B companies. TPE Boulder was formed in 1997 and has offices in Braintree, Massachusetts, and Boulder, Colorado.


DEAL STATS #
Overall 20 of 23
Sector (Life Science) 2 of 3
Type (Secondary Buyout) 4 of 6
State (California) 6 of 8
Country (United States) 20 of 23
Year (2016) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-06 SambaSafety

Greenwood Village, Colorado, United States

SambaSafety is a provider of Driver Risk Management (DRM) services and Motor Vehicle Records (MVRs) to every industry across the United States. SambaSafety’s innovative Software as a Service (SaaS) solutions provide driver risk technology and information to employers, insurance, background screeners and fleet management companies. This enables companies with commercial and non-commercial fleets to easily identify and address unsafe driving behavior and take the appropriate actions necessary to maintain the safety of drivers, passengers and the communities in which they live and work. Additionally, SambaSafety solutions provide the insights insurance carriers need to accurately price risk throughout the policy lifecycle. SambaSafety was founded in 1998 and is based in Greenwood Village, Colorado.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-14 FastSpring

Santa Barbara, California, United States

FastSpring is a provider of website development, digital marketing, and payment facilitation for digital goods providers. FastSpring was established in 2005 and is based in Santa Barbara, California.

Sell -
SELLER

Northstar Capital

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1993
PE ASSETS 1.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Northstar Capital is a mezzanine finance firm that provides junior capital to middle-market companies operating in the value-added distribution, light manufacturing, business services, financial services, education, and specialty healthcare sectors. Northstar's typical investment size is $5 to $30 million in businesses generating sales of $20 to $300 million with an EBITDA of at least $3 million. Prospective companies have stable cash flows and sustainable margins. Investments typically have maturities of five to eight years. Northstar does not invest in start-ups, real estate development, natural resource exploration, or high technology companies. Northstar Capital was formed in 1993 and is based in Minneapolis, Minnesota.


DEAL STATS #
Overall 35 of 81
Sector (Life Science) 1 of 2
Type (Secondary Buyout) 12 of 27
State (California) 3 of 4
Country (United States) 34 of 77
Year (2016) 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-05-11 Questco

The Woodlands, Texas, United States

Questco is a professional employer organization. Questco provides human resource management and administrative services through a co-employment relationship with its clients. The Company enables its clients to cost-effectively outsource the management of employee benefits, workers compensation, human resources, payroll, and other administrative services. Questco was established in 1989 and is based in The Woodlands, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-19 Classic Accessories

Kent, Washington, United States

Classic Accessories is a designer and distributor of outdoor product covers. Classic Accessories' products protect and cover consumers' outdoor gear, including cars, RVs, motorcycles, patio furniture, grills, boats, snowmobiles, power equipment, generators, ATVs, UTVs, and golf carts. Classic Accessories was founded in 1983 and is based in Kent, Washington.

Buy -
SELLER

Gryphon Investors

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1995
PE ASSETS 9.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Gryphon Investors is a private equity firm focused on making $50 to $500 million of equity or equity-linked investments in middle-market companies. Target transaction situations include traditional buyouts, leveraged build-ups, and growth financings. Gryphon will consider both control and shared-control positions. Sectors of interest include business services, consumer, retail, automotive, chemicals, general manufacturing, healthcare, and hotels. Gryphon Investors was formed in 1995 and is based in San Francisco, California.


DEAL STATS #
Overall 21 of 41
Sector (Life Science) 2 of 2
Type (Secondary Buyout) 7 of 16
State (California) 6 of 8
Country (United States) 21 of 41
Year (2016) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-09 Washing Systems

Loveland, Ohio, United States

Washing Systems LLC,is a provider of chemical and technical services for the commercial laundry processing sector. Kao creates high-value-added products that enrich the lives of consumers around the world. Through its portfolio of over 20 leading brands such as Jergens, John Frieda, Molton Brown, Oribe, Attack, Bioré, Goldwell, Kanebo, Laurier, Merries and Kao is part of the everyday lives of people in Asia, Oceania, North America and Europe.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-30 CORA Physical Therapy

Lima, Ohio, United States

CORA Physical Therapy is an outpatient rehabilitation company that uses proven clinical practices and cost-effective treatment protocols to return patients to their jobs and lifestyles as soon as possible. CORA clinics offer a complete range of treatment, including outpatient physical therapy and general rehabilitation, worker’s compensation therapy, sports and auto injury rehabilitation, and rehabilitation for seniors. CORA Physical Therapy was founded in 1997 and is based in Lima, Ohio.

Buy -