M&A Deal Summary

Apollo Global Management and TowerBrook Capital Partners Acquire US Acute Care Solutions

On February 9, 2021, asset manager Apollo Global Management and private equity firm TowerBrook Capital Partners acquired healthcare services company US Acute Care Solutions from Welsh Carson Anderson & Stowe

Acquisition Highlights
  • This is Apollo Global Management’s 5th and TowerBrook Capital Partners’ 5th transaction in the Healthcare Services sector.
  • This is Apollo Global Management’s 72nd and TowerBrook Capital Partners’ 33rd transaction in the United States.
  • This is Apollo Global Management’s 4th and TowerBrook Capital Partners’ 1st transaction in Ohio.

M&A Deal Summary

Date 2021-02-09
Target US Acute Care Solutions
Sector Healthcare Services
Buyer(s) Apollo Global Management
TowerBrook Capital Partners
Sellers(s) Welsh Carson Anderson & Stowe
Deal Type Secondary Buyout

Target

US Acute Care Solutions

Canton, Ohio, United States
US Acute Care Solutions is a physician-owned integrated acute care platform in the United States, providing physician staffing and management services primarily focused on the emergency department. US Acute Care Solutions serves over 9 million patients annually through over 500 programs across 29 states. US Acute Care Solutions was founded in 2015 and is based in Canton, Ohio.

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Buyer(S) 2

Buyer

Apollo Global Management

New York, New York, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1990
PE ASSETS 45.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apollo Global Management is a global alternative investment firm. The Firm segments its activity between private equity, capital markets, real estate, and publicly traded investment funds. Within private equity, Apollo targets traditional buyouts, distressed situations, as well as minority investments to help companies make acquisitions or fund other needs. Sectors of interest include chemicals, commodities, consumer/retail, distribution, transportation, financial services, business services, manufacturing, industrial, media/cable/leisure, packaging, and satellite/wireless. Apollo's geographic coverage spans Europe, North America, and Asia. Apollo manages publicly traded Apollo Investment Corporation, which provides equity and junior capital to middle-market companies, as well as Apollo Commercial Real Estate Finance, Inc. Apollo Global Management was formed in 1990 and is based in New York City.


DEAL STATS #
Overall 102 of 140
Sector (Healthcare Services) 5 of 6
Type (Secondary Buyout) 20 of 30
State (Ohio) 4 of 4
Country (United States) 72 of 101
Year (2021) 4 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-03 Vallourec

Meudon, France

Vallourec through its subsidiaries, provides tubular solutions primarily for the energy markets and other industrial applications in Europe, North America, South America, Asia, and internationally. Vallourec was founded in 1895 and is based in Meudon, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-03 Michaels

Irving, Texas, United States

Michaels is a retailer of arts, crafts, framing, home decor and seasonal products for hobbyists and DIY decorators. Michaels was formed in 1983 and is based in Irving, Texas.

Buy $5.0B
Buyer

TowerBrook Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2001
PE ASSETS 17.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TowerBrook Capital Partners is a private equity firm focused on leveraged buyouts, leveraged build-ups and distressed situation investments throughout North America and Europe. TowerBrook prefers control-oriented investments and actively pursues complex situations that other firms may avoid. Target sectors include consumer services, distribution, beverages, pharmaceuticals, media, technology, communications, software, and healthcare. TowerBrook Capital Partners was established in 2001 and is headquartered in New York City.


DEAL STATS #
Overall 75 of 99
Sector (Healthcare Services) 5 of 7
Type (Secondary Buyout) 21 of 28
State (Ohio) 1 of 2
Country (United States) 33 of 44
Year (2021) 2 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-15 Coaction

Morristown, New Jersey, United States

Coaction is a property and casualty insurance company that designs unique insurance solutions to help customers improve their business and realize value from their insurance purchasing decision. Coaction was founded in 2009 and is based in Morristown, New Jersey.

Buy $586M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-02 Precede Capital Partners

London, United Kingdom

Precede Capital Partners is a platform that provides financing to experienced property developers for residential development projects across the UK. It funds a range of living assets, from residential for sale or rent, to student accommodation and later living. Precede Capital Partners is based in London, United Kingdom.

Buy -

Seller(S) 1

SELLER

Welsh Carson Anderson & Stowe

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1979
PE ASSETS 31.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Welsh Carson Anderson & Stowe (WCAS) is a mega-sized, specialist private equity firm focused on investments in growth-oriented companies operating within the healthcare and technology/tech-enabled services industries. WCAS will consider small and large transactions; including venture investments, growth equity investments, buy-and-build transactions, public-to-private acquisitions, and corporate carve-outs. The Firm prefers control situations and generally seeks opportunities in the US. Welsh Carson Anderson & Stowe was formed in 1979 and is based in New York City.


DEAL STATS #
Overall 66 of 75
Sector (Healthcare Services) 22 of 25
Type (Secondary Buyout) 13 of 15
State (Ohio) 3 of 3
Country (United States) 63 of 72
Year (2021) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-01 Owl Practice Suite

Knoxville, Tennessee, United States

Owl Practice Suite is a web-based platform includes simple-to-use Scheduling, client data management, note-taking, invoicing, collections, and dashboard modules. Owl is accessible from anywhere, automatically backed-up, and uses bank-level encryption to help practices achieve compliance. Owl Practice Suite is based in Knoxville, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-24 InnovAge

Denver, Colorado, United States

InnovAge provides a range of medical and ancillary services for seniors in need of care and support to live independently in their homes and communities through the Program of All-inclusive Care for the Elderly (PACE). InnovAge is dedicated to expanding this successful program to serve as many seniors as possible across the country. InnovAge was formed in 1990 and is based in Denver, Colorado.

Sell -