M&A Deal Summary

Ares Private Equity Group and Athyrium Capital Management Acquire Duly Health and Care

On August 16, 2017, private equity firm Ares Private Equity Group and asset manager Athyrium Capital Management acquired healthcare services company Duly Health and Care from Summit Partners for 1.5B USD

Acquisition Highlights
  • This is Ares Private Equity Group’s 5th and Athyrium Capital Management’s 5th transaction in the Healthcare Services sector.
  • This is Ares Private Equity Group’s 5th and Athyrium Capital Management’s 4th largest (disclosed) transaction.
  • This is Ares Private Equity Group’s 57th and Athyrium Capital Management’s 22nd transaction in the United States.
  • This is Ares Private Equity Group’s 4th and Athyrium Capital Management’s 1st transaction in Illinois.

M&A Deal Summary
Date 2017-08-16
Target Duly Health and Care
Sector Healthcare Services
Buyer(s) Ares Private Equity Group
Athyrium Capital Management
Sellers(s) Summit Partners
Deal Type Secondary Buyout
Deal Value 1.5B USD

Target

Duly Health and Care

Downers Grove, Illinois, United States
DuPage Medical Group is an independent, multi-specialty physician group with more than 600 physicians in over 80 suburban Chicago locations. DMG is a patient-centered organization focused on improving access to convenient, quality health care using the latest technology and treatment options. DuPage Medical Group was founded in 1999 and is based in Downers Grove, Illinois.

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Buyer(S) 2

Buyer

Ares Private Equity Group

Los Angeles, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2003
PE ASSETS 20.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ares Private Equity Group is the private equity arm of Ares Management, a global alternative asset manager. The Ares Private Equity Group specializes in opportunistic majority/shared control investments in under-capitalized middle-market companies. Ares looks for companies with strong franchises and attractive growth opportunities. The Group prefers to be the lead investor and will invest across the capital structure, including common equity, preferred equity, convertible equity/debt and senior debt. Areas of interest include business services, defense, healthcare, manufacturing, industrial, energy and consumer products and services. Ares Private Equity Group was formed in 2003 and is based in Los Angeles, California.

DEAL STATS #
Overall 67 of 98
Sector (Healthcare Services) 5 of 9
Type (Secondary Buyout) 26 of 39
State (Illinois) 4 of 6
Country (United States) 57 of 82
Year (2017) 6 of 6
Size (of disclosed) 5 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-06 Ob Hospitalist Group

Greenville, South Carolina, United States

Ob Hospitalist Group is a provider of 24/7 obstetric coverage, serving approximately 200 hospitals across 34 states. OBHG’s national network of over 1,100 skilled and dedicated obstetric physicians provides best‐in‐class critical care while improving patient safety and clinical outcomes. The Company’s specialized services benefit patients, physicians, payors, community OB/GYN groups, and hospitals, and supports long‐term growth for its partners. Ob Hospitalist Group was founded in 2006 and is based in Greenville, South Carolina.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-24 ReCommunity Holdings

Charlotte, North Carolina, United States

ReCommunity is a recycling, recovery and repowering company that is focused on dramatically reducing the volume of land-filled waste through conversion into useful products such as recycled commodities, low-carbon energy, ReEngineered Feedstock, biofuels, and other value-added recycled products. ReCommunity Holdings was founded in 2011 and is based in Charlotte, North Carolina.

Sell -
Buyer

Athyrium Capital Management

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 2008
PE ASSETS 3.7B USD
Size Large
Type Sector Focused
DESCRIPTION

Athyrium Capital Management is a large asset manager focused on the healthcare sector. Athyrium invests in a wide range of financial instruments including royalties, structured credit, and equities as well as select special situations. Athyrium Capital was established in 2008 and is headquartered in New York City.

DEAL STATS #
Overall 24 of 44
Sector (Healthcare Services) 5 of 9
Type (Secondary Buyout) 4 of 6
State (Illinois) 1 of 3
Country (United States) 22 of 39
Year (2017) 5 of 7
Size (of disclosed) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-02 PharMerica

Louisville, Kentucky, United States

PharMerica is a provider of pharmacy services and serves the long-term care, hospital pharmacy management services, specialty home infusion, and oncology pharmacy markets. PharMerica was founded in 2006 and is based in Louisville, Kentucky.

Buy $1.4B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-07 Biora Therapeutics

San Diego, California, United States

Progenity helps patients and their families Prepare for Life, with medically relevant health information starting before conception, through pregnancy and adulthood. Using our highly-complex molecular diagnostic testing, healthcare providers can access the most advanced genomic technology to guide patient care at critical life stages. Progenity was founded in 2010 and is based in San Diego, California.

Buy -

Seller(S) 1

SELLER

Summit Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 1984
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Summit Partners is a private investment and asset management firm focused on venture, growth, credit, and public equity investing. Sectors of interest include business services, communications technology and services, consumer products, energy, financial services, healthcare and life sciences, industrial products, internet/information services, media/entertainment, semiconductors, electronics, and software. Summit Partners is known for having a proactive business development group for sourcing transactions. Summit will consider both minority or majority investment stakes and is willing to commit as little as $10 million or as much as $500 million in combined debt/junior capital per transaction. The Firm's geographic coverage spans North America and Europe. Summit Partners was formed in 1984 and is headquartered in Boston, Massachusetts.

DEAL STATS #
Overall 214 of 285
Sector (Healthcare Services) 23 of 33
Type (Secondary Buyout) 34 of 59
State (Illinois) 7 of 9
Country (United States) 192 of 246
Year (2017) 9 of 15
Size (of disclosed) 5 of 49
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-08 Covenant Physician Partners

Nashville, Tennessee, United States

Covenant Physician Partners is an operator of ambulatory surgery centers, physician practices, and ancillary services with a particular focus on gastroenterology and ophthalmology end markets. Covenant Physician Partners was founded in 2008 and is based in Nashville, Tennessee.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-11 Jamf

Minneapolis, Minnesota, United States

Jamf is a provider of Apple device management software, including support for MacOS devices, iOS devices, and tvOS devices. The Company offers extensive functionality in package building, inventory, image management, remote imaging, remote updates, iOS mobile device management, and automated support. Jamf delivers support and service solutions to more than 38,000 customers at businesses, educational institutions, and government agencies. Jamf was formed in 2002 and is based in Minneapolis, Minnesota.

Sell -
Mergr

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