Investment Summary

Argosy Private Equity, NewSpring Capital and Martis Capital Managment Invest In Atlantic Diagnostic Laboratories

On September 6, 2012, private equity firms Argosy Private Equity, NewSpring Capital and Martis Capital Managment invested in healthcare services company Atlantic Diagnostic Laboratories

Investment Highlights
  • This is Argosy Private Equity’s 1st, NewSpring Capital’s 5th and Martis Capital Managment’s 1st transaction in the Healthcare Services sector.
  • This is Argosy Private Equity’s 46th, NewSpring Capital’s 67th and Martis Capital Managment’s 4th transaction in the United States.
  • This is Argosy Private Equity’s 12th, NewSpring Capital’s 25th and Martis Capital Managment’s 1st transaction in Pennsylvania.

Investment Summary

Date 2012-09-06
Target Atlantic Diagnostic Laboratories
Sector Healthcare Services
Investor(s) Argosy Private Equity
NewSpring Capital
Martis Capital Managment
Deal Type Growth Capital

Target

Atlantic Diagnostic Laboratories

Bensalem, Pennsylvania, United States
Atlantic Diagnostic Laboratories is a provider of clinical testing laboratory specializing in high-end toxicology tests, including drug testing for methadone clinics, behavioral centers and pain management treatment, and clinical testing for hospitals and physician offices. Atlantic Diagnostic Laboratories was founded in 1979 and is based in Bensalem, Pennsylvania.

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Investor(S) 3

Investor

Argosy Private Equity

Wayne, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1990
PE ASSETS 575M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Argosy Private Equity is the private equity arm of Argosy Capital, an asset management firm. Argosy Private Equity provides both debt and equity capital to lower middle-market companies located throughout the US. Argosy focuses on growth companies with experienced management teams and revenues between $15 and $100 million and EBITDA of $3 to $9 million. Argosy looks to invest $5 - $20 million per transaction. Specific areas of interest include manufacturing, business services, franchising and Value added distributions. The Firm will consider a variety of transaction types, including MBO’s, recapitalizations, growth equity and acquisitions. Argosy was formed in 1990 and is based in Wayne, Pennsylvania.


DEAL STATS #
Overall 46 of 88
Sector (Healthcare Services) 1 of 1
Type (Growth Capital) 7 of 14
State (Pennsylvania) 12 of 17
Country (United States) 46 of 88
Year (2012) 6 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-07-23 American Leather Operations

Dallas, Texas, United States

American Leather Operations is a designer and manufacturer of high-end, made-to-order, upholstered furniture sold through private label, retail, and hospitality channels. American Leather Operation was founded in 1990 and is based in Dallas, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-05 AP Services

Freeport, Pennsylvania, United States

AP Services, Inc. is a supplier of fluid sealing technologies and services to the nuclear and fossil power generation markets, with proven performance in delivering solutions that improve plant reliability and safety, and also reduce operation and maintenance (O&M) costs.

Sell $30M
Investor

NewSpring Capital

Radnor, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 3.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

NewSpring Capital is a private investment firm focused on growth companies in the Mid-Atlantic US. The Firm can provide both growth equity and junior capital to prospective companies. NewSpring's target investment size for both mezzanine and equity financing is $2 to $5 million, although for new ventures, the Firm can commit up to $10 million. Sectors of interest include specialty manufacturing, technology, business services, information technology, life science, healthcare services, and medical devices. NewSpring Capital was formed in 1999 and is based in Radnor, Pennsylvania with an additional office in Short Hills, New Jersey.


DEAL STATS #
Overall 68 of 200
Sector (Healthcare Services) 5 of 16
Type (Growth Capital) 21 of 105
State (Pennsylvania) 25 of 45
Country (United States) 67 of 196
Year (2012) 7 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-09-05 GCA Services Group

Cleveland, Ohio, United States

GCA Services Group, Inc. is a provider of quality facility services, including janitorial/custodial services, contamination control for cleanroom manufacturing, facilities operations and maintenance services, grounds and athletic field management services, diversified staffing, and more.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-09-20 ContinuumRx Services

Birmingham, Alabama, United States

ContinuumRx Services provides a fully-integrated, specialty infusion service that improves care, lowers cost, provides a new source of revenue for its partners, and reduces preventable readmissions. ContinuumRx Services is based in Birmingham, Alabama.

Buy -
DESCRIPTION

Martis Capital Management is a private equity firm focused exclusively on the North American middle-market healthcare industry. The Firm seeks founder-led companies in the services and outsourcing, information technology, consumer and wellness, and products and diagnostic sub-sectors. Martis considers buyout and growth equity opportunities with typical transactions between $25 and $100 million. Martis Capital Management is headquartered in San Francisco, California.


DEAL STATS #
Overall 4 of 22
Sector (Healthcare Services) 1 of 6
Type (Growth Capital) 1 of 12
State (Pennsylvania) 1 of 1
Country (United States) 4 of 22
Year (2012) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-24 Breg

Carlsbad, California, United States

Breg is a designer and manufacturer of bracing products and cold therapy devices used for preventing and rehabilitating knee, shoulder, wrist, back and other orthopedic injuries. Breg was founded in 1989 and is based in Carlsbad, California.

Buy $158M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-10-01 Performance Health and Wellness

Akron, Ohio, United States

Performance Health and Wellness is a manufacturer and marketer of rehabilitation and wellness products including topical analgesics, resistance bands and tubing, exercise balls, hand exercisers, and stability trainers. Performance Health and Wellness is based in Akron, Ohio.

Buy -