M&A Deal Summary

The Blackstone Group and Athyrium Capital Management Acquire Team Health

On October 31, 2016, private equity firm The Blackstone Group and asset manager Athyrium Capital Management acquired staffing company Team Health for 6.1B USD

Acquisition Highlights
  • This is The Blackstone Group’s 3rd and Athyrium Capital Management’s 1st transaction in the Staffing sector.
  • This is The Blackstone Group’s 22nd and Athyrium Capital Management’s largest (disclosed) transaction.
  • This is The Blackstone Group’s 134th and Athyrium Capital Management’s 17th transaction in the United States.
  • This is The Blackstone Group’s 6th and Athyrium Capital Management’s 2nd transaction in Tennessee.

M&A Deal Summary
Date 2016-10-31
Target Team Health
Sector Staffing
Buyer(s) The Blackstone Group
Athyrium Capital Management
Deal Type Going Private
Deal Value 6.1B USD
Advisor(s) Goldman Sachs
Citigroup Investment Banking (Financial)
Simpson Thacher & Bartlett (Legal)

Target

Team Health

Knoxville, Tennessee, United States
Team Health's corporate headquarters in Knoxville, Tennessee.
Team Health's corporate headquarters in Knoxville, Tennessee.
Team Health is a provider of outsourced healthcare professional staffing and administrative services to hospitals and other healthcare providers in the United States. Team Health was formed in 1979 and is based in Knoxville, Tennessee.

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Buyer(S) 2

Buyer

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1987
PE ASSETS 131.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group is a global alternative investment management firm. The Firm's investment activities span real estate, secondary investments, hedge funds, credit, infrastructure, and private equity. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York City.

DEAL STATS #
Overall 212 of 336
Sector (Staffing) 3 of 4
Type (Going Private) 19 of 36
State (Tennessee) 6 of 8
Country (United States) 134 of 211
Year (2016) 9 of 10
Size (of disclosed) 22 of 172
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-24 Hilton

McLean, Virginia, United States

Hilton is a global hospitality company, spanning the lodging sector from luxury and full-service hotels and resorts to extended-stay suites and focused-service hotels. Hilton was founded in 1919 and is based in McLean, Virginia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-12-06 Optiv

Denver, Colorado, United States

Optiv is a provider of end-to-end cybersecurity solutions. The company help clients plan, build and run successful cybersecurity programs that achieve business objectives through depth and breadth of cybersecurity offerings, extensive capabilities and proven expertise in cybersecurity strategy, managed security services, incident response, risk and compliance, security consulting, training, and support, integration, and architecture services, and security technology. Optiv was founded in 2002 and is based in Denver, Colorado.

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 19 of 44
Sector (Staffing) 1 of 1
Type (Going Private) 1 of 2
State (Tennessee) 2 of 3
Country (United States) 17 of 39
Year (2016) 3 of 3
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-06 Pharmaceutics International

Hunt Valley, Maryland, United States

Pharmaceutics International is a privately held contract development and manufacturing organization providing dosage form development and manufacturing services to the global pharmaceutical industry. Pharmaceutics International provides services that include preformulation testing, formulation development, clinical and commercial CGMP manufacturing of solid, parenteral, inhalation, semi-solid and liquid dosage forms, clinical packaging and labeling, and analytical services. Pharmaceutics International was founded in 1994 and is based in Hunt Valley, Maryland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-02 BridgeBio

Palo Alto, California, United States

BridgeBio is an Orphan disease drug platform with a robust portfolio of transformative drug programs that address rare diseases across oncology, cardiology, dermatology, neurology, and endocrinology. BridgeBio was founded in 2015 and is based in Palo Alto, California.

Buy -
Mergr

Product

Company

Legal