M&A Deal Summary

Audax Private Equity Acquires Lifemark

On January 13, 2016, private equity firm Audax Private Equity acquired healthcare services company Lifemark from CareRx for 250M CAD

Acquisition Highlights
  • This is Audax Private Equity’s 9th transaction in the Healthcare Services sector.
  • This is Audax Private Equity’s largest (disclosed) transaction.
  • This is Audax Private Equity’s 2nd transaction in Canada.
  • This is Audax Private Equity’s 2nd transaction in Ontario.
Investment Fate
  • Lifemark was sold to a publicly-traded strategic buyer in 2022 for 845M CAD.

M&A Deal Summary
Date 2016-01-13
Target Lifemark
Sector Healthcare Services
Buyer(s) Audax Private Equity
Sellers(s) CareRx
Deal Type Divestiture
Deal Value 250M CAD

Target

Lifemark

Toronto, Ontario, Canada
Lifemark is a provider of physiotherapy and rehabilitation treatment to patients in over 100 clinics as well as long-term care centers, retirement homes, and communities across Canada. Lifemark was founded in 1998 and is based in Toronto, Ontario.

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Buyer(S) 1

Buyer

Audax Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1999
PE ASSETS 19.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Private Equity is a private equity firm focused on acquiring control positions in a variety of mid to large North American headquartered companies. The Firm segments its activities into lower middle-market and larger scale investing. Within its larger group, Audax targets profitable businesses valued up to $800 million and within its lower middle-market group, the Firm seeks companies valued up to $125 million. Sectors of interest include business services, consumer products/services, financial services, healthcare services, industrial services, software, and technology. Audax has a special interest in businesses that can benefit from a buy and build investment strategy for growth. Audax Private Equity was formed in 1999 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 90 of 167
Sector (Healthcare Services) 9 of 18
Type (Divestiture) 4 of 9
State (Ontario) 2 of 5
Country (Canada) 2 of 7
Year (2016) 3 of 11
Size (of disclosed) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-06 CoolSys

Brea, California, United States

CoolSys is a refrigeration and HVAC services company, specializing in a full spectrum of best-in-class service experiences and solutions for customers in the retail, food service, commercial and industrial market segments. CoolSys was founded in 2001 and is based in Brea, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-19 California Products

Andover, Massachusetts, United States

California Products Corp. is a provider of branded, premium architectural interior and exterior paints and stains, tennis court and other sports surfaces coatings systems, and specialty abatement products.

Sell -

Seller(S) 1

SELLER

CareRx

Toronto, Ontario, Canada
Category Company
Founded 2001
Sector Life Science
Employees1,432
Revenue 371M CAD (2023)
DESCRIPTION

CareRx is a provider of pharmacy and other healthcare services to Canadian seniors. Centric Health is one of Canada’s major and most trusted providers of comprehensive Specialty Pharmacy services and solutions to seniors. Centric Health operates a large national network of pharmacy fulfillment centers that deliver high-volume solutions for the cost-effective supply of chronic medication and other specialty clinical pharmacy services, serving more than 31,000 residents in over 460 seniors communities (long-term care, retirement homes, and assisted living facilities) nationally. CareRx was founded in 2001 and is based in Toronto, Ontario.

DEAL STATS #
Overall 2 of 3
Sector (Healthcare Services) 1 of 1
Type (Divestiture) 2 of 3
State (Ontario) 2 of 3
Country (Canada) 2 of 3
Year (2016) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-02 Pharmacare Fulfillment Center

Edmonton, Alberta, Canada

Care Plus Group is a provider of medication dispensing services and clinical care programs to more than 4,800 long-term care and retirement community residents at over 40 client facilities across western Canada through an integrated distribution model.

Buy $34M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-22 CareRx Enterprises

Victoria, British Columbia, Canada

CareRx Enterprises Ltd. is a provider of pharmacy services to seniors communities in British Columbia. CareRx currently serves approximately 1,500 beds at 26 long-term care and assisted living communities through its three fulfilment centres located in Vancouver, Victoria and Nanaimo. CareRx has strategic relationships and experience with specialized medication packaging and electronic documentation organizations to provide customers with the latest innovations in the marketplace, providing the safest medication management systems in Canada.

Buy $14M
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