M&A Deal Summary

Audax Private Equity and Linden Capital Partners Acquire Statlab Medical Products

On January 12, 2021, private equity firms Audax Private Equity and Linden Capital Partners acquired medical products company Statlab Medical Products from Cressey and Golub Capital

Acquisition Highlights
  • This is Audax Private Equity’s 8th and Linden Capital Partners’ 8th transaction in the Medical Products sector.
  • This is Audax Private Equity’s 131st and Linden Capital Partners’ 38th transaction in the United States.
  • This is Audax Private Equity’s 14th and Linden Capital Partners’ 2nd transaction in Texas.

M&A Deal Summary

Date 2021-01-12
Target Statlab Medical Products
Sector Medical Products
Buyer(s) Audax Private Equity
Linden Capital Partners
Sellers(s) Cressey
Golub Capital
Deal Type Secondary Buyout
Advisor(s) Robert W. Baird & Co., Inc. (Financial)

Target

Statlab Medical Products

McKinney, Texas, United States
Statlab Medical Products is a developer and manufacturer of cost-effective histology, cytology, and immunohistochemistry diagnostic supplies. StatLab offers 1,750 of the most commonly purchased diagnostic supplies used by independent and hospital-based anatomic pathology laboratories. Statlab Medical Products was founded in 1976 and is based in McKinney, Texas.

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Buyer(S) 2

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 136 of 167
Sector (Medical Products) 8 of 9
Type (Secondary Buyout) 58 of 72
State (Texas) 14 of 16
Country (United States) 131 of 158
Year (2021) 2 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-01 GCG

Chicago, Illinois, United States

GCG is a major value-added distributor of wire, cable, and related products to a variety of niche markets through well-known brands for the following segments Telecom/Broadband, Factory Automation, Naval and Ship-Building, Rail/Transit and Building Automation. GCG is based in Chicago, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-22 Altasciences

Laval, Quebec, Canada

Altasciences is a forward-thinking, mid-sized contract research organization offering pharmaceutical and biotechnology companies a proven, flexible approach to preclinical and clinical pharmacology studies, including formulation, manufacturing, and analytical services. Altasciences was founded in 1992 and is based in Laval, Quebec.

Sell -
Buyer

Linden Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 3.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Linden LLC is a private equity firm that invests in businesses involved in the healthcare and life science sectors. However, the firm also executes any size private equity transaction between $10 million to $2 billion through the firm's alliance with Madison Dearborn Partners. Linden is not a venture capital investor. The firm specializes in investments in non-core businesses owned by large corporations, as well as traditional management buyouts of independent companies. Linden LLC was formed in 2004 and is based in Chicago, Illinois.


DEAL STATS #
Overall 38 of 48
Sector (Medical Products) 8 of 10
Type (Secondary Buyout) 12 of 18
State (Texas) 2 of 3
Country (United States) 38 of 47
Year (2021) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-15 Specialty Networks

Cleveland, Ohio, United States

Specialty Networks is a technology-enabled group purchasing organization (GPO) that serves independent specialty medical practices, pharmaceutical companies, and medical device companies. Specialty Networks’ service offerings include UroGPO, a urology-specific GPO and provider of educational programs for providers, PPS Analytics, a clinical and business intelligence company serving providers and industry partners, GastroGPO, a gastroenterology-specific GPO, United Rheumatology, a rheumatology-specific GPO, and SN Research, a decentralized clinical research platform. Specialty Networks was founded in 2018 and is headquartered in Cleveland, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-26 Aptitude Health

Atlanta, Georgia, United States

Aptitude Health provides market insights and strategic solutions that help translate clinical development into commercial success and life-changing cancer treatments through its proprietary network of community physicians, key opinion leaders, and market access experts. The Company services various life science companies, including the top pharma companies, and brand teams. Aptitude Health was founded in 2004 and is based in Atlanta, Georgia.

Buy -

Seller(S) 2

SELLER

Cressey

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
PE ASSETS 1.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Cressey & Company LP is a specialist private equity investment firm focused on buy-and-build opportunities in the healthcare sector. The firm invests in the range of $10 - $100 million and EBITA of at least $5 million. The firm specific areas of interest include hospitals, homecare, outpatient services, and specialty distribution. Types of transaction include buyout, growth and recapitalization. It also seeks controlling interest. Cressey & Company has offices in Chicago, Illinois and Nashville, Tennessee.


DEAL STATS #
Overall 18 of 22
Sector (Medical Products) 3 of 4
Type (Secondary Buyout) 4 of 7
State (Texas) 4 of 4
Country (United States) 17 of 21
Year (2021) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-09 HHAeXchange

New York, New York, United States

HHAeXchange is a homecare management software solution for the Medicaid LTSS population. The company acts as a single source of truth in connecting payers, providers, and patients through an intuitive web-based platform, enabling unparalleled communication, transparency, and visibility. HHAeXchange was formed in 2008 and is based in New York City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-21 RestorixHealth

Metairie, Louisiana, United States

RestorixHealth is a provider of comprehensive wound care treatment centers that offer advanced wound care modalities as well as hyperbaric oxygen therapy (“HBOt”). RestorixHealth focuses on establishing in-hospital centers of excellence to treat the growing incidence of severe grade diabetic wounds of the lower extremities and wounds that are unresponsive to general wound care treatments. RestorixHealth was established in 1997 and is based in Metairie, Louisiana.

Sell -
SELLER

Golub Capital

New York, New York, United States

Investor Investor Investor Investor Investor


Category Lender
Founded 1994
PE ASSETS 55.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Golub Capital is a private investment firm focused on making debt and equity investments in US based middle-market companies. Golub looks to invest between $5 and $75 million in businesses with established operating cash flow, strong customer relationships, and 'sustainable proprietary positions in their markets'. Prospective investment structures include refinancings, recapitalizations, buyouts, and growth financings. Sectors of interest include consumer products, business and consumer services, defense, manufacturing, value-added distribution, media, healthcare services and restaurants. Golub Capital was formed in 1994 and maintains offices in New York City, Atlanta, and Chicago.


DEAL STATS #
Overall 22 of 41
Sector (Medical Products) 4 of 5
Type (Secondary Buyout) 12 of 19
State (Texas) 1 of 2
Country (United States) 22 of 39
Year (2021) 2 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-04 Jonathan Engineered Solutions

Irvine, California, United States

Jonathan Engineered Solutions is a designer and manufacturer of customized steel and aluminum slides utilized in commercial and industrial applications, including the mounting of computer servers and storage systems, defense industry applications, and a variety of consumer product applications. Jonathan Engineered Solutions was founded in 1977 and is based in Irvine, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-25 Pet Supplies Plus

Livonia, Michigan, United States

Pet Supplies Plus is a pet specialty retailer in the United States by total system sales, providing a wide variety of pet food, treats, hard goods and services for dogs, cats, and small animals. Pet Supplies Plus was founded in 1988 and is based in Livonia, Michigan.

Sell $700M