M&A Deal Summary

Avista Healthcare Partners Acquires National Spine & Pain Centers

On June 5, 2017, private equity firm Avista Healthcare Partners acquired healthcare services company National Spine & Pain Centers from Sentinel Capital Partners and Fifth Street Capital

Acquisition Highlights
  • This is Avista Healthcare Partners’ 4th transaction in the Healthcare Services sector.
  • This is Avista Healthcare Partners’ 29th transaction in the United States.
  • This is Avista Healthcare Partners’ 3rd transaction in Maryland.

M&A Deal Summary
Date 2017-06-05
Target National Spine & Pain Centers
Sector Healthcare Services
Buyer(s) Avista Healthcare Partners
Sellers(s) Sentinel Capital Partners
Fifth Street Capital
Deal Type Secondary Buyout
Advisor(s) Moelis & Co.
Houlihan Lokey (Financial)
Kirkland & Ellis (Legal)

Target

National Spine & Pain Centers

Frederick, Maryland, United States
National Spine & Pain Centers is a provider of interventional pain management services focused on relieving chronic back and neck pain. Interventional pain management is a rapidly growing medical specialty whose objective is to relieve pain through advanced, minimally invasive procedures while preventing costly, invasive surgery. National Spine & Pain Centers provides management services to physicians who are dedicated to providing high quality patient care in outpatient ambulatory surgical center settings. Affiliated physicians are fellowship-trained and board-certified/board-eligible pain specialists and many are nationally recognized leaders in pain management. National Spine & Pain Centers was founded in 1998 and is headquartered in Frederick, Maryland.

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Buyer(S) 1

Buyer

Avista Healthcare Partners

New York, New York, United States
Category Private Equity Firm
Founded 2005
PE ASSETS 8.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Avista Capital Partners is a private investment firm formed by a group of professionals with roots from DLJ Merchant Banking Partners. Avista makes controlling and minority investments in US based energy, healthcare, and media companies with revenues greater than $25 million. Typical transactions include leverage buyouts, build-ups, and growth capital financings. Avista Capital was formed in 2005 and is based in New York City with an additional office in Houston, Texas.

DEAL STATS #
Overall 36 of 54
Sector (Healthcare Services) 4 of 4
Type (Secondary Buyout) 9 of 19
State (Maryland) 3 of 3
Country (United States) 29 of 43
Year (2017) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-31 ConvaTec

Reading, United Kingdom

ConvaTec is a global medical products and technologies company that provides advanced wound care, ostomy care, continence, and critical care, and infusion devices. ConvaTec was formed in 1972 and is based in Reading, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-22 Inform Diagnostics

Irving, Texas, United States

Inform Diagnostics is a provider of anatomic pathology services primarily in the fields of gastroenterology, dermatology, hematology, breast health, and urology. The company's team of more than 90 distinguished expert subspecialists utilizes state-of-the-art pathology laboratories to serve more than 5,500 patients every day. Inform Diagnostics continuously improves diagnostic accuracy through consensus-based terminology and criteria, rigorous quality assurance, daily consensus conferences, extensive educational and training activities, and close relationships with clinical partners. Inform Diagnostics was formed in 1996 and is based in Irving, Texas.

Buy -

Seller(S) 2

SELLER

Sentinel Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1995
PE ASSETS 11.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Sentinel Capital Partners is a private equity firm that targets investments in middle-market companies with strong management and 'attractive growth prospects'. Sentinel looks to invest up to $400 million of equity in companies generating EBITDA of up to $65 million. Sectors of interest include business services/outsourcing, consumer products and services, food and restaurants, franchising, and manufacturing. Prospective transaction situations include management buyouts, recapitalizations, corporate divestitures, take-privates, and growth capital financings. Sentinel Capital Partners was formed in 1995 and is based in New York, New York.

DEAL STATS #
Overall 43 of 69
Sector (Healthcare Services) 7 of 9
Type (Secondary Buyout) 22 of 30
State (Maryland) 1 of 2
Country (United States) 39 of 62
Year (2017) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-23 Checkers

Tampa, Florida, United States

Checkers is a double drive-thru restaurant chain in United States. The company develops, owns, operates and franchises both Checkers and Rally’s restaurants. Checkers was founded in 1986 and is based in Tampa, Florida.

Sell $525M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-27 WellSpring Consumer Healthcare

Sarasota, Florida, United States

WellSpring Consumer Healthcare is a marketer of over-the-counter and cosmetic brands in the skincare, feminine hygiene, and gastrointestinal care categories. WellSpring’s portfolio includes Bactine, Bonine, FDS, Emetrol, Micatin, Gelusil, Glaxal Base, Barriere, and K-Lyte. WellSpring Consumer Healthcare was founded in 1999 and is based in Sarasota, Florida.

Sell -
SELLER

Fifth Street Capital

Category Lender
Founded 1998
Size Mega
Type Sector Agnostic
DESCRIPTION

Fifth Street Capital is a public investment firm focused on providing mezzanine financing to support expansions, acquisitions, recapitalizations, and management buyouts of middle-market US based companies. Fifth Street looks to invest between $5 and $50 million per transaction. Sectors of interest include consumer products, healthcare services, manufacturing, medical device manufacturing, food services, business services, restaurants, speciality retail, logistics, and value added distribution. Fifth Street Capital is based in White Plains, New York.

DEAL STATS #
Overall 43 of 59
Sector (Healthcare Services) 4 of 7
Type (Secondary Buyout) 12 of 20
State (Maryland) 2 of 3
Country (United States) 42 of 58
Year (2017) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-20 Vention Medical

Salem, New Hampshire, United States

Vention Medical, Inc. is a designer, developer and contract manufacturer of complex, plastics based medical devices. Vention Medical was founded in 1989 and is based in Salem, New Hampshire.

Sell $705M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-31 OMNIPLEX World Services

Chantilly, Virginia, United States

OMNIPLEX World Services Corp. is a provider of premium physical security support services and Federal background investigations to the US Government and commercial clients. OMNIPLEX World Services Corp. was founded in 1990 and is based in Chantilly, Virginia.

Sell -
Mergr

Product

Company

Legal