M&A Deal Summary

Avista Healthcare Partners Acquires Solmetex

On December 17, 2020, private equity firm Avista Healthcare Partners acquired medical products company Solmetex from Riveria Investment Group, Gemini Investors and AVALT

Acquisition Highlights
  • This is Avista Healthcare Partners’ 7th transaction in the Medical Products sector.
  • This is Avista Healthcare Partners’ 38th transaction in the United States.
  • This is Avista Healthcare Partners’ 3rd transaction in Massachusetts.

M&A Deal Summary

Date 2020-12-17
Target Solmetex
Sector Medical Products
Buyer(s) Avista Healthcare Partners
Sellers(s) Riveria Investment Group
Gemini Investors
AVALT
Deal Type Secondary Buyout
Advisor(s) Piper Sandler & Co. (Financial)
Ropes & Gray (Legal)

Target

Solmetex

Marlborough, Massachusetts, United States
Solmetex is a provider of dental amalgam separator devices and amalgam recycling services to the dental industry. The company’s NXT Hg5™ Series of Amalgam Separators and recycling program, which treat dental wastewater, is highly regarded as the best solution for regulatory compliance. Solmetex was founded in 1994 and is based in Marlborough, Massachusetts.

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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 46 of 54
Sector (Medical Products) 7 of 9
Type (Secondary Buyout) 12 of 19
State (Massachusetts) 3 of 3
Country (United States) 38 of 43
Year (2020) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-01 Vision Consumer Health

Kortrijk, Belgium

Vision Consumer Health is an ambitious consumer healthcare company with a large portfolio of self-care brands and OTC products in several European countries. Vision Consumer Health was founded in 2017 and is based in Kortrijk, Belgium.

Buy €305M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-12 Cooper Consumer Health

Paris, France

Cooper Consumer Health is an independent OTC drug manufacturer and distributor. It operates a distinctive business model with a unique distribution network and best-in-class sales force accessing all 22,000 pharmacies. Cooper Consumer Health was formed in 2016 and is based in Paris, France.

Buy -

Seller(S) 3

SELLER

Riveria Investment Group

New York, New York, United States

Category Private Equity Firm
Founded 2011
Size Small
Type Sector Agnostic
DESCRIPTION

Riveria Investment Group is a private equity firm focused primarily on profitable, small to mid-sized, expansion-stage companies. The Firm targets situations where additional capital can accelerate growth. Riveria looks for transactions valued from $20 to $200 million and EBITDA of $2 to $25 million. Areas of interest include consumer products, retail, manufacturing, industrial, media/entertainment, and healthcare. In addition to growth equity transactions, Riveria will also consider management buyouts, recapitalizations, purchases of family-owned companies, corporate divestitures, and take-privates. Riveria is based in New York City.


DEAL STATS #
Overall 8 of 9
Sector (Medical Products) 1 of 1
Type (Secondary Buyout) 4 of 4
State (Massachusetts) 1 of 1
Country (United States) 8 of 9
Year (2020) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-01 Empire Petroleum Partners

Dallas, Texas, United States

Empire Petroleum Partners LLC is a motor fuel distributor across the Mid-Atlantic, Southeastern, and Southwestern U.S., with more than 1,100 customers across 27 states from Delaware to California. Empire distributes every major brand, including BP, Chevron, Citgo, Exxon, Getty/Lukoil, Gulf, Marathon, Mobil, Shell, Sunoco, Texaco, and Valero. Empire Petroleum Partners is based in Dallas, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-01 JBC

New York, New York, United States

JBC is a global consumer search practice supporting innovative & sought-after brands. It is powered by WorkGenius, an end-to-end technology platform delivering results through our AI powered client and talent interface. Its sister company, Janou Pakter, is a visionary global executive search and service consultancy, designing solutions to connect the passions of people to the purpose of organizations.

Sell -
SELLER

Gemini Investors

Wellesley, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1993
PE ASSETS 700M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Gemini Investors is a middle-market private equity firm that targets investments in growing and established businesses. Areas of interest include technology, business services, consumer services, healthcare, education, manufacturing and distribution. Gemini looks for companies with $5 to $50 million in annual revenue and typically makes investments of $3 to $8 million in the form of preferred stock and/or subordinated debt. Prospective transaction types include growth capital, recapitalization and buyout situations. Gemini Investors was formed in 1993 and is based in Wellesley, Massachusetts.


DEAL STATS #
Overall 39 of 48
Sector (Medical Products) 1 of 1
Type (Secondary Buyout) 11 of 13
State (Massachusetts) 5 of 5
Country (United States) 39 of 48
Year (2020) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-01 AZ MediQuip

Scottsdale, Arizona, United States

AZ MediQuip is a retailer of home medical equipment and supplies, providing sales, rental, and repair for a broad range of products such as oxygen, CPAP, mobility scooters, power recline and lift chairs, hospital beds. AZ MediQuip was founded in 1982 and is based in Scottsdale, Arizona.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-22 Garbanzo Mediterranean Grill

Centennial, Colorado, United States

Garbanzo Mediterranean Grill is a fast-casual mediterranean restaurant in America. Garbanzo is making fresh mediterranean cuisine a mainstream favorite across the United States. Every order is customized to the guest's liking, with choices from top-quality meats and plant-based proteins to authentic laffa wraps and perfect, pillowy pitas baked in-house throughout the day. Garbanzo Mediterranean Grill was founded in 2007 and is based in Centennial, Colorado.

Sell -
SELLER

AVALT

Investor Investor Investor Investor Investor


Category Family Office
Founded 2015
Size Small
Type Sector Agnostic
DESCRIPTION

AVALT is a family backed private equity firm focused on long-term investments in North American companies operating in the business services, healthcare, consumer products/services, industrials, and TMT sectors. AVALT prefers control investments, but will consider select minority situations and other opportunistic or special situations. The Firm's investment size is $25 to $150 million in businesses with up to $35 million of EBITDA. AVALT was established in 2015 and is headquartered in Boston, Massachusetts.


DEAL STATS #
Overall 1 of 2
Sector (Medical Products) 1 of 1
Type (Secondary Buyout) 1 of 2
State (Massachusetts) 1 of 1
Country (United States) 1 of 2
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-01 Ned Stevens

Fairfield, New Jersey, United States

Ned Stevens provides gutter cleaning, soft wash, and other related, non-discretionary residential services, including gutter maintenance, installation, and repair. Ned Stevens was founded in 1965 and is based in Fairfield, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-13 AMAROK

Columbia, South Carolina, United States

AMAROK is a full-perimeter security company that provides service throughout the United States. Specializing in electric fencing on commercial properties, AMAROK also provides supplemental surveillance solutions, including cameras, lights, and alarms. AMAROK was founded in 1973 and is based in Columbia, South Carolina.

Buy -