M&A Deal Summary

Candescent Partners, Eagle Private Capital and Harbert Mezzanine Capital Acquire Southeastern Spine Institute

On April 19, 2017, private equity firm Candescent Partners, mezzanine finance firm Eagle Private Capital and mezzanine finance firm Harbert Mezzanine Capital acquired healthcare services company Southeastern Spine Institute

Acquisition Highlights
  • This is Candescent Partners’ 3rd, Eagle Private Capital’s 8th and Harbert Mezzanine Capital’s 3rd transaction in the Healthcare Services sector.
  • This is Candescent Partners’ 6th, Eagle Private Capital’s 69th and Harbert Mezzanine Capital’s 14th transaction in the United States.
  • This is Candescent Partners’ 1st, Eagle Private Capital’s 2nd and Harbert Mezzanine Capital’s 1st transaction in South Carolina.

M&A Deal Summary
Date 2017-04-19
Target Southeastern Spine Institute
Sector Healthcare Services
Buyer(s) Candescent Partners
Eagle Private Capital
Harbert Mezzanine Capital
Deal Type Recapitalization
Advisor(s) Provident (Financial)

Target

Southeastern Spine Institute

Mt Pleasant, South Carolina, United States
Southeastern Spine Institute is a medical practice in South Carolina exclusively specializing in spine care. The Company has state-of-the-art spine MRIs, digital X-ray and most forms of diagnostic equipment. The medical facility has multiple non-surgical treatment rooms and block suites, as well as an in-house pharmacy and physical therapy center dedicated exclusively to treat spinal related problems. Southeastern Spine Institute is based in Mount Pleasant, South Carolina.

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Buyer(S) 3

Buyer

Candescent Partners

Boston, Massachusetts, United States

Investor Investor Investor

Category Private Equity Firm
Founded 2009
Size Small
Type Sector Agnostic
DESCRIPTION

Candescent Partners is an investor in buyouts and recapitalizations of lower middle-market companies. The Firm looks to invest $10 to $30 million in the form of preferred equity, mezzanine, or both to support growth, buyouts, shareholder liquidity needs, acquisitions, or to reduce debt. Target sectors include healthcare technology and services, consumer products/services, business services, and software. Candescent Partners is based in Boston, Massachusetts.

DEAL STATS #
Overall 6 of 8
Sector (Healthcare Services) 3 of 3
Type (Recapitalization) 1 of 2
State (South Carolina) 1 of 1
Country (United States) 6 of 8
Year (2017) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-03 Quadrant Software

Mansfield, Massachusetts, United States

Quadrant Software, Inc. is a provider of electronic document management software primarily for the IBM iSeries. Quadrant provides application modernization, mobile development, business intelligence and document distribution solutions and services.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-01 Claris Vision

Warwick, Rhode Island, United States

Koch Eye Associates, Inc. is a provider of eye care and surgical practices, with twenty doctors treating patients at eight office locations, three laser vision centers, and a surgery center. Koch Eye Associates was founded in 1981 and is based in Warwick, Rhode Island.

Sell -
Buyer

Eagle Private Capital

St. Louis, Missouri, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Eagle Private Capital (EPC) makes private equity and mezzanine investments in middle-market companies. The Firm typically invests $4 to $15 million per investment. EPC looks to partner with management or other private equity investors to provide growth or change of control capital. EPC is based in St. Louis, Missouri.

DEAL STATS #
Overall 69 of 86
Sector (Healthcare Services) 8 of 8
Type (Recapitalization) 9 of 11
State (South Carolina) 2 of 2
Country (United States) 69 of 86
Year (2017) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-25 Cole Information

Omaha, Nebraska, United States

Cole Information is a provider of technology enabled solutions through various online platforms. Their products provide hyperlocal sales leads, marketing and customer acquisition solutions for small and medium sized businesses in multiple industry verticals, including insurance, real estate, auto, home services, government and public policy. Cole Information was founded in 1947 and is based in Omaha, Nebraska.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-01 Artifact Uprising

Denver, Colorado, United States

Artifact Uprising is a provider of printed photo products with elevated quality, thoughtful design, and responsibly-sourced materials. Artifact Uprising was founded in 2012 and is based in Denver, Colorado.

Buy -
Buyer

Harbert Mezzanine Capital

Investor Investor Investor Investor

Category Mezzanine Finance Firm
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Harbert Mezzanine Capital is the junior capital investment arm of asset manager Harbert Management Corporation. Harbert Mezzanine looks to invest $3 to $15 million of subordinated debt to support growth needs, acquisitions, recapitalizations, or management buyouts of mid-sized companies throughout the US. Harbert Mezzanine Capital is based in Nashville, Tennessee.

DEAL STATS #
Overall 14 of 28
Sector (Healthcare Services) 3 of 4
Type (Recapitalization) 4 of 7
State (South Carolina) 1 of 1
Country (United States) 14 of 28
Year (2017) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-03 PRO EM

Phoenix, Arizona, United States

PRO EM is a provider of services, equipment, and manpower for events of any size, including security; guest relations; traffic control; tents and clear-span structures; fencing; barricades; furniture; tables; chairs; linens; bars; china; heating and cooling units; portable generators; light towers; event retreats and more. PRO EM was founded in 1987 and is based in Phoenix, Arizona.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-09 Davey Coach Sales

Sedalia, Colorado, United States

Davey Coach Sales is a dealer of new and used mid-sized buses and shuttles, as well as a premier provider of passenger transport vehicles for lease and rental. Davey Coach Sales was founded in 1992 and is based in Sedalia, Colorado.

Buy -
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