M&A Deal Summary

Cardinal Health Acquires AssuraMed

On February 14, 2013, Cardinal Health acquired medical products company AssuraMed from CD&R and Goldman Sachs Merchant Banking for 2.0B USD

Acquisition Highlights
  • This is Cardinal Health’s 10th transaction in the Medical Products sector.
  • This is Cardinal Health’s 4th largest (disclosed) transaction.
  • This is Cardinal Health’s 23rd transaction in the United States.
  • This is Cardinal Health’s 2nd transaction in Ohio.

M&A Deal Summary
Date 2013-02-14
Target AssuraMed
Sector Medical Products
Buyer(s) Cardinal Health
Sellers(s) CD&R
Goldman Sachs Merchant Banking
Deal Type Add-on Acquisition
Deal Value 2.0B USD

Target

AssuraMed

Twinsburg, Ohio, United States
AssuraMed, previously known as HGI Holding, Inc., is a leading mail-order, direct-to-consumer provider of disposable medical products to chronic disease patients. AssuraMed operates through its Edgepark Medical Supplies and Independence Medical divisions, offering its large and fragmented customer base more than 30,000 products addressing a diverse set of chronic disease market segments including ostomy, diabetes, urological, enteral, incontinence and wound care.

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Buyer(S) 1

Buyer

Cardinal Health

Dublin, Ohio, United States
Category Company
Founded 1979
Sector Distribution
Employees47,040
Revenue 205.0B USD (2023)
DESCRIPTION
Entrance to Cardinal Health's corporate headquarters in Dublin, Ohio.
Entrance to Cardinal Health's corporate headquarters in Dublin, Ohio.

Cardinal Health is a distributor of healthcare products. Cardinal Health manufactures medical and surgical products and distributes pharmaceuticals and medical supplies worldwide. Cardinal Health was founded in 1979 and is based in Dublin, Ohio.

DEAL STATS #
Overall 26 of 43
Sector (Medical Products) 10 of 15
Type (Add-on Acquisition) 24 of 38
State (Ohio) 2 of 3
Country (United States) 23 of 40
Year (2013) 1 of 3
Size (of disclosed) 4 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-08-03 Medical Concepts Development

Chipley, Florida, United States

Medical Concepts Development, Inc. a supplier of medical products.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-27 WaveMark

Concord, Massachusetts, United States

WaveMark provides actionable, real-time information on the movement and usage of health care supplies and implantable devices. WaveMark uses RFID and barcode-enabled solutions and a robust cloud computing platform to help hospitals, IDNs, medical device suppliers, and distributors ensure patient safety, eliminate manual processes, reduce costs and streamline workflows.

Buy -

Seller(S) 2

SELLER

CD&R

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1978
PE ASSETS 30.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Clayton, Dubilier & Rice LLC (CD&R) is a large private equity firm that targets non-core divestitures of large corporations, growth equity financings, traditional buyouts, and corporate/family partnerships. CD&R looks for opportunities in North America, Western Europe, and Asia and will consider businesses in a wide range of sectors including consumer/retail, healthcare, industrials, and services. Prospective companies generally lead their respective markets, have stable cash flows, and possess competitive advantages through differentiated products, services, or processes. CD&R was formed in 1978 and has offices in New York City and London.

DEAL STATS #
Overall 14 of 45
Sector (Medical Products) 1 of 2
Type (Add-on Acquisition) 4 of 15
State (Ohio) 1 of 1
Country (United States) 12 of 35
Year (2013) 2 of 4
Size (of disclosed) 8 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-02-07 SOCOTEC

Guyancourt, France

SOCOTEC is a provider of inspection and risk management services in the fields of quality, health, safety and environment. Socotec has gradually and successfully diversified its product offering and is today present in a wide range of TIC ('Testing, Inspection and Certification') segments, focussing on asset preservation: equipment inspection, real estate diagnostics and testing and inspection within the Energy sector (notably Nuclear and Oil & Gas). SOCOTEC was founded in 1953 and is based in Guyancourt, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-27 HD Supply

Atlanta, Georgia, United States

HD Supply is a wholesale distributor of a broad range of products and services to professional customers in the infrastructure, energy, maintenance, repair & improvement, and specialty construction markets. HD Supply was founded in 2007 and is based in Atlanta, Georgia.

Sell -
SELLER

Goldman Sachs Merchant Banking

New York, New York, United States
Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.

DEAL STATS #
Overall 40 of 110
Sector (Medical Products) 1 of 3
Type (Add-on Acquisition) 9 of 37
State (Ohio) 2 of 5
Country (United States) 29 of 78
Year (2013) 1 of 6
Size (of disclosed) 15 of 32
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-27 USI Insurance Services

Valhalla, New York, United States

USI Insurance Services is a provider of a fully integrated distribution of general and specialty property and casualty insurance and financial services such as employee benefits outsourcing and related consulting. USI Insurance Services was founded in 1994 and is based in Valhalla, New York.

Sell $2.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-04-16 Meilleurtaux

Paris, France

Meilleurtaux is a financial services provider with a broad and diversified range of financial services including loan insurance and mortgage brokerage, debt consolidation solutions, savings & investment products as well as P&C and health insurance distribution and brokerage offerings, available both online and through France’s largest network of 340 brokerage branches. Meilleurtaux was founded in 1999 and is based in Paris, France.

Buy -
Mergr

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