M&A Deal Summary

Cardinal Health Acquires Denver Biomedical

On May 23, 2006, Cardinal Health acquired medical products company Denver Biomedical from Audax Private Equity and CID Capital

Acquisition Highlights
  • This is Cardinal Health’s 5th transaction in the Medical Products sector.
  • This is Cardinal Health’s 14th transaction in the United States.
  • This is Cardinal Health’s 1st transaction in Colorado.

M&A Deal Summary

Date 2006-05-23
Target Denver Biomedical
Sector Medical Products
Buyer(s) Cardinal Health
Sellers(s) Audax Private Equity
CID Capital
Deal Type Add-on Acquisition
Advisor(s) William Blair (Financial)

Target

Denver Biomedical

Golden, Colorado, United States
Denver Biomedical, Inc. is a manufacturer, distributor, and marketer of medical devices for fluid management in the chest and abdomen.

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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 15 of 43
Sector (Medical Products) 5 of 15
Type (Add-on Acquisition) 13 of 38
State (Colorado) 1 of 1
Country (United States) 14 of 40
Year (2006) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-04-01 ParMed Pharmaceuticals

Niagara Falls, New York, United States

ParMed Pharmaceuticals LLC, provides high quality generic products to the retail pharmacy market.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-07-12 MedMined

Birmingham, Alabama, United States

MedMined, Inc. is a technology and services company that identifies and prevents hospital-acquired infections.

Buy -

Seller(S) 2

SELLER

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 7 of 102
Sector (Medical Products) 1 of 6
Type (Add-on Acquisition) 4 of 35
State (Colorado) 1 of 4
Country (United States) 7 of 97
Year (2006) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-05-15 CIBT

McLean, Virginia, United States

CIBT is a global provider of mobility services including visa, passport, and immigration documentation. CIBT serves multinational corporations, global travel management companies, tour and cruise operators, government agencies, and individual travelers. CIBT’s services simplify the time-consuming and complicated process of obtaining required travel documents and work authorizations, while providing an accurate and compliant service for corporate customers. CIBT was founded in 1989 and is based in McLean, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-05-24 ColorMatrix

Berea, Ohio, United States

ColorMatrix Group, Inc. is a manufacturer of liquid color and additive concentrates for thermoplastic products. ColorMatrix serves customers in the blow molding, industrial extrusion, and performance molding industries who manufacture beverage bottles, vinyl siding, vinyl pipe, and other plastic products.

Buy $175M
SELLER

CID Capital

Indianapolis, Indiana, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 500M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

CID Capital is a private investment firm that makes both venture capital and private equity investments. CID's private equity practice invests $10 to $15 million of equity capital in lower middle-market companies with $10 to $100 million of revenue and at least $3 million of cash-flow. Funds are generally used to support divestitures, management buyouts, leveraged buyouts, shareholder liquidity, recapitalization, and growth financing. Areas of interest include industrial products and services, general distribution, safety and security products, branded consumer products, medical products and services, building products, and food manufacturing. The Firm prefers investments located within the US. CID Capital was formed in 1981 and is based in Indianapolis, Indiana.


DEAL STATS #
Overall 6 of 25
Sector (Medical Products) 1 of 1
Type (Add-on Acquisition) 4 of 11
State (Colorado) 1 of 2
Country (United States) 6 of 25
Year (2006) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-01 Top Master

Kansas City, Kansas, United States

Top Master, Inc. is a wholesale manufacturer, fabricator and installer of engineered and natural stone products, including solid surface products such as Corian, Avonite, Surell, Gibraltar, and Fountainhead. Top Master's mix of commercial and residential customers include millwork companies, contractors, kitchen and bath dealers, and homeowners.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-05-30 Ryan Herco Flow Solutions

Burbank, California, United States

Ryan Herco Flow Solutions, Inc. is a distributor of corrosion-resistant fluid handling, filtration and flow control products in the United States with a growing presence in Asia. Ryan Herco Flow Solutions was founded in 1948 and is based in Burbank, California.

Buy -