M&A Deal Summary

Cardinal Health Acquires Specialty Networks

On January 31, 2024, Cardinal Health acquired business services company Specialty Networks from Linden Capital Partners for 1.2B USD

Acquisition Highlights
  • This is Cardinal Health’s 2nd transaction in the Business Services sector.
  • This is Cardinal Health’s 9th largest (disclosed) transaction.
  • This is Cardinal Health’s 37th transaction in the United States.
  • This is Cardinal Health’s 3rd transaction in Ohio.

M&A Deal Summary
Date 2024-01-31
Target Specialty Networks
Sector Business Services
Buyer(s) Cardinal Health
Sellers(s) Linden Capital Partners
Deal Type Add-on Acquisition
Deal Value 1.2B USD
Advisor(s) Robert W. Baird & Co., Inc. (Financial)
Kirkland & Ellis (Legal)

Target

Specialty Networks

Cleveland, Ohio, United States
Specialty Networks is a technology-enabled group purchasing organization (GPO) that serves independent specialty medical practices, pharmaceutical companies, and medical device companies. Specialty Networks’ service offerings include UroGPO, a urology-specific GPO and provider of educational programs for providers, PPS Analytics, a clinical and business intelligence company serving providers and industry partners, GastroGPO, a gastroenterology-specific GPO, United Rheumatology, a rheumatology-specific GPO, and SN Research, a decentralized clinical research platform. Specialty Networks was founded in 2018 and is headquartered in Cleveland, Ohio.

Search 200,500 Deals Now

SEARCH BY

  • Buyer Type (PE or Strategic)
  • Deal Size ($10M to $10B+)
  • Sector (60 Sectors)
  • Deal Type
  • Geography
  • & More

Try For Free 7-Day Free Trial

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 40 of 43
Sector (Business Services) 2 of 2
Type (Add-on Acquisition) 35 of 38
State (Ohio) 3 of 3
Country (United States) 37 of 40
Year (2024) 1 of 4
Size (of disclosed) 9 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-10 OutcomesMTM

West Des Moines, Iowa, United States

OutcomesMTM is a privately owned company that contracts with more than 40 U.S. health plans throughout the United States to deliver personalized Medication Therapy Management (MTM) services to more than 5.5 million patients through a network of more than 50,000 local chain and independent retail pharmacies, nationwide. OutcomesMTM is based in West Des Moines, Iowa.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-09-20 Integrated Oncology Network

Nashville, Tennessee, United States

Integrated Oncology Network is an operator of physician management, radiation oncology management, and cancer center development company that partners with hospitals and physicians. ION provides expertise including strategic solutions, development, financing, and management services including radiation oncology operations, revenue cycle management, compliance, HR, IT, and accounting. Integrated Oncology Network was founded in 2008 and is based in Nashville, Tennessee.

Buy $1.1B

Seller(S) 1

SELLER

Linden Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2004
PE ASSETS 3.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Linden LLC is a private equity firm that invests in businesses involved in the healthcare and life science sectors. However, the firm also executes any size private equity transaction between $10 million to $2 billion through the firm's alliance with Madison Dearborn Partners. Linden is not a venture capital investor. The firm specializes in investments in non-core businesses owned by large corporations, as well as traditional management buyouts of independent companies. Linden LLC was formed in 2004 and is based in Chicago, Illinois.

DEAL STATS #
Overall 27 of 27
Sector (Business Services) 1 of 1
Type (Add-on Acquisition) 12 of 12
State (Ohio) 1 of 1
Country (United States) 27 of 27
Year (2024) 1 of 1
Size (of disclosed) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-12-19 Spear Education

Scottsdale, Arizona, United States

Spear Education is dentistry’s source for continuing education that serves dentists of all clinical skill levels and transforms practices and the lives of patients by offering physical hands-on courses, extensive peer-to-peer regional learning, and comprehensive online educational tools. Spear Education is based in Scottsdale, Arizona.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-12 Alcresta Therapeutics

Newton, Massachusetts, United States

Alcresta Therapeutics is a specialty pharmaceutical company focusing on discovering and developing a new generation of enzyme-based products that improve digestion and absorption of important nutrients. The company's lead program is a point-of-care, enzyme-based product that improves the bioavailability of long-chain fatty acids (such as DHA, EPA, and AA) for patients with impaired pancreatic output. Compromised pancreatic function is a complication of many diseases such as cystic fibrosis, chronic pancreatitis, and cancer as well as developmental immaturity, and Alcresta's products are aimed at meeting the nutritional needs of these patients. Alcresta Therapeutics was formed in 2011 and is based in Newton, Massachusetts.

Buy -
Mergr

Product

Company

Legal