M&A Deal Summary

CD&R Acquires Drive DeVilbiss Healthcare

On August 30, 2016, private equity firm CD&R acquired medical products company Drive DeVilbiss Healthcare from Capitala Group, Brookside Capital Partners and Ferrer Freeman

Acquisition Highlights
  • This is CD&R’s 2nd transaction in the Medical Products sector.
  • This is CD&R’s 34th transaction in the United States.
  • This is CD&R’s 1st transaction in New York.

M&A Deal Summary

Date 2016-08-30
Target Drive DeVilbiss Healthcare
Sector Medical Products
Buyer(s) CD&R
Sellers(s) Capitala Group
Brookside Capital Partners
Ferrer Freeman
Deal Type Secondary Buyout
Advisor(s) Robert W. Baird & Co., Inc. (Financial)
Bryan Cave Leighton Paisner LLP (Legal)

Target

Drive DeVilbiss Healthcare

Port Washington, New York, United States
Drive DeVilbiss Healthcare manufactures a complete line of medical products, including mobility products, sleep and respiratory products, beds, bariatric products, wheelchairs, sleep surfaces and pressure prevention products, self-assist products, power operated wheelchairs, rehabilitation products, patient room equipment, personal care products and electrotherapy devices. Drive DeVilbiss Healthcare was founded in 2000 and is based in Port Washington, New York.

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Buyer(S) 1

Buyer

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 47 of 92
Sector (Medical Products) 2 of 4
Type (Secondary Buyout) 17 of 26
State (New York) 1 of 3
Country (United States) 34 of 67
Year (2016) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-29 BUT

Emerainville, France

BUT is a home equipment retailers in France, operating through a network of more than 300 stores. The Company offers a comprehensive selection of furniture, appliances, and decorative products, all complemented by attractive financing and extended warranty services. BUT was founded in 1972 and is based in Emerainville, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-04 agilon health

Austin, Texas, United States

agilon health serves as a partner to physicians and other providers so that they can be more productive and effective in providing high-quality, value-based care. The company’s unique mix of technology-based services and clinical capabilities supports physicians serving a diverse mix of patients across multiple geographies, with differentiated expertise managing underserved Medicaid and Medicare Advantage patients. agilon health was incorporated in 2016 and is headquartered in Austin, Texas.

Buy -

Seller(S) 3

SELLER

Capitala Group

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1998
PE ASSETS 2.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Capitala Group is an asset manager that provides equity and mezzanine capital to mid-sized companies valued up to $250 million. Funds are generally used to support growth needs, add-on acquisitions, management/leveraged buyouts, and recapitalizations. Capitatala will invest across the US, but generally targets opportunities located in the Southeast. Industry preferences include building products, business services, consumer/reteail, general industrial, healthcare, and technology. Prospective companies typically have revenues greater than $10 million and EBITDA of at least $3 million. Capitala was formed in 1998 and is headquartered in Charlotte, North Carolina.


DEAL STATS #
Overall 25 of 53
Sector (Medical Products) 1 of 1
Type (Secondary Buyout) 8 of 19
State (New York) 1 of 1
Country (United States) 24 of 52
Year (2016) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-04 Hale and Hearty Soups

New York, New York, United States

Hale and Hearty Soups is a fast-casual, soup-focused restaurant concept that brings hearty, high quality, made from scratch comfort food to busy people. Hale & Hearty was started in a small kitchen in New York City and soon after, grew to add Chelsea Market to their locations.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-19 myAgway

North Branford, Connecticut, United States

myAgway is an Agway dealership in Connecticut and operates under the myAgway brand. myAgway operates six freestanding retail outlets in the western and central parts of the state: two in New Haven County, two in Hartford County, one in Middlesex County, and one in Fairfield County. myAgway is based in North Branford, Connecticut.

Buy -
SELLER

Brookside Capital Partners

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2001
PE ASSETS 1.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Brookside Capital Partners is an investment management firm focused on stable lower-middle market companies in the US. The Firm typically commits $5 to $30 million per transaction to support buyouts, leveraged recapitalizations, strategic acquisitions and growth. Potential businesses generally have revenue greater than $15 million, and EBITDA of at least $4 million. Industries of interest include business services, consumer, distribution, healthcare, manufacturing, and transportation and logistics. Brookside Capital Partners was established in 2001 and is based in Stamford, Connecticut.


DEAL STATS #
Overall 3 of 22
Sector (Medical Products) 1 of 2
Type (Secondary Buyout) 2 of 11
State (New York) 1 of 1
Country (United States) 3 of 22
Year (2016) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-13 The Legacy Companies

Weston, Florida, United States

The Legacy Companies designs, manufactures and markets food service equipment, home appliances and kitchen tools and accessories. The Legacy Companies was founded in 1998 and is based in Weston, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-12-09 Circa

Milwaukee, Wisconsin, United States

Circa is a provider of regulatory compliance and recruitment solutions. The company provides federal contractors with a fully outsourced solution to comply with several regulations of the Office of Federal Contract Compliance Programs (OFCCP) and also maintains a network of over 600 locally-focused online employment websites. Circa was formed in 1994 and is headquartered in Milwaukee and has additional offices in Minneapolis and Washington, D.C.

Buy -
SELLER

Ferrer Freeman

Greenwich, Connecticut, United States

Category Private Equity Firm
Founded 1995
PE ASSETS 900M USD
Size Middle-Market
Type Sector Focused
DESCRIPTION

Ferrer Freeman & Co. (FFC) is a private equity firm that invests exclusively in healthcare companies generating sales minimum $20 to $200 million. FFC also invests in clinical products and outsourcing/infrastructure businesses serving the healthcare sector. FFC looks to commit $10 to $40 million per transaction and focuses primarily on growth capital financings and build-ups. However, the Firm will also selectively fund buyouts as well. Ferrer Freeman & Co. LLC was formed in 1995 and is based in Greenwich, Connecticut.


DEAL STATS #
Overall 22 of 24
Sector (Medical Products) 3 of 4
Type (Secondary Buyout) 5 of 6
State (New York) 2 of 2
Country (United States) 22 of 24
Year (2016) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-07 Ardent Health Services

Brentwood, Tennessee, United States

Ardent Health Services is a premier provider of health care services and operates acute care hospitals across the United States. Ardent is based in Brentwood, Tennessee.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-30 K2M

Leesburg, Virginia, United States

K2M, Inc. is an innovative spinal device company committed to the research, development, and commercialization of simplified solutions for the treatment of complex spinal pathologies and minimally invasive procedures.

Sell $1.4B