M&A Deal Summary

Charterhouse Strategic Partners and Summit Partners Acquire LogistiCare Solutions

On May 1, 2004, Charterhouse Strategic Partners and growth capital firm Summit Partners acquired healthcare services company LogistiCare Solutions for 155M USD

Acquisition Highlights
  • This is Charterhouse Strategic Partners’ 2nd and Summit Partners’ 13th transaction in the Healthcare Services sector.
  • This is Charterhouse Strategic Partners’ and Summit Partners’ 5th largest (disclosed) transaction.
  • This is Charterhouse Strategic Partners’ 7th and Summit Partners’ 144th transaction in the United States.
  • This is Charterhouse Strategic Partners’ 1st and Summit Partners’ 5th transaction in Georgia.
Investment Fate
  • LogistiCare Solutions was sold to a publicly-traded strategic buyer in 2007 for 220M USD.

M&A Deal Summary
Date 2004-05-01
Target LogistiCare Solutions
Sector Healthcare Services
Buyer(s) Charterhouse Strategic Partners
Summit Partners
Deal Type Recapitalization
Deal Value 155M USD
Advisor(s) William Blair (Financial)

Target

LogistiCare Solutions

Atlanta, Georgia, United States
LogistiCare (Atlanta, GA) is a leader in the non-emergency medical transportation (NEMT) service sector. The company provides transportation services to governmental agencies and other human services organizations that are typically under cost pressures due to the increasing costs of healthcare and declining budgets. State Medicaid programs are required by federal regulation to provide recipients with access to and from medical encounters; however, states are often poorly equipped to efficiently and economically self perform and manage for this mission-critical transportation requirement.

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Buyer(S) 2

Buyer

Charterhouse Strategic Partners

Summit, New Jersey, United States
Category Private Equity Firm
Founded 1973
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Charterhouse Strategic Partners is a private equity firm that targets investments in middle market companies located throughout North America. Charterhouse typically pursues companies valued between $25 and $150 million, however the firm will also consider new platform companies valued less than $50 million if there is the possibility for rapid expansion (organic or through acquisitions). Target companies generally possess highly motivated management with a proven track record, scalable business models, sustainable competitive advantages (brand recognition/proprietary products), and a leading position in a growing market. Broad sectors of interest include business services, healthcare services, consumer products, and consumer services. Charterhouse was founded in 1973 and is based in Summit, New Jersey.

DEAL STATS #
Overall 8 of 18
Sector (Healthcare Services) 2 of 2
Type (Recapitalization) 1 of 2
State (Georgia) 1 of 2
Country (United States) 7 of 17
Year (2004) 2 of 4
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-04-08 Upstream Rehabilitation

Birmingham, Alabama, United States

Upstream Rehabilitation is a provider of a comprehensive set of outpatient rehabilitation services through over 300 owned and managed physical therapy clinics across twenty-two states. Upstream Rehabilitation was founded in 2003 and is based in Birmingham, Alabama.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-05-24 LASON

Troy, Michigan, United States

Lason, Inc. (Troy, MI) enables organizations to secure their decisions and their futures by improving business processes through outsourced services in industries that are data and document-intensive. The company serves the financial services, healthcare, government, manufacturing and industrial markets where accuracy, privacy and security are top concerns. Our customized solutions provide substantial and identifiable cost savings.

Buy -
Buyer

Summit Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 1984
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Summit Partners is a private investment and asset management firm focused on venture, growth, credit, and public equity investing. Sectors of interest include business services, communications technology and services, consumer products, energy, financial services, healthcare and life sciences, industrial products, internet/information services, media/entertainment, semiconductors, electronics, and software. Summit Partners is known for having a proactive business development group for sourcing transactions. Summit will consider both minority or majority investment stakes and is willing to commit as little as $10 million or as much as $500 million in combined debt/junior capital per transaction. The Firm's geographic coverage spans North America and Europe. Summit Partners was formed in 1984 and is headquartered in Boston, Massachusetts.

DEAL STATS #
Overall 150 of 387
Sector (Healthcare Services) 13 of 41
Type (Recapitalization) 2 of 13
State (Georgia) 5 of 12
Country (United States) 144 of 320
Year (2004) 7 of 11
Size (of disclosed) 5 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-04-14 Hostelworld

Dublin, Ireland

Hostelworld Group plc provides online bookings and reservations technology for the budget, independent, and youth travel sectors worldwide, through its boo.com, hostelworld.com, and hostels.com brands. Hostelworld was founded in 1999 and is headquartered in Dublin, Ireland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-05-11 Alopa Networks

Santa Clara, California, United States

Alopa Networks provides end-to-end subscriber services solutions that allow broadband Internet service providers to create and deploy subscriber services quickly and cost-effectively.

Sell $15M
Mergr

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Company

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