M&A Deal Summary

Circle Group Acquires Wellpartner

On June 3, 2015, Circle Group acquired healthcare services company Wellpartner from Montlake Capital, Greenwoods Capital Partners, Scorpion Capital Partners and Apposite Capital

Acquisition Highlights
  • This is Circle Group’s 1st transaction in the Healthcare Services sector.
  • This is Circle Group’s 1st transaction in the United States.
  • This is Circle Group’s 1st transaction in Oregon.

M&A Deal Summary

Date 2015-06-03
Target Wellpartner
Sector Healthcare Services
Buyer(s) Circle Group
Sellers(s) Montlake Capital
Greenwoods Capital Partners
Scorpion Capital Partners
Apposite Capital
Deal Type Add-on Acquisition

Target

Wellpartner

Portland, Oregon, United States
Wellpartner is a provider of home delivery pharmacy services dedicated to lowering prescription drug costs while improving health outcomes for individuals. Wellpartner uses automated fulfillment systems and highly personalized customer service to reduce prescription costs and improve pharmacy care.

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Buyer(S) 1

Buyer

Circle Group

Stavanger, Norway

Category Company
Founded 2014
Sector Business Services
DESCRIPTION

Circle Group is established to develop a tier-one Well Service Company in the oilfield sector in a buy & build model. Circle Group was founded in 2014 and is based in Stavanger, Norway.


DEAL STATS #
Overall 2 of 2
Sector (Healthcare Services) 1 of 1
Type (Add-on Acquisition) 2 of 2
State (Oregon) 1 of 1
Country (United States) 1 of 1
Year (2015) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-12-01 WellPartner

Tananger, Norway

WellPartner is a service company that delivers technical expertise and high quality equipment and services within subsea drilling, completion and well intervention operations. WellPartner was established in 2008 and is based in Tananger, Norway.

Buy -

Seller(S) 4

SELLER

Montlake Capital

Seattle, Washington, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
Size Small
Type Sector Agnostic
DESCRIPTION

Montlake Capital is a private equity firm focused on lower middle-market company investments in the Pacific Northwest US. The Firm looks to invest in businesses generating $20 to $100 million in sales and $1 to $10 million of EBITDA. Sectors of interest include business services, consumer products and services, heath and wellness, retail, technology products, and financial services. Prospective transaction situations include growth capital financings, buyouts, recapitalizations, search funds, and shareholder liquidity needs. Montlake Capital was formed in 1999 and is based in Seattle, Washington.


DEAL STATS #
Overall 9 of 17
Sector (Healthcare Services) 1 of 1
Type (Add-on Acquisition) 5 of 10
State (Oregon) 3 of 6
Country (United States) 9 of 17
Year (2015) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-01 Fresca Mexican Foods

Caldwell, Idaho, United States

Fresca Mexican Foods LLC is a food manufacturing company that sells flour and corn tortillas to foodservice customers through distributors throughout the U.S. and abroad, primarily to Mexican restaurant chains. Fresca Mexican Foods was founded in 1977 and is based in Caldwell, Idaho.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-01 Herb Pharm

Williams, Oregon, United States

Herb Pharm manufactures and markets a broad range of herbal extracts that are sold through natural food and other retail channels. Herb Pharm was founded in 1979 and is based in Williams, Oregon.

Sell -
SELLER

Greenwoods Capital Partners

Norfolk, Connecticut, United States

Category Private Equity Firm
Founded 2005
Size Small
Type Sector Agnostic
DESCRIPTION

Greenwoods Capital Partner is a private investment firm focused on acquiring interests in small cap, emerging growth companies valued between $25 and $75 million. The Firm typically targets smaller investments of $1 to $3 million per transaction, to support strategic growth initiatives, corporate restructurings and potential acquisitions. Target sectors include retail, business services, and applied technologies. Prospective companies are generally experiencing double digit revenue and cash flow growth, have acquisition candidates, or have an opportunity to enhance intrinsic value. Greenwoods Capital has offices in Norfolk, Connecticut and New York City.


DEAL STATS #
Overall 3 of 3
Sector (Healthcare Services) 1 of 1
Type (Add-on Acquisition) 3 of 3
State (Oregon) 1 of 1
Country (United States) 3 of 3
Year (2015) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-08-22 3D Medical Manufacturing

Riviera Beach, Florida, United States

3D Medical Manufacturing is a manufacturer of critical high precision medical device implants, cutting tools, instruments, and electro-mechanical assemblies. Specializing in full service fabrication from materials of Titanium, Stainless Steel, PEEK, precious metal, Aluminum, and plastic that demand close tolerances and superior cosmetic finishing.

Sell -
SELLER

Scorpion Capital Partners

New York, New York, United States

Category Private Equity Firm
Founded 1995
PE ASSETS 120M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Scorpion Capital Partners LP is a private equity firm that partners with management to invest in smaller middle-market companies. Scorpion looks to make equity or equity like investments of $5 to $10 million in businesses with $10 to $100 million of revenue and EBITDA of $4 to $25 million. The Firm will consider both control and minority investment to support growth capital needs, recapitlizations, divestitures, take privates, and family successions. Scorpion has no industry focus, however the Firm will not invest in real estate, gaming, tobacco, biotechnology, software development, as well as start-up and early stage ventures. Scorpion Capital Partners was originally established in 1995 and is based in New York City.


DEAL STATS #
Overall 8 of 8
Sector (Healthcare Services) 1 of 1
Type (Add-on Acquisition) 5 of 5
State (Oregon) 1 of 1
Country (United States) 8 of 8
Year (2015) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-02 Creative Group

Appleton, Wisconsin, United States

Creative Group, Inc. is a full-service performance improvement company focused on meeting and event management, group incentive travel and individual recognition solutions.

Sell -
SELLER

Apposite Capital

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2006
Size Small
Type Sector Focused
DESCRIPTION

Apposite Capital is a private investment firm focused on investing in growth companies in the healthcare sector. The Firm targets UK-based, revenue generating businesses and looks to invest £10 to £25 million over the life of an investment. Specific areas of interest include rehab services, primary and acute care companies, health related software solutions and IT, elderly and specialist healthcare services, medical products, and pharmaceuticals. Apposite Capital was established in 2006 and is based in London.


DEAL STATS #
Overall 5 of 7
Sector (Healthcare Services) 4 of 6
Type (Add-on Acquisition) 5 of 7
State (Oregon) 1 of 1
Country (United States) 3 of 3
Year (2015) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-27 By The Bridge

Sittingbourne, United Kingdom

By the Bridge is a UK-based provider of high quality foster care services, particularly focussing on children with challenging needs. By the Bridge has consistently received the highest score from government inspectors of all private sector foster care companies in the UK.

Sell £44M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-01 CancerPartnersUK

London, United Kingdom

CancerPartnersUK is an independent organisation that aims to bring high quality cancer care closer to patients. Led by a specialist management team, the company’s strategy is to build and operate a network of high quality, innovative cancer centres addressing the significant underprovision of cancer services in the UK, particularly in radiotherapy.

Sell -