M&A Deal Summary

Cobepa SA, Caledonia Private Capital, GHO Capital Partners, Adams Street Partners and Cinven Acquire BioAgilytix

On November 2, 2018, private equity firm Cobepa SA, private equity firm Caledonia Private Capital, private equity firm GHO Capital Partners, asset manager Adams Street Partners and private equity firm Cinven acquired life science company BioAgilytix from Riverside Partners

Acquisition Highlights
  • This is Cobepa SA’s 2nd, Caledonia Private Capital’s 1st, GHO Capital Partners’ 6th, Adams Street Partners’ 19th and Cinven’s 8th transaction in the Life Science sector.
  • This is Cobepa SA’s 1st, Caledonia Private Capital’s 2nd, GHO Capital Partners’ 2nd, Adams Street Partners’ 111th and Cinven’s 14th transaction in the United States.
  • This is Cobepa SA’s 1st, Caledonia Private Capital’s 1st, GHO Capital Partners’ 1st, Adams Street Partners’ 3rd and Cinven’s 2nd transaction in North Carolina.

M&A Deal Summary
Date 2018-11-02
Target BioAgilytix
Sector Life Science
Buyer(s) Cobepa SA
Caledonia Private Capital
GHO Capital Partners
Adams Street Partners
Cinven
Sellers(s) Riverside Partners
Deal Type Secondary Buyout
Advisor(s) Wells Fargo Securities
Lincoln International (Financial)
Choate Hall & Stewart (Legal)

Target

BioAgilytix

Durham, North Carolina, United States
BioAgilytix is a bioanalytical testing laboratory focused on large molecule bioanalysis for the pharmaceutical, biotechnology and agriculture industries. BioAgilytix Lab's mission is to provide outsourced analysis of biological samples that support the work of companies seeking regulatory approval of their biopharmaceutical and agricultural products. BioAgilytix was founded in 2008 and is based in Durham, North Carolina.

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Buyer(S) 5

Buyer

Cobepa SA

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1957
PE ASSETS 2.5B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Cobepa S.A. is a global investment group focused on growth capital investments (acquiring significant minority stakes) and leveraged buyout transactions. Cobepa invests in established companies with business models, sustainable market positions, and strong management teams. Sectors of interest include transportation, industrial, retail, financial services, and business services. The Firm generally pursues opportunities throughout Europe and North America, however Cobepa also targets opportunities in Asia and South America. Cobepa was originally established in 1957 and is headquartered in Brussels, Belgium

DEAL STATS #
Overall 27 of 38
Sector (Life Science) 2 of 3
Type (Secondary Buyout) 10 of 16
State (North Carolina) 1 of 1
Country (United States) 1 of 5
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-13 Exclusive Group

Boulogne Billancourt, France

Exclusive Group is a provider of value-added services and technologies (“VAST”) for cybersecurity and cloud migration. Exclusive Group was founded in 2003 and is based in Boulogne Billancourt, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-18 enoplastic

Bodio Lomnago, Italy

enoplastic is a manufacturer of PVC and polylaminate capsules , screw caps, synthetic corks and seals for still and sparkling wines, spirits, olive oil, and vinegars. enoplastic was founded in 1957 and is based in Bodio Lomnago, Italy.

Buy -
Buyer

Caledonia Private Capital

Investor Investor Investor Investor Investor

Category Private Equity Firm
PE ASSETS 824M GBP
Size Large
Type Sector Agnostic
DESCRIPTION

Caledonia Private Capital is the private equity investment arm of asset manager and investment trust Caledonia Investments Plc. The Firm looks to acquire and invest in UK middle-market businesses valued from £50 to £125 million. Sectors of interest include in financial services, consumer services, industrial, healthcare, leisure, engineering, and real estate management. Caledonia Private Capital is based in London.

DEAL STATS #
Overall 4 of 6
Sector (Life Science) 1 of 1
Type (Secondary Buyout) 2 of 3
State (North Carolina) 1 of 1
Country (United States) 2 of 2
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-06 Liberation Brewing

Saint Helier, Channel Islands

Liberation Brewing Co. is an integrated pub and brewing business with two breweries and three distribution businesses. Liberation Brewing Co. was founded in 1871 and is based in Saint Helier, Channel Islands.

Buy £118M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-21 AIR-serv

Lancashire, United Kingdom

AIR-serv is a designer and manufacturer of air, vacuum and jet wash machines which it provides as turn-key solutions to fuel station forecourt operators. AIR-serv is based in Lancashire, United Kingdom.

Buy -
Buyer

GHO Capital Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2014
PE ASSETS 6.0B EUR
Size Mega
Type Sector Focused
DESCRIPTION

GHO Capital Partners is a private investment firm focused on the healthcare sector. The Firm will consider opportunities throughout Europe and seeks well-established, profitable businesses that have the potential to deliver a combination of double-digit top line growth, significant efficiency gains and international expansion. GHO Capital Partners was established in 2014 and is based in London, England.

DEAL STATS #
Overall 8 of 20
Sector (Life Science) 6 of 14
Type (Secondary Buyout) 5 of 11
State (North Carolina) 1 of 3
Country (United States) 2 of 9
Year (2018) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-04 Linimed

Jena, Germany

Linimed is a provider of outpatient intensive care in Germany, operating through 44 clinical care locations enabling efficient care to the highest quality standards. Linimed GmbH is based in Jena, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-20 Validant

San Francisco, California, United States

Validant is specialist consulting services to a broad range of clients across the biotech, pharma and medtech sectors. Validant was founded in 2005 and is based in San Francisco, California.

Buy -
Buyer

Adams Street Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1972
PE ASSETS 60.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Adams Street Partners is a diversified, global investment firm that targets direct, fund of funds, and secondary investments. Adams' direct investing group covers co-investments in buyout transactions, as well as growth equity and venture capital commitments. The direct buyout and growth equity team looks to commit $5 to $30 million per transaction. For venture related investments, commitments of $5 to $20 million are provided to companies in the technology, life sciences and technology enabled services sectors. Typically, target companies have received prior financing from early stage venture firms and are seeking additional capital to fund product development and commercialization. Adams Street Partners was formed in 1972 and is based in Chicago, Illinois.

DEAL STATS #
Overall 122 of 148
Sector (Life Science) 19 of 23
Type (Secondary Buyout) 5 of 7
State (North Carolina) 3 of 3
Country (United States) 111 of 136
Year (2018) 10 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-25 Arctic Wolf

Eden Prairie, Minnesota, United States

Arctic Wolf is a cybersecurity platform that help organizations end cyber risk by providing security operations as a concierge service. Highly-trained Concierge Security experts work as an extension of internal teams to provide 24×7 monitoring, detection and response, as well as ongoing risk management to proactively protect organizations while continually strengthening their security posture. Arctic Wolf was founded in 2012 and is based in Eden Prairie, Minnesota.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-04 Inspira Financial

Oak Brook, Illinois, United States

Inspira Financial is a provider of retirement and custody services, empowering clients with unmatched service, access to a wide range of custody solutions and expertise they can count on. Whether it’s the custody of alternative assets, investment accounts or retirement funds, Millennium Trust is uniquely qualified to support our clients’ success. Millennium Trust Company performs the duties of a directed custodian, and as such does not provide due diligence to third parties on prospective investments, platforms, sponsors or service providers and does not sell investments or provide investment, legal, or tax advice. Inspira Financial was founded in 2000 and is based in Oak Brook, Illinois.

Buy -
Buyer

Cinven

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1977
PE ASSETS 39.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Cinven is a private equity firm focused on buyout investments in growing, profitable businesses located throughout Europe and North America. Sectors of interest include business and financial services, healthcare, industrial, retail, leisure, consumer, technology, media, and telecommunications. Cinven looks to invest a minimum of €200 million in companies with minimum enterprise values of €400 million. Cinven does not invest in start-ups or development phase companies. Cinven was established in 1977 and is headquartered in London.

DEAL STATS #
Overall 156 of 184
Sector (Life Science) 8 of 8
Type (Secondary Buyout) 42 of 56
State (North Carolina) 2 of 5
Country (United States) 14 of 20
Year (2018) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-22 Medpace

Cincinnati, Ohio, United States

Medpace is a scientifically-driven, global, full-service clinical contract research organization (CRO) providing Phase I-IV clinical development services to the biotechnology, pharmaceutical and medical device industries. Medpace’s mission is to accelerate the global development of safe and effective medical therapeutics through its high-science and disciplined operating approach that leverages local regulatory and deep therapeutic expertise across all major areas including oncology, cardiology, metabolic disease, endocrinology, central nervous system and anti-viral and anti-infective. Headquartered in Cincinnati, Ohio, Medpace employs approximately 2,700 people across 36 countries. Medpace was founded in 1992 and is based in Cincinnati, Ohio.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-20 group.ONE

Malmö, Sweden

group.ONE is a provider of online presence solutions via mass hosting and business software products to small-and medium-sized enterprises (‘SMEs’) and small-office home-offices (‘SOHOs’) through brands including one.com, Hostnet and WP Media. group.ONE was founded in 2002 and is based in Malmö, Sweden.

Buy -

Seller(S) 1

SELLER

Riverside Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1989
PE ASSETS 1.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Riverside Partners is a specialist private equity firm focused on investments in healthcare and technology companies located throughout North America. The Firm has a particular interest in companies that are founder or family owned. Target companies are generally profitable with $3 to $15 million of EBITDA. Specific areas of interest within healthcare include suppliers to biopharmaceutical and medical device companies, medical technology and equipment, medical instrumentation, dental products and services, diagnostics and disposables, and specialized healthcare services. Areas of interest within technology include, analytical instrumentation, semiconductor equipment, industrial communications, wireless components, homeland security, and power generation technology. Transaction situations include partial or complete buyouts, recapitalizations, growth equity, divestitures, take privates, and strategic add-ons. Riverside Partners was formed in 1989 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 25 of 33
Sector (Life Science) 1 of 1
Type (Secondary Buyout) 7 of 10
State (North Carolina) 1 of 1
Country (United States) 25 of 33
Year (2018) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-05 Bottom Line Systems

Crescent Springs, Kentucky, United States

Bottom Line Systems is a privately held health care consulting company, specializing in identifying and collecting managed care underpayments and denials for our customers. Bottom Line Systems was formed in 1996 and is based in Crescent Springs, Kentucky.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-05 Eliassen

Reading, Massachusetts, United States

Eliassen is a provider of strategic talent solutions to drive our clients' innovation and business results. Eliassen serves over 400 corporate, financial institution, and government clients providing recruiting and HR support for medium and high-end technology positions. The company operates 21 offices with a leading market presence in New England, North Carolina, and Georgia. Eliassen was founded in 1989 and is based in Reading, Massachusetts.

Sell -
Mergr

Product

Company

Legal