M&A Deal Summary

Cornell Capital Acquires Citizens Rx

On February 1, 2019, private equity firm Cornell Capital acquired business services company Citizens Rx from Comvest Partners and Martis Capital Managment

Acquisition Highlights
  • This is Cornell Capital’s 1st transaction in the Business Services sector.
  • This is Cornell Capital’s 7th transaction in the United States.
  • This is Cornell Capital’s 2nd transaction in Illinois.

M&A Deal Summary

Date 2019-02-01
Target Citizens Rx
Sector Business Services
Buyer(s) Cornell Capital
Sellers(s) Comvest Partners
Martis Capital Managment
Deal Type Recapitalization

Target

Citizens Rx

Oak Park, Illinois, United States
Citizens Rx is a provider of pharmacy benefit management services, including formulary management, claims processing, and rebate administration. Citizens Rx was founded in 2009 and is based in Oak Park, Illinois.

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Buyer(S) 1

Buyer

Cornell Capital

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2013
PE ASSETS 6.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Cornell Capital is a private investment firm that seeks to partner with strong management teams to build businesses. Cornell Capital does not have any sector preferences and focuses on opportunities across the US. Cornell Capital was formed in 2013 and is based in New York City.


DEAL STATS #
Overall 8 of 17
Sector (Business Services) 1 of 2
Type (Recapitalization) 1 of 1
State (Illinois) 2 of 2
Country (United States) 7 of 14
Year (2019) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-08 Fekkai

New York, New York, United States

Fekkai develops and produces hair and body care products, including shampoos, conditioners, treatments, hair fragrances, and styling products. Additionally, The company owns and operates a number of salons across the United States. Fekkai was founded in 1958 and is based in New York City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-04 Corelle Brands

Rosemont, Illinois, United States

Corelle Brands LLC is a manufacturer and marketer of bakeware, dinnerware, kitchen and household tools, rangetop cookware and cutlery products. Corelle Brands LLC and its affiliates manufacture and market products worldwide through a portfolio of well-recognized and respected brands, including under the Pyrex®, Corelle®, Corningware®, Snapware®, Chicago Cutlery®, Revere®, Visions®, Ekco® and Baker's Secret® trademarks. Corelle Brands LLC and its affiliates employ approximately 3,000 people, and have major manufacturing and distribution operations in North America and Asia-Pacific regions. Corelle Brands LLC was incorporated in 1991 and is based in Rosemont, Illinois.

Sell -

Seller(S) 2

SELLER

Comvest Partners

West Palm Beach, Florida, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 7.7B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Comvest Partners' headquarters in West Palm Beach, Florida.
Comvest Partners' headquarters in West Palm Beach, Florida.

Comvest Partners is a private investment firm that provides equity and debt capital to middle-market companies across North America. Comvest funds a variety of investment situations, including buyouts, divestitures, recapitalizations, consolidations, take privates, and turnarounds. Sectors of interest include business services, information services, education, financial services, healthcare services, software, IT, and transportation. For equity investments, Comvest prefers control and looks to invest $50 to $150 million per transaction. For debt needs, Comvest seeks to provide $25 to $250 million per transaction. Comvest Partners was formed in 2000 and is based in West Palm Beach, Florida.


DEAL STATS #
Overall 31 of 40
Sector (Business Services) 3 of 3
Type (Recapitalization) 2 of 2
State (Illinois) 1 of 1
Country (United States) 31 of 40
Year (2019) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-25 Red Hawk Fire & Security

Boca Raton, Florida, United States

Red Hawk Fire & Security LLC is a provider of fire safety and integrated security installation, maintenance and monitoring services. Red Hawk Fire & Security was founded in 1999 and is based in Boca Raton, Florida.

Sell $318M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-20 IHP

Nashville, Tennessee, United States

Innovative Hearth Products is a manufacturer of indoor and outdoor fireplaces, fireplace inserts, free-standing stoves, gas log sets, venting products and accessories for the specialty retail, residential new construction and industrial markets. Based in Nashville, Tenn. IHP operates manufacturing facilities in Russellville, Ala., Santa Ana, Calif. and Auburn, Wash.

Sell -
DESCRIPTION

Martis Capital Management is a private equity firm focused exclusively on the North American middle-market healthcare industry. The Firm seeks founder-led companies in the services and outsourcing, information technology, consumer and wellness, and products and diagnostic sub-sectors. Martis considers buyout and growth equity opportunities with typical transactions between $25 and $100 million. Martis Capital Management is headquartered in San Francisco, California.


DEAL STATS #
Overall 4 of 10
Sector (Business Services) 1 of 2
Type (Recapitalization) 2 of 3
State (Illinois) 1 of 1
Country (United States) 4 of 10
Year (2019) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-09 HHAeXchange

New York, New York, United States

HHAeXchange is a homecare management software solution for the Medicaid LTSS population. The company acts as a single source of truth in connecting payers, providers, and patients through an intuitive web-based platform, enabling unparalleled communication, transparency, and visibility. HHAeXchange was formed in 2008 and is based in New York City.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-01 ShareMD

Alpharetta, Georgia, United States

ShareMD is a real estate company, acquires, develops, and manages medical office buildings across the United States. ShareMD was founded in 2019 and is based in Alpharetta, Georgia.

Buy -