M&A Deal Summary

Cortec Group, Antares Capital and Golub Capital Acquire Aspen Medical Products

On June 10, 2019, private equity firm Cortec Group, private equity firm Antares Capital and lender Golub Capital acquired medical products company Aspen Medical Products

Acquisition Highlights
  • This is Cortec Group’s 7th, Antares Capital’s 1st and Golub Capital’s 6th transaction in the Medical Products sector.
  • This is Cortec Group’s 39th, Antares Capital’s 42nd and Golub Capital’s 57th transaction in the United States.
  • This is Cortec Group’s 2nd, Antares Capital’s 4th and Golub Capital’s 6th transaction in California.

M&A Deal Summary

Date 2019-06-10
Target Aspen Medical Products
Sector Medical Products
Buyer(s) Cortec Group
Antares Capital
Golub Capital
Deal Type Recapitalization
Advisor(s) Capstone Partners (Financial)
Rutan & Tucker (Legal)

Target

Aspen Medical Products

Irvine, California, United States
Aspen Medical Products is a designer, developer, manufacturer, and marketer of upper and lower spinal orthopedic bracing products. Aspen primarily sells its products through the acute care market, as they offer a high level of motion restriction and are used by patients in need of short-term treatment from severe injuries, have urgent medical conditions, and are recovering from surgery. Aspen Medical Products was founded in 2000 and is based in Irvine, California.

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Buyer(S) 3

Buyer

Cortec Group

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 6.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Cortec Group is a private equity firm focused on acquiring mid-sized businesses operating in basic industries. Cortec Group is an experienced and knowledgeable investor in healthcare products and services, B2C and B2B products, value-added distribution (including eCommerce), and specialty services companies with equity of $100-$500 million and EBITDA of $10 to $50 million. Cortec Group was formed in 1984 and is based in New York City.


DEAL STATS #
Overall 40 of 49
Sector: Medical Products M&A 7 of 7
Type: Recapitalization M&A Deals 4 of 10
State: California M&A 2 of 3
Country: United States M&A 39 of 48
Year: 2019 M&A 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-10 Rotating Machinery Services

Bethlehem, Pennsylvania, United States

Rotating Machinery Services is a provider of specialty aftermarket repair, maintenance, and overhaul services for large, highly engineered rotating machinery. RMS’s solutions improve performance and extend the useful life of complex machinery used in customers’ critical industrial processes. Rotating Machinery Services was founded in 1997 and is based in Bethlehem, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-03 Vidaris

New York, New York, United States

Vidaris, Inc. is a provider of niche consulting services within the architecture, engineering and construction industries focusing on high‐performance buildings and specialty structures. Vidaris, Inc. was founded in 1923 and is based in New York City.

Sell -
Buyer

Antares Capital

Miami, Florida, United States

Investor Investor


Category Private Equity Firm
Founded 1993
Size Small
Type Sector Agnostic
DESCRIPTION

Antares Capital is a private investment group that targets growth capital financings as well as management buyout opportunities. The Firm focuses on investments based in the Southeast US and Texas. Prospective companies generally have proven business models, modest capital requirements for growth, and operate in large and growing markets. The Firm looks to commit $500k to $5 million per investment. Antares will not invest in real estate, mineral exploration, distributors, franchisees, or project financings. Antares was founded in 1993 and is based in Miami, Florida.


DEAL STATS #
Overall 43 of 55
Sector: Medical Products M&A 1 of 1
Type: Recapitalization M&A Deals 2 of 4
State: California M&A 4 of 6
Country: United States M&A 42 of 54
Year: 2019 M&A 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-29 Real Chemistry

New York, New York, United States

Real Chemistry is a global health company, focused on delivering analytics-driven, digital-first solutions to the healthcare industry. Real Chemistry uses proprietary technology, healthcare-specific data analytics and deep subject matter expertise to enable its clients to efficiently engage with the broader healthcare ecosystem – including consumers, providers, physicians and payors – and address complex commercial challenges, such as physician education, clinical trial engagement, consumer disease awareness, patient engagement, brand positioning and value articulation. Real Chemistry was founded in 2001 and is based in New York, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-10 Valicor Environmental Services

Monroe, Ohio, United States

Valicor Environmental Services is a provider of non-hazardous wastewater treatment services in North America. Leveraging its extensive fleet of tankers and a network of strategically located centralized wastewater treatment (“CWT”) facilities, the Company transports and processes diverse wastewater streams that result from the manufacture of industrial and consumer goods. Valicor helps customers dispose of oily water, leachate, soaps, line flush waste, and similar waste streams, and it also provides a diverse set of landfill solidification and product destruction services. Valicor Environmental Services was established in 1982 and is based in Monroe, Ohio.

Sell -
Buyer

Golub Capital

New York, New York, United States

Investor Investor Investor Investor Investor


Category Lender
Founded 1994
PE ASSETS 75.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Golub Capital is a private investment firm focused on making debt and equity investments in US based middle-market companies. Golub looks to invest between $5 and $75 million in businesses with established operating cash flow, strong customer relationships, and 'sustainable proprietary positions in their markets'. Prospective investment structures include refinancings, recapitalizations, buyouts, and growth financings. Sectors of interest include consumer products, business and consumer services, defense, manufacturing, value-added distribution, media, healthcare services and restaurants. Golub Capital was formed in 1994 and maintains offices in New York City, Atlanta, and Chicago.


DEAL STATS #
Overall 59 of 69
Sector: Medical Products M&A 6 of 7
Type: Recapitalization M&A Deals 8 of 10
State: California M&A 6 of 6
Country: United States M&A 57 of 66
Year: 2019 M&A 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-04 Fitness Connection

Carrollton, Texas, United States

Fitness Connection is a category leader in the HVLP fitness segment, offering the full range of amenities and services of a large, full-service premium club for as low as $10 per month. Memberships include access to state-of-the-art strength/cardio equipment, functional training areas, women's only workout areas, short-term child care, cycling studios, as well as other amenities and services. Fitness Connection was founded in 1999 and is based in Carrollton, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-17 Uinta Brewing

Salt Lake City, Utah, United States

Uinta Brewing is a micro brewery serving the Western US. Named after the only major east-west running mountain range located in the continental U.S., Uinta Brewing Company’s journey began in 1993 with the reality that passion for craft beer and a hankering for the great outdoors could align in Salt Lake City, Utah. Built on an axis point that endorses sustainability, community involvement and innovation, their compass guides them on a path to admirable, consistent craft beer leading consumers to discover a brand with passion, personality and soul. Uinta Brewing was founded in 1993 and is based in Salt Lake City, Utah.

Buy -