M&A Deal Summary

Cressey, Harvest Partners Private Equity, Golub Capital, Oak Hill Capital and Harvest Partners Structured Capital Acquire VetCor

On April 20, 2015, private equity firm Cressey, private equity firm Harvest Partners Private Equity, lender Golub Capital, private equity firm Oak Hill Capital and private equity firm Harvest Partners Structured Capital acquired consumer services company VetCor from Cressey

Acquisition Highlights
  • This is Cressey’s 2nd, Harvest Partners Private Equity’s 1st, Golub Capital’s 3rd, Oak Hill Capital’s 1st and Harvest Partners Structured Capital’s 1st transaction in the Consumer Services sector.
  • This is Cressey’s 20th, Harvest Partners Private Equity’s 25th, Golub Capital’s 37th, Oak Hill Capital’s 44th and Harvest Partners Structured Capital’s 8th transaction in the United States.
  • This is Cressey’s 2nd, Harvest Partners Private Equity’s 2nd, Golub Capital’s 2nd, Oak Hill Capital’s 3rd and Harvest Partners Structured Capital’s 1st transaction in Massachusetts.

M&A Deal Summary

Date 2015-04-20
Target VetCor
Sector Consumer Services
Buyer(s) Cressey
Harvest Partners Private Equity
Golub Capital
Oak Hill Capital
Harvest Partners Structured Capital
Sellers(s) Cressey
Deal Type Recapitalization
Advisor(s) Jefferies (Financial)

Target

VetCor

Norwell, Massachusetts, United States
VetCor owns and operates a national family of 272 veterinary hospitals employing over 4,700 veterinarians and supporting staff. VetCor hospitals provide a full range of general medical and surgical services for pets, as well as pharmacy needs and ancillary services such as boarding, grooming, and pet products. VetCor was founded in 1997 and is based in Norwell, Massachusetts.

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Buyer(S) 5

Buyer

Cressey

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


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

Cressey & Company LP is a specialist private equity investment firm focused on buy-and-build opportunities in the healthcare sector. The firm invests in the range of $10 - $100 million and EBITA of at least $5 million. The firm specific areas of interest include hospitals, homecare, outpatient services, and specialty distribution. Types of transaction include buyout, growth and recapitalization. It also seeks controlling interest. Cressey & Company has offices in Chicago, Illinois and Nashville, Tennessee.


DEAL STATS #
Overall 21 of 34
Sector (Consumer Services) 2 of 2
Type (Recapitalization) 3 of 6
State (Massachusetts) 2 of 3
Country (United States) 20 of 33
Year (2015) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-23 Concentra

Addison, Texas, United States

Concentra is a healthcare company that offers occupational medicine, urgent care, physical therapy, and wellness services to workers and the public through more than 320 Concentra Medical Centers locations in 40 states. Concentra was formed in 1997 and is based in Addison, Texas.

Buy $1.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-02 RestorixHealth

Metairie, Louisiana, United States

RestorixHealth is a provider of comprehensive wound care treatment centers that offer advanced wound care modalities as well as hyperbaric oxygen therapy (“HBOt”). RestorixHealth focuses on establishing in-hospital centers of excellence to treat the growing incidence of severe grade diabetic wounds of the lower extremities and wounds that are unresponsive to general wound care treatments. RestorixHealth was established in 1997 and is based in Metairie, Louisiana.

Buy -
Buyer

Harvest Partners Private Equity

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 5.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Harvest Partners is a private equity firm that targets buyout and growth capital investments in middle-market public and private companies. Harvest Partners looks to invest in profitable ($30 to $300 million of EBITDA) consumer products/retail, manufacturing, marketing, building products, industrial, specialty services, and value-added distribution companies valued between $100 and $600 million. The Firm prefers opportunities headquartered in North America. Harvest Partners was formed in 1981 and is based in New York City.


DEAL STATS #
Overall 28 of 49
Sector (Consumer Services) 1 of 2
Type (Recapitalization) 4 of 8
State (Massachusetts) 2 of 2
Country (United States) 25 of 46
Year (2015) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-26 Regency Energy Partners

Dallas, Texas, United States

Regency Energy Partners LP is a growth-oriented, master limited partnership engaged in the gathering and processing, compression, treating and transportation of natural gas; the transportation, fractionation and storage of natural gas liquids; the gathering, transportation and terminaling of oil (crude and/or condensate) received from producers; and the management of coal and natural resource properties in the United States.

Sell $18M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-21 Driven Brands

Charlotte, North Carolina, United States

Driven Brands is a parent company of automotive aftermarket brands across four distinct verticals: Repair & Maintenance, housing Meineke Car Care Centers; Paint & Collision, housing Maaco, CARSTAR, and ABRA; Distribution, housing 1-800-Radiator & A/C and Spire Supply; and Quick Lube, housing Take 5 Oil Change. Driven Brands was incorporated in 1972 and is based in Charlotte, North Carolina.

Sell -
Buyer

Golub Capital

New York, New York, United States

Investor Investor Investor Investor Investor


Category Lender
Founded 1994
PE ASSETS 55.0B 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 37 of 68
Sector (Consumer Services) 3 of 7
Type (Recapitalization) 4 of 11
State (Massachusetts) 2 of 3
Country (United States) 37 of 66
Year (2015) 5 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-26 E2open

Austin, California, United States

E2open is a provider of cloud-based, on-demand software solutions enabling enterprises to procure, manufacture, sell, and distribute products more efficiently through collaborative planning and execution across global trading networks. E2open was founded in 2000 and is based in Austin, Texas.

Buy $273M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-05-01 SloanLED

San Angelo, Texas, United States

SloanLED is a designer and manufacturer of LED lighting systems for use in sign, spa, and optoelectronic applications. SloanLED was founded in 1957 and is based in San Angelo, Texas.

Buy -
Buyer

Oak Hill Capital

Stamford, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1986
PE ASSETS 9.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Oak Hill Capital Partners was originally formed as the private equity investment vehicle for Robert Bass and in 1999, opened up to outside investors and raised its first private equity fund. Oak Hill looks to invest in middle-market companies and focuses its efforts within six industry groups. The six groups include basic industries; business and financial services; consumer, retail, and distribution; healthcare; media and telecom; and technology. Oak Hill targets businesses with defensible business models, strong market positions, and 'best-in-class' management. Oak Hill Capital was formed in 1986 and has offices in Stamford, Connecticut; Menlo Park, California; and New York City.


DEAL STATS #
Overall 51 of 76
Sector (Consumer Services) 1 of 2
Type (Recapitalization) 2 of 4
State (Massachusetts) 3 of 3
Country (United States) 44 of 69
Year (2015) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-25 Mercer Advisors

Denver, Colorado, United States

Mercer Advisors is an independent RIA primarily services the mass-affluent and high-net-worth clients. Mercer attracts and retains clients by offering comprehensive wealth management solutions, including: financial planning, investment management, tax management, retirement income and benefits planning, and estate planning. Mercer Advisors was founded in 1985 and is based in Denver, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-01 Oversee.net

Los Angeles, California, United States

Oversee.net is a technology-driven online advertising and domain name services. Oversee.net was founded in 2000 and is based in Los Angeles, California.

Sell -
DESCRIPTION

Harvest Partners Structured Capital is a private investment group focused on minority position, non-control investments. The Group looks for businesses with $100 million to $1 billion in revenues where Harvest can commit $50 to $250 million. Sectors of interest include business services, consumer services, healthcare, industrial services, manufacturing, and distribution. Harvest Partners Structured Capital is a unit of PE Firm Harvest Partners. The Firm is based in New York City.


DEAL STATS #
Overall 9 of 31
Sector (Consumer Services) 1 of 2
Type (Recapitalization) 1 of 6
State (Massachusetts) 1 of 1
Country (United States) 8 of 30
Year (2015) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-27 Gehl Foods

Germantown, Wisconsin, United States

Gehl Foods is a manufacturer of ready-to-serve, real dairy products like cheese sauces, puddings, yogurt, and dairy-based beverages. Gehl Foods was founded in 1896 and is based Germantown, Wisconsin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-06 Dental Care Alliance

Sarasota, Florida, United States

Dental Care Alliance is a provider of a full suite of dental services, including general dentistry, hygiene, pediatric dentistry, orthodontics, endodontics, periodontics and oral surgery. Dental Care Alliance was founded in 1991 and is based in Sarasota, Florida.

Buy -

Seller(S) 1

SELLER

Cressey

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


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

Cressey & Company LP is a specialist private equity investment firm focused on buy-and-build opportunities in the healthcare sector. The firm invests in the range of $10 - $100 million and EBITA of at least $5 million. The firm specific areas of interest include hospitals, homecare, outpatient services, and specialty distribution. Types of transaction include buyout, growth and recapitalization. It also seeks controlling interest. Cressey & Company has offices in Chicago, Illinois and Nashville, Tennessee.


DEAL STATS #
Overall 14 of 22
Sector (Consumer Services) 1 of 1
Type (Recapitalization) 2 of 3
State (Massachusetts) 1 of 1
Country (United States) 13 of 21
Year (2015) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-23 Concentra

Addison, Texas, United States

Concentra is a healthcare company that offers occupational medicine, urgent care, physical therapy, and wellness services to workers and the public through more than 320 Concentra Medical Centers locations in 40 states. Concentra was formed in 1997 and is based in Addison, Texas.

Buy $1.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-02 RestorixHealth

Metairie, Louisiana, United States

RestorixHealth is a provider of comprehensive wound care treatment centers that offer advanced wound care modalities as well as hyperbaric oxygen therapy (“HBOt”). RestorixHealth focuses on establishing in-hospital centers of excellence to treat the growing incidence of severe grade diabetic wounds of the lower extremities and wounds that are unresponsive to general wound care treatments. RestorixHealth was established in 1997 and is based in Metairie, Louisiana.

Buy -