M&A Deal Summary

Crestline Investors and Cedar Springs Capital Acquire CarePayment Technologies

On March 13, 2017, asset manager Crestline Investors and private equity firm Cedar Springs Capital acquired information technology company CarePayment Technologies from Aequitas Capital Management

Acquisition Highlights
  • This is Crestline Investors’ 2nd and Cedar Springs Capital’s 1st transaction in the Information Technology sector.
  • This is Crestline Investors’ 3rd and Cedar Springs Capital’s 1st transaction in the United States.
  • This is Crestline Investors’ 1st and Cedar Springs Capital’s 1st transaction in Oregon.

M&A Deal Summary

Date 2017-03-13
Target CarePayment Technologies
Sector Information Technology
Buyer(s) Crestline Investors
Cedar Springs Capital
Sellers(s) Aequitas Capital Management
Deal Type Secondary Buyout

Target

CarePayment Technologies

Beaverton, Oregon, United States
CarePayment Technologies is a patient financial engagement company that accelerates providers’ transition to the new consumer-driven healthcare market. Powered by advanced technology and analytics, our innovative patient financing solutions improve patient satisfaction and loyalty while delivering superior financial results. CarePayment Technologies is based in Beaverton, Oregon.

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Buyer(S) 2

DESCRIPTION

Crestline Investors is an alternative investment firm that specializes in credit and opportunistic investments, including financing and restructuring solutions for mature private equity funds. The Firm was formed in 1997 and is based in Forth Worth, Texas.


DEAL STATS #
Overall 3 of 10
Sector (Information Technology) 2 of 2
Type (Secondary Buyout) 1 of 1
State (Oregon) 1 of 1
Country (United States) 3 of 7
Year (2017) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-30 Ntiva

Mclean, Virginia, United States

Ntiva provides a full suite of outsourced IT services, including onsite support, remote monitoring, cloud services, backup and disaster recovery, and strategic consulting. The company enables its customers to outsource their IT infrastructure, allowing them to improve their performance, reduce costs and enhance security. Ntiva was founded in 2004 and is based in Mclean, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-17 eDynamic Learning

Kelowna, British Columbia, Canada

eDynamic Learning is a provider of online career and elective courses serving the virtual, blended, and brick & mortar U.S. middle and high school market. The Company offers over 70 courses segmented within 16 career clusters ranging from Forensic Science to Gothic Literature. eDynamic Learning was formed in 2008 and is headquartered in Kelowna, British Columbia.

Buy -
DESCRIPTION

Cedar Springs Capital is an investment firm focused on acquiring interests in a variety of private equity and venture capital fund vehicles. The Firm also opportunistically makes secondary-direct investments in growth stage companies. Cedar Springs Capital was formed in 2015 and is based in Dallas, Texas.


DEAL STATS #
Overall 1 of 1
Sector (Information Technology) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Oregon) 1 of 1
Country (United States) 1 of 1
Year (2017) 1 of 1

Seller(S) 1

DESCRIPTION

Aequitas Capital was a diversified financial services company that creates alternative investments including private equity, private credit and specialty finance. The Firm looked for opportunities in underserved sectors including healthcare, education, and financial services. In 2016, Aequitas entered receivership for allegations of securities fraud. The Firm was originally formed in 1993.


DEAL STATS #
Overall 3 of 4
Sector (Information Technology) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Oregon) 2 of 2
Country (United States) 3 of 4
Year (2017) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-16 Skagit Gardens

Mount Vernon, Washington, United States

Skagit Gardens was founded by Jim and Ruth Youngsman. In 1967 they built their first 20' x 150' greenhouse and the rest is history. Skagit gardens is a large wholesale nursery, Skagit Gardens (rhymes with gadget) is located in Mount Vernon, Washington. Most of the time the weather is mild, with cool nights even in summer, but the winter temperatures drop enough to vernalize the perennials, assuring first-season bloom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-25 Independence Bancshares

Greenville, South Carolina, United States

Independence Bancshares, Inc. (dba nD bancgroup) is a provider of business and personal financial products and services. Independence Bancshares was founded in 2004 and is based in Greenville, South Carolina.

Sell $11M