M&A Deal Summary

Elliott, Patient Square Capital and Veritas Capital Acquire Syneos Health

On May 10, 2023, asset manager Elliott, private equity firm Patient Square Capital and private equity firm Veritas Capital acquired life science company Syneos Health for 7.1B USD

Acquisition Highlights
  • This is Elliott’s 1st, Patient Square Capital’s 2nd and Veritas Capital’s 1st transaction in the Life Science sector.
  • This is Elliott’s 2nd, Patient Square Capital’s and Veritas Capital’s largest (disclosed) transaction.
  • This is Elliott’s 8th, Patient Square Capital’s 9th and Veritas Capital’s 39th transaction in the United States.
  • This is Elliott’s 1st, Patient Square Capital’s 1st and Veritas Capital’s 1st transaction in North Carolina.

M&A Deal Summary

Date 2023-05-10
Target Syneos Health
Sector Life Science
Buyer(s) Elliott
Patient Square Capital
Veritas Capital
Deal Type Going Private
Deal Value 7.1B USD
Advisor(s) Centerview Partners
BofA Securities (Financial)
Ernst & Young - Law
Latham & Watkins (Legal)

Target

Syneos Health

Morrisville, North Carolina, United States
Syneos Health is a fully integrated biopharmaceutical solutions organization built to accelerate customer success. Syneos Health translate unique clinical, medical affairs and commercial insights into outcomes to address modern market realities. Syneos Health was founded in 2010 and is based in Morrisville, North Carolina.

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Buyer(S) 3

Buyer

Elliott


Category Asset Manager
Founded 1977
PE ASSETS 59.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Elliott Management is a diversified investment management firm consisting of private equity, distressed, and hedge funds. The Firm's private equity group looks to acquire majority or minority stakes in private companies. In addition to private equity investing, Elliott looks to acquire positions in public companies, distressed assets, real estate, and commodities. Elliott Management was formed in 1977 and is headquartered in West Palm Beach, Florida.


DEAL STATS #
Overall 14 of 15
Sector (Life Science) 1 of 1
Type (Going Private) 3 of 3
State (North Carolina) 1 of 1
Country (United States) 8 of 9
Year (2023) 3 of 3
Size (of disclosed) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-31 Western Digital

San Jose, California, United States

Western Digital is a developer and manufacturer of storage products that enable people to create, manage, experience and preserve digital content. The Company designs and makes storage devices, networking equipment and home entertainment products under the WD, HGST and G-Technology brands. Western Digital was formed in 1970 and is based in San Jose, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-22 Ascent Global Logistics

Belleville, Michigan, United States

Ascent Global Logistics is a transportation and supply chain solutions provider. Ascent Global Logistics is based in Belleville, Michigan.

Sell -
DESCRIPTION

Patient Square Capital is a private investment firm specializing in the healthcare sector. The Firm seeks opportunities to invest broadly across the healthcare industry, including technology-enabled services, biopharmaceuticals, the pharmaceutical value chain, medical devices, diagnostics, providers, digital health and consumer health. Patient Square Capital was formed in 2020 and is headquartered in Menlo Park, California.


DEAL STATS #
Overall 9 of 10
Sector (Life Science) 2 of 2
Type (Going Private) 4 of 5
State (North Carolina) 1 of 1
Country (United States) 9 of 10
Year (2023) 2 of 2
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-01 Elevage Medical Technologies

United States

Elevage Medical Technologies is dedicated to supporting medical device companies that can meaningfully improve health outcomes and quality of life for patients. Through capital investment and strategic operational support, Elevage strives to accelerate the pace of innovation in the medical technology space.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-12-11 Patterson Companies

St. Paul, Minnesota, United States

Patterson Companies is a specialty distributor serving the dental, veterinary, and rehabilitation supply markets. Patterson's largest business unit is Patterson Dental. The company supplies to dentists, dental laboratories, institutions, and other healthcare professionals. It provides consumable products (including x-ray film, restorative materials, hand instruments, and sterilization products); basic and advanced technology dental equipment; practice management and clinical software; patient education systems; and office forms and stationery. Patterson Companies was founded in 1877 and is based in St. Paul, Minnesota.

Buy $4.1B
Buyer

Veritas Capital

New York, New York, United States

Category Private Equity Firm
Founded 1992
PE ASSETS 40.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Veritas Capital is a private equity investment firm that targets investments in defense, aerospace, government services, media/telecommunications, consumer products, and specialty manufacturing companies. Veritas generally partners with management when pursuing investments. Prospective transaction situations include buyouts, growth capital investments, and leveraged recapitalizations. Veritas Capital was established in 1992 and is based in New York City.


DEAL STATS #
Overall 40 of 41
Sector (Life Science) 1 of 1
Type (Going Private) 6 of 6
State (North Carolina) 1 of 1
Country (United States) 39 of 40
Year (2023) 2 of 2
Size (of disclosed) 1 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-02 Wood Mackenzie

London, United Kingdom

Wood Mackenzie is a provider of commercial intelligence for the energy, metals, and mining industries, The company provides objective analysis and advice on assets, companies, and markets, giving clients the insight they need to make better strategic decisions. Wood Mackenzie was formed in 1973 and is based in London.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-06 Guidehouse

McLean, Virginia, United States

Guidehouse is a global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. The Company helps clients address their toughest challenges with a focus on markets and clients facing transformational change, technology-driven innovation and significant regulatory pressure. Guidehouse was founded in 2018 and is based in McLean, Virginia.

Sell $5.3B