M&A Deal Summary

Enhanced Healthcare Partners, Bourne Partners Strategic Capital and Leavitt Equity Partners Acquire PAI Pharma

On November 6, 2019, private equity firms Enhanced Healthcare Partners, Bourne Partners Strategic Capital and Leavitt Equity Partners acquired life science company PAI Pharma

Acquisition Highlights
  • This is Enhanced Healthcare Partners’ 2nd, Bourne Partners Strategic Capital’s 4th and Leavitt Equity Partners’ 1st transaction in the Life Science sector.
  • This is Enhanced Healthcare Partners’ 15th, Bourne Partners Strategic Capital’s 3rd and Leavitt Equity Partners’ 14th transaction in the United States.
  • This is Enhanced Healthcare Partners’ 1st, Bourne Partners Strategic Capital’s 1st and Leavitt Equity Partners’ 1st transaction in South Carolina.

M&A Deal Summary

Date 2019-11-06
Target PAI Pharma
Sector Life Science
Buyer(s) Enhanced Healthcare Partners
Bourne Partners Strategic Capital
Leavitt Equity Partners
Deal Type Buyout (LBO, MBO, MBI)

Target

PAI Pharma

Greenville, South Carolina, United States
PAI Pharma manufactures and markets generic oral liquid pharmaceuticals in the USA. PAI has been at the forefront of producing high-demand, as well as hard-to-find, oral suspensions, solutions, elixirs, syrups, and liquids for over 50 years. Core product categories include analgesic pain relief, cough/cold and allergies, digestive and metabolic health, neurological disorders, and mental health, among many others. PAI Pharma was founded in 1968 and is based in Greenville, South Carolina.

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Buyer(S) 3

Buyer

Enhanced Healthcare Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2005
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Focused
DESCRIPTION

Enhanced Healthcare Partners is a specialist private equity firm that invests in lower-middle market growth companies in the healthcare sector. The Firm seeks to invest $10 to $50 million per transaction and will consider a variety of transaction types, including buyouts, growth equity, and recapitalizations. Enhanced Healthcare Partners was formed in 2005 and is based in New York City.


DEAL STATS #
Overall 15 of 20
Sector (Life Science) 2 of 2
Type (Buyout (LBO, MBO, MBI)) 7 of 7
State (South Carolina) 1 of 1
Country (United States) 15 of 20
Year (2019) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-09 Eventus WholeHealth

Chapel Hill, North Carolina, United States

Eventus WholeHealth is a provider of physician-led healthcare services for residents and patients of skilled nursing and assisted living facilities. Led by a highly-trained team of physicians, psychiatrists, nurse practitioners, physician assistants, psychotherapists, podiatrists, optometrists, audiologists, and support staff, Eventus WholeHealth’s comprehensive, evidence-based model provides collaborative interdisciplinary care with the seamless and vital integration of a wide range of specialties. Eventus WholeHealth was founded in 2014 and is based in Chapel Hill, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-12 West Dermatology

Redlands, California, United States

West Dermatology is a practice management group focused exclusively on clinical research, medical dermatology services, and cosmetic dermatology. The Company offers more than 800,000 annual patients cosmetic and clinical expertise and continued care for common skin conditions, cancer prevention and remediation, elective cosmetic procedures as well as critical, specialty services such as dermatopathology, innovative research trials and Mohs microsurgery. West Dermatology was founded in 1962 and is based in Redlands, California.

Sell -
DESCRIPTION

Bourne Partners Strategic Capital is the direct investment arm of financial advisory firm Bourne Partners. Strategic Capital looks to partner with other sponsors and management teams to pursue investment opportunities in the pharmaceutical and consumer health sectors. The Group targets a variety of investment situations and will consider transactions valued between $50 million and $1 billion. Bourne Partners Strategic Capital is based in Charlotte, North Carolina.


DEAL STATS #
Overall 5 of 5
Sector (Life Science) 4 of 4
Type (Buyout (LBO, MBO, MBI)) 3 of 3
State (South Carolina) 1 of 1
Country (United States) 3 of 3
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-21 Millicent Pharma

Dundalk, Ireland

Millicent Pharma is a pharmaceutical company that is focused on improving patient lives and outcomes and seeks to acquire, develop, manufacture, and commercialize pharmaceutical products globally. Millicent Pharma was founded in 2018 and is based in Dundalk, Ireland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-28 iNova Pharmaceuticals

Singapore, Singapore

iNova Pharmaceuticals is a developer and marketer of over-the-counter and prescription medicines. iNova Pharmaceuticals was founded in 1958 and is based in Singapore.

Sell $1.4B
Buyer
DESCRIPTION

Leavitt Equity Partners is the private equity arm of Leavitt Partners, a healthcare focused consulting firm. Leavitt looks to partner with and invest in growth-oriented healthcare services companies throughout the US. Leavitt Equity Partners was formed in 2014 and is headquartered in Salt Lake City, Utah.


DEAL STATS #
Overall 14 of 22
Sector (Life Science) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 8 of 11
State (South Carolina) 1 of 1
Country (United States) 14 of 22
Year (2019) 6 of 6
PREVIOUS 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 -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-18 Zing Health

Chicago, Illinois, United States

Zing Health is a medicare advantage plan serving medicare-eligible beneficiaries. The company has a distinctive focus on populations underserved by traditional health insurance models. Its approach is based on a patient-oriented delivery system consisting of primary care providers, registered nurses, social workers, behavioral health specialists, and community-based health care workers across a growing network of providers. Zing Health was founded in 2019 and is based in Chicago, Illinois.

Buy -