M&A Deal Summary

Express Scripts Holding Acquires EviCore Healthcare

On October 10, 2017, Express Scripts Holding acquired healthcare services company EviCore Healthcare from TA Associates, Ridgemont Equity Partners and General Atlantic for 3.6B USD

Acquisition Highlights
  • This is Express Scripts Holding’s 9th transaction in the Healthcare Services sector.
  • This is Express Scripts Holding’s 2nd largest (disclosed) transaction.
  • This is Express Scripts Holding’s 14th transaction in the United States.
  • This is Express Scripts Holding’s 1st transaction in South Carolina.

M&A Deal Summary
Date 2017-10-10
Target EviCore Healthcare
Sector Healthcare Services
Buyer(s) Express Scripts Holding
Sellers(s) TA Associates
Ridgemont Equity Partners
General Atlantic
Deal Type Add-on Acquisition
Deal Value 3.6B USD
Advisor(s) J.P. Morgan Securities
Morgan Stanley (Financial)
Paul, Weiss, Rifkind, Wharton & Garrison (Legal)

Target

EviCore Healthcare

Bluffton, South Carolina, United States
eviCore offers proven, diversified medical benefits management solutions that help clients reduce costs while increasing quality of care for their members. The company provides these solutions to managed care organizations and risk-bearing provider organizations serving commercial, Medicare, and Medicaid populations. Powered by a team of specialized medical professional resources, extensive evidence-based guidelines, and advanced technologies, eviCore supports clients by ensuring the right evidence-based care is delivered at the right time to the right patient at the right site of care. Flexible medical benefits management solutions are offered in: Radiology; Cardiology; Musculoskeletal; Medical Oncology; Radiation Therapy; Specialty Drug Management; Sleep; Lab Management; and Post-Acute Care. eviCore is proud to help 100 million members receive higher quality, lower cost healthcare.

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Buyer(S) 1

Buyer

Express Scripts Holding

St. Louis, Missouri, United States
Category Company
Founded 1986
Sector Healthcare Services
Employees25,900
Revenue 100.1B USD (2017)
DESCRIPTION

Express Scripts Holding Co. is a provider of integrated pharmacy-benefit management services. Services include network-pharmacy claims processing, home delivery, specialty benefit management, benefit-design consultation, drug-utilization review, formulary management, and medical and drug data analysis services. Express Scripts Holding Co. was formed in 1986 and is based in St. Louis, Missouri.

DEAL STATS #
Overall 14 of 15
Sector (Healthcare Services) 9 of 9
Type (Add-on Acquisition) 9 of 10
State (South Carolina) 1 of 1
Country (United States) 14 of 15
Year (2017) 2 of 2
Size (of disclosed) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-17 myMatrixx

Tampa, Florida, United States

myMatrixx is a full-service workers compensation pharmacy benefit management company focused on patient advocacy. By combining agile technology, clinical expertise, and advanced business analytics, myMatrixx simplifies workers' compensation claims management while providing safer medication therapy management. Located in Tampa, Florida, myMatrixx has positioned itself as a thought leader in the workers' compensation industry.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-27 UBC

Blue Bell, Pennsylvania, United States

UBC engages in the biopharmaceutical market which provides integrated clinical, safety, and commercialization services. UBC brings together renowned scientific research and operations experts with innovative technologies, allowing for the best patient and healthcare provider experience. UBC was founded in 2003 and is based in Blue Bell, Pennsylvania.

Sell -

Seller(S) 3

SELLER

TA Associates

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1968
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TA Associates is a private equity firm that targets investments in middle-market and large companies around the world. TA will consider control or minority investments in profitable companies and looks to commit between $70 and $500 million per transaction. TA proactively reaches out to companies directly in sourcing potential investment opportunities. Prospective businesses are generally valued between $100 million and $3 billion. Areas of interest include technology, software, communications, financial services, healthcare, business services, semiconductors/electronics, and consumer products/services. In addition to investing equity capital, TA also makes subordinated debt investments. TA's geographic preference is North America, Asia/Pacific, and Europe. TA Associates was formed in 1968 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 205 of 255
Sector (Healthcare Services) 15 of 18
Type (Add-on Acquisition) 113 of 130
State (South Carolina) 1 of 1
Country (United States) 178 of 206
Year (2017) 6 of 10
Size (of disclosed) 2 of 67
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-01 PetPeople

Columbus, Ohio, United States

PetPeople is a retailer of natural and high-quality pet food and supplies, operating 42 stores throughout Ohio, Indiana, Michigan, Illinois and North Carolina. PetPeople stores carry the finest natural pet foods on the market and are committed to providing outstanding customer service and building long-term relationships with their customers. PetPeople associates are pet enthusiasts who engage and educate customers by sharing ideas and providing solutions. PetPeople was founded in 1997 and is based in Columbus, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-12 Professional Warranty Service

Chantilly, Virginia, United States

Professional Warranty Service is a provider of new home warranty products and administration services to residential construction firms. The warranty coverage provides for impartial third-party arbitration, with multiple layers of protection for all parties and transferability among homeowners. Professional Warranty Service was founded in 1995 and is based in Chantilly, Virginia.

Sell -
SELLER

Ridgemont Equity Partners

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1993
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ridgemont Equity Partners is an independent private equity firm specializing in middle-market buy-outs, corporate divestitures, recapitalizations and growth capital investments. The Firm targets to invest in companies located in North America, preferably in US and Canada. REP looks to invest up to $500 million in companies with EBIDTA of $5 - $50 million. The Firm seeks to hold both majority and minority equity interest in portfolio companies. Specific areas of interest include basin industries and services, energy, healthcare, telecommunications, media and technology. Ridgemont Equity Partners is a spun-off of Banc of America Capital Investors (BACI). Ridgemont Equity Partners was formed in August 2010 and is based in Charlotte, North Carolina.

DEAL STATS #
Overall 76 of 91
Sector (Healthcare Services) 7 of 7
Type (Add-on Acquisition) 28 of 36
State (South Carolina) 3 of 3
Country (United States) 65 of 80
Year (2017) 3 of 3
Size (of disclosed) 4 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-20 HemaSource

Salt Lake City, Utah, United States

HemaSource is a technology-enabled distributor of medical products to the plasma collection industry. HemaSource utilizes a proprietary cloud-based inventory management and business intelligence software solution to help its customers gain supply chain efficiencies and decrease their plasma collection costs. HemaSource was founded in 1998 and is based in Salt Lake City, Utah.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-24 SMG

Kansas City, Missouri, United States

SMG is a provider of customer experience, employee engagement, and brand research software solutions and services to clients in the restaurant, retail, grocery, convenience, travel and entertainment, professional services, and healthcare industries. SMG collects consumer feedback data via more than 200 million surveys annually across location, online, contact center, and social channels. SMG was founded in 1991 and is based in Kansas City, Missouri.

Buy -
SELLER

General Atlantic

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 1980
PE ASSETS 73.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

General Atlantic is a large private equity firm that invests globally in growth-oriented public and private companies. Broad areas of interest include financial services, media and consumer, healthcare, enterprise solutions, communications and electronics, and energy. General Atlantic looks to invest $40 to $400 million in transactions that support growth, expansions, buy-outs, consolidations and build-ups. General Atlantic seeks to make 8 to 12 investments per year with an investment horizon of five to ten years. The Firm's geographic coverage spans North America; Europe; Asia/Pacific; and India. General Atlantic was formed in 1980 and is based in Greenwich, Connecticut.

DEAL STATS #
Overall 89 of 147
Sector (Healthcare Services) 4 of 9
Type (Add-on Acquisition) 35 of 44
State (South Carolina) 2 of 3
Country (United States) 48 of 75
Year (2017) 7 of 8
Size (of disclosed) 2 of 33
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-18 Sonendo

Laguna Hills, California, United States

Sonendo is a developer of an innovative and disruptive technologies to transform dentistry by Saving Teeth Through Sound Science. Sonendo was founded in 2006 and is based in Laguna Hills, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-20 Sea

Singapore, Singapore

Sea is a global consumer internet company. Sea operate three core businesses across digital entertainment, e-commerce, and digital financial services, known as Garena, Shopee, and SeaMoney, respectively. Garena is a global online games developer and publisher. Shopee is the largest pan-regional e-commerce platform in Southeast Asia and Taiwan. SeaMoney is one of the fastest-growing digital financial services platforms in Southeast Asia. Sea was founded in 2009 and is based in Singapore.

Sell -
Mergr

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