M&A Deal Summary

Madison Dearborn Partners, Fifth Street Capital, New Mountain Capital and Athyrium Capital Management Acquire Ikaria

On December 24, 2013, private equity firm Madison Dearborn Partners, lender Fifth Street Capital, private equity firm New Mountain Capital and asset manager Athyrium Capital Management acquired life science company Ikaria for 1.6B USD

Acquisition Highlights
  • This is Madison Dearborn Partners’ 1st, Fifth Street Capital’s 1st, New Mountain Capital’s 1st and Athyrium Capital Management’s 5th transaction in the Life Science sector.
  • This is Madison Dearborn Partners’ 6th, Fifth Street Capital’s , New Mountain Capital’s 4th and Athyrium Capital Management’s 3rd largest (disclosed) transaction.
  • This is Madison Dearborn Partners’ 53rd, Fifth Street Capital’s 68th, New Mountain Capital’s 26th and Athyrium Capital Management’s 7th transaction in the United States.
  • This is Madison Dearborn Partners’ 1st, Fifth Street Capital’s 3rd, New Mountain Capital’s 1st and Athyrium Capital Management’s 1st transaction in New Jersey.
Investment Fate
  • Ikaria was sold to a publicly-traded strategic buyer in 2015 for 2.3B USD.

M&A Deal Summary
Date 2013-12-24
Target Ikaria
Sector Life Science
Buyer(s) Madison Dearborn Partners
Fifth Street Capital
New Mountain Capital
Athyrium Capital Management
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 1.6B USD
Advisor(s) Credit Suisse Investment Banking
Morgan Stanley (Financial)
Fried Frank Harris Shriver & Jacobson
Wilmer Cutler Pickering Hale and Dorr (Legal)

Target

Ikaria

Clinton, New Jersey, United States
Ikaria is a critical care therapeutics company. Ikaria is based in Clinton, New Jersey.

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Buyer(S) 4

Buyer

Madison Dearborn Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1992
PE ASSETS 28.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Madison Dearborn Partners (MDP) is a large private equity firm that targets buyouts of private or publicly held companies, divestitures of larger companies, recapitalizations of family-owned or closely-held companies, acquisition-oriented financings, and financings to fund internal growth. MDP's target investment size is $100 to $600 million in buyout oriented transactions and $100 to $400 million in growth capital commitments. Areas of interest include basic industries (natural resources, chemicals, energy and power, automotive, building products, food, metals and mining, refining, paper, packaging and forest products, and general manufacturing), as well as communications, consumer products/services, financial services, and healthcare. Madison Dearborn Partners was formed in 1992 and is based in Chicago, Illinois.

DEAL STATS #
Overall 59 of 99
Sector (Life Science) 1 of 2
Type (Buyout (LBO, MBO, MBI)) 23 of 31
State (New Jersey) 1 of 1
Country (United States) 53 of 85
Year (2013) 4 of 4
Size (of disclosed) 6 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-03 Yankee Candle

South Deerfield, Massachusetts, United States

Yankee Candle, is a manufacturer, wholesaler and retailer of premium scented candles.

Sell $1.8B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-03 Sorenson Communications

Salt Lake City, Utah, United States

Sorenson Communications is a provider of communication offerings including the Sorenson Video Relay Service (VRS), Sorenson IP Relay (siprelay) and Sorenson videophones. Sorenson Communications’ Sorenson VRS enables deaf and hard-of-hearing callers to conduct video relay conversations through a qualified American Sign Language (ASL) interpreter.

Sell -
Buyer

Fifth Street Capital

Category Lender
Founded 1998
Size Mega
Type Sector Agnostic
DESCRIPTION

Fifth Street Capital is a public investment firm focused on providing mezzanine financing to support expansions, acquisitions, recapitalizations, and management buyouts of middle-market US based companies. Fifth Street looks to invest between $5 and $50 million per transaction. Sectors of interest include consumer products, healthcare services, manufacturing, medical device manufacturing, food services, business services, restaurants, speciality retail, logistics, and value added distribution. Fifth Street Capital is based in White Plains, New York.

DEAL STATS #
Overall 69 of 70
Sector (Life Science) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 27 of 27
State (New Jersey) 3 of 3
Country (United States) 68 of 69
Year (2013) 5 of 5
Size (of disclosed) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-01 CTM Group

Salem, New Hampshire, United States

CTM Group, Inc. is a global provider of managed entertainment and souvenir solutions for tourist destination and other high-traffic venues, including theme and amusement parks, zoos, aquariums, museums, and retail locations worldwide. CTM has an international network of blue-chip venue partners and more than 10,000 pieces of installed equipment in over 2,000 popular venues. CTM is the provider of choice for entertainment and souvenir concepts at iconic tourist and retail destinations.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-04 OnCourse Learning

Brookfield, Wisconsin, United States

OnCourse Learning is a provider of professional education to financial institutions providing banking and credit union governance, risk, and compliance (GRC) training. OnCourse Learning was founded in 2007 and is headquartered in Brookfield, Wisconsin.

Buy -
Buyer

New Mountain Capital

New York, New York, United States
Category Private Equity Firm
Founded 2000
PE ASSETS 35.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

New Mountain Capital is a private investment firm focused on investment in public and private companies in a variety of industries. New Mountain generally invests $100 to $500 million per transaction and looks for businesses with strong market positions and high barriers to entry. New Mountain also prefers businesses that succeed in both good and bad economies. Sectors of interest include education, healthcare, business services, federal IT services, media, software, consumer products, logistics, financial services and technologies, and energy. New Mountain Capital was formed in 2000 and is based in New York City.

DEAL STATS #
Overall 30 of 95
Sector (Life Science) 1 of 3
Type (Buyout (LBO, MBO, MBI)) 10 of 14
State (New Jersey) 1 of 5
Country (United States) 26 of 90
Year (2013) 4 of 4
Size (of disclosed) 4 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-02 Medical Specialties Distributors

Stoughton, Massachusetts, United States

Medical Specialties Distributors LLC is a provider of infusion products, supplies, biomedical services and technology solutions to the growing home infusion therapy market. Medical Specialties Distributors LLC was founded in 1982 and is based in Stoughton, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-29 Inmar

Winston-Salem, North Carolina, United States

Inmar operates intelligent commerce networks, connecting offline and online transactions in real time for retailers, manufacturers and trading partners across multiple industries. In addition, Inmar’s platforms generate meaningful data and enable the Company to provide clients with actionable analytics and insights to meet the evolving needs of shoppers, patients and businesses. Inmar was founded in 1980 and is based in Winston-Salem, North Carolina

Sell -
Buyer

Athyrium Capital Management

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 2008
PE ASSETS 3.7B USD
Size Large
Type Sector Focused
DESCRIPTION

Athyrium Capital Management is a large asset manager focused on the healthcare sector. Athyrium invests in a wide range of financial instruments including royalties, structured credit, and equities as well as select special situations. Athyrium Capital was established in 2008 and is headquartered in New York City.

DEAL STATS #
Overall 8 of 44
Sector (Life Science) 5 of 22
Type (Buyout (LBO, MBO, MBI)) 1 of 4
State (New Jersey) 1 of 3
Country (United States) 7 of 39
Year (2013) 4 of 4
Size (of disclosed) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-20 Universal Biosensors

Rowville, Australia

Universal Biosensors operates as a biosensors company primarily in Australia. The company focuses on the development, manufacture, and commercialization of point-of-use devices for measuring analytes across various industries. Universal Biosensors was founded in 2001 and is based in Rowville, Australia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-05-29 Travere Therapeutics

San Diego, California, United States

Travere Therapeutics is a fully integrated biopharmaceutical company dedicated to delivering life-changing therapies to people living with rare diseases who have few, if any, treatment options. The Company's approach centers on its pipeline featuring clinical-stage assets targeting rare diseases with significant unmet medical needs, including sparsentan for focal segmental glomerulosclerosis (FSGS), a disorder characterized by progressive scarring of the kidney often leading to end-stage renal disease, and RE-024 for pantothenate kinase-associated neurodegeneration (PKAN), a life-threatening neurological disorder that typically begins in early childhood. Travere Therapeutics was founded in 2011 and is based in San Diego, California.

Buy -
Mergr

Product

Company

Legal