M&A Deal Summary

Freeman Spogli and Golub Capital Acquire CRH Healthcare

On December 18, 2018, private equity firm Freeman Spogli and lender Golub Capital acquired healthcare services company CRH Healthcare from MSouth Equity Partners

Acquisition Highlights
  • This is Freeman Spogli’s 1st and Golub Capital’s 9th transaction in the Healthcare Services sector.
  • This is Freeman Spogli’s 37th and Golub Capital’s 54th transaction in the United States.
  • This is Freeman Spogli’s 3rd and Golub Capital’s 3rd transaction in Georgia.

M&A Deal Summary
Date 2018-12-18
Target CRH Healthcare
Sector Healthcare Services
Buyer(s) Freeman Spogli
Golub Capital
Sellers(s) MSouth Equity Partners
Deal Type Recapitalization
Advisor(s) Houlihan Lokey (Financial)
DLA Piper
Bass, Berry & Sims (Legal)

Target

CRH Healthcare

Atlanta, Georgia, United States
CRH Healthcare is a patient-focused operator of urgent care centers in Georgia, Florida, and Alabama. CRH operates a "family of brands", leveraging a different brand name in each state, while always being focused on the CRH Mission, "to deliver the Perfect Patient Experience every time". To achieve this mission, everything they do is focused on the 5 C's: Convenient, Courteous, Caring, Competent, and Compliant. All of CRH's clinics are equipped to help diagnose and treat a wide range of non-life-threatening illnesses and injuries as well as to provide occupational health services to local employers. CRH Healthcare was founded in 2012 and headquartered in Atlanta, Georgia.

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Buyer(S) 2

Buyer

Freeman Spogli

Los Angeles, California, United States
Category Private Equity Firm
Founded 1983
PE ASSETS 7.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Freeman Spogli & Co. is a private equity firm focused on acquiring middle-market retail, direct marketing, and distribution companies. The Firm will consider opportunities throughout North America and prefers partnering with management when pursuing acquisitions. Freeman Spogli looks to invest $75 to $300 million in transactions valued up to $750 million. Freeman Spogli was formed in 1983 and is based in Los Angeles, California with an additional office in New York City.

DEAL STATS #
Overall 37 of 48
Sector (Healthcare Services) 1 of 1
Type (Recapitalization) 4 of 4
State (Georgia) 3 of 3
Country (United States) 37 of 48
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-29 US Med-Equip

Houston, Texas, United States

US Med-Equip is a distributor and rental and related services provider of mission-critical moveable medical equipment used in hospitals. The Company provides equipment rentals across four product categories respiratory, infusion, monitoring, and central supply / NICU. US Med-Equip was founded in 2003 and is based in Houston Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-13 FASTSIGNS

Carrollton, Texas, United States

FASTSIGNS is a franchisor of signage and visual graphics products and services, serving more than 650,000 businesses. The Company is 100% franchised, with more than 700 locations worldwide. FASTSIGNS locations sell a broad set of graphics-related products, including signs, custom visual communications, interior décor, architectural signage, vehicle graphics, and digital signs, and offer a variety of value-added services, including consulting, surveying, permitting, and installation. FASTSIGNS was founded in 1985 and is based in Carrollton, Texas.

Buy -
Buyer

Golub Capital

New York, New York, United States

Investor Investor Investor Investor Investor

Category Lender
Founded 1994
PE ASSETS 55.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Golub Capital is a private investment firm focused on making debt and equity investments in US based middle-market companies. Golub looks to invest between $5 and $75 million in businesses with established operating cash flow, strong customer relationships, and 'sustainable proprietary positions in their markets'. Prospective investment structures include refinancings, recapitalizations, buyouts, and growth financings. Sectors of interest include consumer products, business and consumer services, defense, manufacturing, value-added distribution, media, healthcare services and restaurants. Golub Capital was formed in 1994 and maintains offices in New York City, Atlanta, and Chicago.

DEAL STATS #
Overall 56 of 68
Sector (Healthcare Services) 9 of 9
Type (Recapitalization) 7 of 11
State (Georgia) 3 of 4
Country (United States) 54 of 66
Year (2018) 8 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-13 Pet Supplies Plus

Livonia, Michigan, United States

Pet Supplies Plus is a pet specialty retailer in the United States by total system sales, providing a wide variety of pet food, treats, hard goods and services for dogs, cats, and small animals. Pet Supplies Plus was founded in 1988 and is based in Livonia, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-04 Fitness Connection

McLean, Virginia, United States

Fitness Connection is a category leader in the HVLP fitness segment, offering the full range of amenities and services of a large, full-service premium club for as low as $10 per month. Memberships include access to state-of-the-art strength/cardio equipment, functional training areas, women's only workout areas, short-term child care, cycling studios, as well as other amenities and services. Fitness Connection was founded in 1999 and is based in McLean, Virginia.

Sell -

Seller(S) 1

SELLER

MSouth Equity Partners

Atlanta, Georgia, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1984
PE ASSETS 2.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

MSouth Equity Partners is a private equity firm focused on mid-sized company investments and acquisitions valued between $25 and $250 million. The Firm prefers opportunities in Southern US and looks to commit $25 to $100 million per transaction. Sectors of interest include distribution, business services, media, telecom, and specialty manufacturing. MSouth is the successor to private equity firm, Cravey, Green & Wahlen, Inc. which was founded in 1984. MSouth Equity Partners is based in Atlanta, Georgia.

DEAL STATS #
Overall 19 of 31
Sector (Healthcare Services) 2 of 3
Type (Recapitalization) 2 of 2
State (Georgia) 9 of 14
Country (United States) 19 of 31
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-21 BC Technical

West Jordan, Utah, United States

BC Technical, Inc. Its comprehensive expertise in all major OEM medical imaging systems includes the latest PET, PET/CT, SPECT, SPECT/CT, CT and MR technologies. Offering the same level of resources, expertise and quality expected from large OEMs, with the added flexibility and value of smaller independent service organizations, they are in a category by themselves. BC Technical provides nationwide on–site service in all 50 states and personal technical/clinical support—all with uncompromised reliability, quality and value.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-04 Catalyst Nutraceuticals

Alpharetta, Georgia, United States

Catalyst Nutraceuticals is a contract manufacturer of dietary and nutrition supplements. The company delivers high service levels across the value chain to small to large-sized supplements brands primarily in the sports nutrition, herbal and vitamin product categories. In addition to traditional manufacturing, Catalyst also provides services such as custom formulation and proprietary flavoring, creating strategic relationships with its customers.

Buy -
Mergr

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Legal