M&A Deal Summary

Genesis Care Acquires 21st Century Oncology

On December 13, 2019, Genesis Care acquired healthcare services company 21st Century Oncology from Quilvest Capital Partners, Vestar Capital Partners, Crescent Capital Group, HarbourVest Partners and Stockwell Capital for 1.1B USD

Acquisition Highlights
  • This is Genesis Care’s 3rd transaction in the Healthcare Services sector.
  • This is Genesis Care’s largest (disclosed) transaction.
  • This is Genesis Care’s 1st transaction in the United States.
  • This is Genesis Care’s 1st transaction in Florida.

M&A Deal Summary

Date 2019-12-13
Target 21st Century Oncology
Sector Healthcare Services
Buyer(s) Genesis Care
Sellers(s) Quilvest Capital Partners
Vestar Capital Partners
Crescent Capital Group
HarbourVest Partners
Stockwell Capital
Deal Type Add-on Acquisition
Deal Value 1.1B USD

Target

21st Century Oncology

Fort Myers, Florida, United States
21st Century Oncology is a provider of cancer care services across multiple modalities, the largest radiation oncology provider and one of the largest groups of urologists in the U.S. 21st Century Oncology was founded in 1983 and is based in Fort Myers, Florida.

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Buyer(S) 1

Buyer

Genesis Care

Alexandria, Australia

Category Company
Sector Healthcare Services
DESCRIPTION

Genesis Care is a provider of healthcare to patients with cancer and cardiovascular disease, the two largest disease burdens globally. The organization exists to improve quality and access for patients and communities in need. Genesis Care is based in Alexandria, Australia.


DEAL STATS #
Overall 3 of 3
Sector (Healthcare Services) 3 of 3
Type (Add-on Acquisition) 3 of 3
State (Florida) 1 of 1
Country (United States) 1 of 1
Year (2019) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-05-23 Grupo IMO

Madrid, Spain

Grupo IMO is a provider of radiotherapy treatments for cancer patients in Spain with c.20% market share, providing treatments through long term business agreements with public health care services and private insurance companies. Grupo IMO was founded in 1991 and is based in Madrid, Spain.

Buy -

Seller(S) 5

SELLER

Quilvest Capital Partners

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1972
PE ASSETS 6.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Quilvest Capital Partners is the private equity investment arm of asset management firm Quilvest. Quilvest Capital Partners invests in private equity and debt funds as well as makes direct investments. The direct investment group looks for opportunities in the US, Europe, and 'opportunistically' in Asia with a preference for buyout, growth capital, and venture transactions. Quilvest Capital Partners will consider both minority and majority positions. Quilvest Capital Partners was established in 1972 and is based Paris.


DEAL STATS #
Overall 59 of 68
Sector (Healthcare Services) 1 of 1
Type (Add-on Acquisition) 23 of 27
State (Florida) 3 of 5
Country (United States) 28 of 34
Year (2019) 4 of 4
Size (of disclosed) 5 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-13 UTL Trust Management

Lagos, Nigeria

UTL is a provider of trusteeship services, fund management, and nominee services to its clients, which include state governments, corporations and individuals.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-31 Command Alkon

Birmingham, Alabama, United States

Command Alkon solutions deliver supply chain integration and frictionless digital collaboration across the heavy construction ecosystem. CONNEX, a many-to-many technology platform purpose-built for the industry that enables business partners to automate inter-enterprise operations, capture real-time visibility into heavy material orders and deliveries, leverage leading-edge software experiences to achieve mutually beneficial goals, and share knowledge to manage by exception and promote certainty of outcomes. Command Alkon was founded in 1970 and is based in Birmingham, Alabama.

Sell -
SELLER

Vestar Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1988
PE ASSETS 11.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Vestar Capital Partners is a private equity firm that targets management buyouts and growth capital investments across North America and Europe in the consumer, business services, and healthcare sectors. The Firm looks to invest $50 to $150 million in transactions valued up to $1 billion. Specific areas of interest include food, apparel, household goods, retail, consumer services, industrial services, information services, manufacturing, distribution, transportation, financial services, media/communications, digital health media, and medical technology. Vestar Capital Partners was formed in 1988 and is based in New York City.


DEAL STATS #
Overall 60 of 66
Sector (Healthcare Services) 4 of 5
Type (Add-on Acquisition) 24 of 28
State (Florida) 3 of 3
Country (United States) 48 of 53
Year (2019) 1 of 1
Size (of disclosed) 7 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-07 Simple Mills

Chicago, Illinois, United States

Simple Mills offers more than 30 baking mixes, crackers, cookies, bars and frostings that are free of gluten, grain, dairy, soy, GMOs, excessive sugar, gums, emulsifiers, and anything artificial. All products are made exclusively with real, whole-food ingredients like nutrient-dense almond flour, unrefined coconut sugar and sprouted seeds that work hard for the body in every bite while delivering taste that regularly earns five-star ratings from customers. Simple Mills was founded in 2012 and is based in Chicago, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-01 Tech24

Greenville, South Carolina, United States

Tech24 is an installation, preventative maintenance, and repair company specializing in foodservice facilities. The company specializes in cooking, refrigeration, beverage, and specialty foodservice equipment. In select markets, it also performs HVAC, Electrical, and Plumbing services. Tech24 was formed in 1982 and is based in Greenville, South Carolina.

Buy -
SELLER

Crescent Capital Group

Los Angeles, California, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1991
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Crescent Capital is a provider of debt securities to middle-market companies. Crescent looks to issue senior bank loans, high yield bonds, mezzanine debt and distressed debt to fund a variety of needs. The FIrm's direct lending group looks to provide $10 to $30 million to sponsor-backed companies that generate $5 to $35 million of EBITDA. Crescent's mezzanine practice typically provides junior capital to support buyouts, recapitalizations, and refinancings. Crescent Capital was formed in 1991 and was originally known as TCW/Crescent Mezzanine. The Firm has offices in Los Angeles, Boston, New York, and London.


DEAL STATS #
Overall 44 of 47
Sector (Healthcare Services) 3 of 3
Type (Add-on Acquisition) 18 of 19
State (Florida) 3 of 4
Country (United States) 38 of 40
Year (2019) 1 of 1
Size (of disclosed) 11 of 18
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-30 Hilb Group

Richmond, Virginia, United States

Hilb Group is a middle-market insurance agency. Hilb Group seeks to grow through targeted acquisitions in the middle market insurance brokerage space. Hilb Group was founded in 2009 and is based in Richmond, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-24 F45 Training

Austin, Texas, United States

F45 Training is a provider of fitness training services. F45 Training was founded in 2013 and is based in Austin, Texas.

Buy -
SELLER

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.


DEAL STATS #
Overall 102 of 132
Sector (Healthcare Services) 6 of 8
Type (Add-on Acquisition) 41 of 57
State (Florida) 5 of 6
Country (United States) 65 of 83
Year (2019) 6 of 6
Size (of disclosed) 20 of 39
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-10 Earth Networks

Germantown, Maryland, United States

Earth Networks helps organizations mitigate financial, operational and human risk by providing environmental intelligence from the world’s largest hyperlocal weather network. Schools, airports, sports teams, utilities, and government agencies rely on our early warning solutions to safeguard lives, prepare for weather events and optimize operations. Companies across all industries use Earth Networks weather data to automate decisions regarding risk management, business continuity, and asset protection. Earth Networks was founded in 1993 and is based in Germantown, Maryland.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-01 CRS Solutions

Houston, Texas, United States

CRS Solutions is a technology-enabled provider of comprehensive point-of-sale (“POS”) solutions to established single and multi-unit operators in the restaurant, retail, and other hospitality end markets. CRS delivers its highly customized front-of-the-house technology solutions through a recurring service and solutions model for merchants who have complex service needs. CRS Solutions was formed in 1972 and is based in Houston, Texas.

Sell -
SELLER

Stockwell Capital

Austin, Texas, United States

Investor Investor


Category Private Equity Firm
Founded 2002
PE ASSETS 750M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Stockwell Capital is a co-investment firm, focused on making minority investments alongside private equity sponsors. Stockwell is a generalist investor, with no sector preferences and looks to commit $3 to $10 million per investment. The Firm will consider opportunities throughout the US and Europe and prefers late-stage or growth equity situations. Stockwell Capital was formed in 2002 and is based in Chicago.


DEAL STATS #
Overall 38 of 41
Sector (Healthcare Services) 1 of 1
Type (Add-on Acquisition) 12 of 12
State (Florida) 2 of 3
Country (United States) 30 of 33
Year (2019) 1 of 1
Size (of disclosed) 8 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-01 Laureate

Miami, Florida, United States

Laureate is a provider of higher education. The company’s network of 60 accredited campus-based and online universities offers undergraduate and graduate degree programs to more than 740,000 students across 29 countries. Laureate offers more than 130 career-focused, undergraduate, master’s, and doctoral degree programs in fields including architecture, art, business, culinary arts, design, education, engineering, health sciences, hospitality, information technology, law, and medicine. Laureate was founded in 1998 and is based in Baltimore, Maryland.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-25 Univision

New York, New York, United States

Univision entertains, informs, and empowers U.S. Hispanics with news, sports, and entertainment content across broadcast and cable television, audio, and digital platforms. The company’s top-rated media portfolio includes the Univision and UniMás broadcast networks, as well as cable networks Galavisión and TUDN, the No. 1 Spanish-language sports network in the country. Locally, Univision owns or operates 65 television stations in major U.S. Hispanic markets and Puerto Rico. Additionally, Uforia, the Home of Latin Music, encompasses 58 owned or operated radio stations, plus 89 affiliates, a live event series, and a robust digital audio footprint. Univision was formed in 1992 and is based in New York, New York.

Sell -