Secondary Buyout • Healthcare Services

GTCR Acquires Caravel Autism Health

On May 20, 2024, private equity firm GTCR acquired healthcare services company Caravel Autism Health from Frazier Healthcare Partners

Acquisition Context
  • This is GTCR’s 24th transaction in the Healthcare Services sector.
  • This is GTCR’s 135th transaction in the United States.
  • This is GTCR’s 3rd transaction in Wisconsin.

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M&A Deal Summary

Date May 20, 2024
Target Caravel Autism Health
Sector Healthcare Services
Buyer(s) GTCR
Sellers(s) Frazier Healthcare Partners
Deal Type Secondary Buyout
Advisor(s) Harris Williams (Financial)

Target Company

Caravel Autism Health

Green Bay, Wisconsin, United States
Caravel Autism Health delivers in-home intensive, post-intensive, pre-intensive, and diagnostic evaluation services to children with Autism Spectrum Disorder. Caravel Autism Health emphasizes individualized goals based on proven, evidence-based treatment approaches mainly applied behavior analysis. Caravel Autism Health was founed in 2009 and is based in Green Bay, Wisconsin.
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Buyer Overview 1

Buyer

GTCR

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1980
PE ASSETS 15.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

GTCR is a private equity firm that typically partners with management when pursuing acquisitions. The Firm looks to grow companies through build-on acquisitions, consolidations, and internal growth. GTCR will consider both equity and mezzanine capital commitments and concentrates its investment activity in consumer products & services, healthcare services, outsourced business services, technology, transaction processing, and pharma/medical products. GTCR was formed in 1980 and is based in Chicago, Illinois.


Deal Context for Buyer #
Overall 142 of 157
Sector: Healthcare Services 24 of 25
Type: Secondary Buyout 34 of 40
State: Wisconsin 3 of 3
Country: United States 135 of 146
Year: 2024 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-04-25 AssetMark

Concord, California, United States

AssetMark is a provider of extensive wealth management and technology solutions that power independent financial advisers and their clients. AssetMark provides an end-to-end experience, spanning nearly all elements of an adviser’s engagement with his or her client from initial conversations to ongoing financial planning discussions, including performance reporting and billing. AssetMark is was incorporated in 1996 and is based in Concord, California.

Buy $2.7B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-05-29 SurModics

Eden Prairie, Minnesota, United States

SurModics provides surface modification coating technologies and in vitro diagnostic (IVD) products to the healthcare industry. Its two core businesses include: Medical Device Coatings – lubricious hydrophilic coatings, hemocompatible hydrophilic coatings, and advanced drug delivery systems; and In Vitro Diagnostics (IVD) – immunoassay reagents that improve the performance of in vitro diagnostic tests as well as custom coatings and stabilization products for Molecular Diagnostic applications. Surmodics was founded in 1979 and is based in Eden Prairie, Minnesota.

Buy $627M

Seller Profile 1

SELLER

Frazier Healthcare Partners

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1991
PE ASSETS 3.4B USD
Size Large
Type Sector Focused
DESCRIPTION

Frazier Healthcare Partners is a private equity and venture capital firm specializing in Growth buyout investment specifically targets businesses that deal Healthcare, Life Sciences, Pharmaceutical services, medical products, and related sectors. Frazier Healthcare Partners was formed in 1991 and is based in Seattle, Washington with an additional office in Palo Alto, California; Boston, Massachusetts; and Menlo Park, California.


Deal Context for Seller #
Overall 28 of 29
Sector: Healthcare Services 12 of 12
Type: Secondary Buyout 11 of 12
State: Wisconsin 1 of 1
Country: United States 28 of 29
Year: 2024 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-12 Alcresta Therapeutics

Waltham, Massachusetts, United States

Alcresta Therapeutics is a biotechnology company that develops and commercializes enzyme‑based products to address fat malabsorption in people with gastrointestinal disorders and rare diseases. It uses a proprietary technology platform to create solutions that help break down fats in enteral nutrition, supporting patients who have difficulty absorbing nutrients. The company’s work is centered on improving nutritional care for patients who rely on tube feeding. Alcresta Therapeutics was formed in 2011 and is based in Waltham, Massachusetts.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-06-25 BioMatrix Specialty Pharmacy

Plantation, Florida, United States

BioMatrix Specialty Pharmacy offers a comprehensive pharmacy with a wide range of services across hemophilia, transplantation, specialty, and digital health technology solutions. BioMatrix Specialty Pharmacy is a provider for patients with blood disorders, organ transplants and other chronic and acute diseases and conditions. BioMatrix Specialty Pharmacy was founded in 2015 and is based in Plantation, Florida.

Buy -