M&A Deal Summary

GTCR Acquires PathGroup

On May 13, 2022, private equity firm GTCR acquired life science company PathGroup from Pritzker Private Capital and Vesey Street Capital Partners

Acquisition Highlights
  • This is GTCR’s 8th transaction in the Life Science sector.
  • This is GTCR’s 125th transaction in the United States.
  • This is GTCR’s 8th transaction in Tennessee.

M&A Deal Summary

Date 2022-05-13
Target PathGroup
Sector Life Science
Buyer(s) GTCR
Sellers(s) Pritzker Private Capital
Vesey Street Capital Partners
Deal Type Secondary Buyout
Advisor(s) BofA Securities
Nomura Investment Bank (Financial)
Kirkland & Ellis (Legal)

Target

PathGroup

Brentwood, Tennessee, United States
PathGroup is a provider of anatomic pathology and clinical lab services throughout U.S. It is a physician-led company currently working with more than 70 hospitals and thousands of group practices across U.S. to deliver quality results with unmatched responsiveness. PathGroup was formed in 1965 and is based in Brentwood, Tennessee.

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Buyer(S) 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 STATS #
Overall 129 of 142
Sector (Life Science) 8 of 9
Type (Secondary Buyout) 30 of 33
State (Tennessee) 8 of 9
Country (United States) 125 of 137
Year (2022) 4 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-21 Avryo Healthcare

San Diego, California, United States

Avryo Healthcare is seeking to acquire companies and assets in multi-site healthcare services industry, with a focus on utilizing new technologies and operating strategies to enhance patient access and experiences. Avryo Healthcare was formed in 2022 and is based in San Diego, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-06 Visionary Broadband

Gillette, Wyoming, United States

Visionary Broadband is a pioneering Internet Service Provider ("ISP") serving residential and business subscribers. Visionary Broadband was formed in 1994 and is based in Gillette, Wyoming.

Buy -

Seller(S) 2

SELLER

Pritzker Private Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Family Office
Founded 1996
Size Large
Type Sector Agnostic
DESCRIPTION

Pritzker Private Capital is a family office and private investment firm focused on leveraged buyouts, acquisitions, and recapitalizations of profitable, middle-market, North American companies across a broad range sectors. Specific industries of interest include consumer products and services, industrial products and services, distribution, telecommunications, IT, healthcare, and business services. Target enterprise values are generally between $200 million and $1.5 billion. Pritzker Private Capital was formed in 1996 and is based in Chicago, Illinois.


DEAL STATS #
Overall 11 of 12
Sector (Life Science) 1 of 2
Type (Secondary Buyout) 6 of 7
State (Tennessee) 2 of 2
Country (United States) 11 of 12
Year (2022) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-07 Bardstown Bourbon

Bardstown, Kentucky, United States

Bardstown Bourbon is a producer and marketer of beer, wine and spirits. Bardstown Bourbon was founded in 2014 and is based in Bardstown, Kentucky.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-06 Kenco Logistics

Chattanooga, Tennessee, United States

Kenco Logistics is a third-party logistics (“3PL”) provider offering outsourced warehousing and distribution, omnichannel fulfillment, transportation and material handling fleet management services. Kenco Logistics was founded in 1950 and is based in Chattanooga, Tennessee.

Buy -
SELLER
DESCRIPTION

Vesey Street Capital Partners is a specialist private equity firm focused on the healthcare sector. Vesey Street specializes in middle-market buyouts and growth equity investments, and seeks companies with $10 to $20 million of EBITDA. Target businesses generally exhibit strong cash flow characteristics that create value for hospitals and physicians by enhancing efficiency, improving quality, reducing costs, and expanding revenues. Vesey Street Capital Partners was formed in 2014 and is based in New York, New York.


DEAL STATS #
Overall 3 of 4
Sector (Life Science) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Tennessee) 1 of 1
Country (United States) 3 of 4
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-25 Safecor Health

Columbus, Ohio, United States

Safecor Health provides unit dose drug packaging services for hospitals, long-term care providers, pharmaceutical manufacturers, and retail and digital health companies. Safecor Health was founded in 2008 and is based in Columbus, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-18 QualityMetric

Johnston, Rhode Island, United States

QualityMetric works with healthcare and life sciences companies to measure and better understand outcomes through the creation, administration, and review of general and patient-specific health surveys. QualityMetric combines its proprietary scientifically validated general health and disease-specific surveys with its enabling technology, advanced analytics, and sector expertise to work with all the world's largest pharmaceutical companies in clinical trials and patient surveillance. QualityMetric was founded in 1997 and is based in Johnston, Rhode Island.

Sell -