M&A Deal Summary

TPG and Halifax Group Acquire Envision Pharmaceutical Services

On November 5, 2013, private equity firms TPG and Halifax Group acquired medical products company Envision Pharmaceutical Services

Acquisition Highlights
  • This is TPG’s 11th and Halifax Group’s 2nd transaction in the Medical Products sector.
  • This is TPG’s 152nd and Halifax Group’s 18th transaction in the United States.
  • This is TPG’s 3rd and Halifax Group’s 1st transaction in Ohio.
Investment Fate
  • Envision Pharmaceutical Services was sold to a publicly-traded strategic buyer in 2015 for 2.0B USD.

M&A Deal Summary

Date 2013-11-05
Target Envision Pharmaceutical Services
Sector Medical Products
Buyer(s) TPG
Halifax Group
Deal Type Buyout (LBO, MBO, MBI)
Advisor(s) J.P. Morgan Securities (Financial)
BakerHostetler (Legal)

Target

Envision Pharmaceutical Services

Twinsburg, Ohio, United States
Envision Pharmaceutical Services, Inc. is a full-service pharmacy benefit management (PBM) company. EnvisionRx also offers fully integrated mail-order and specialty pharmacy services through Orchard Pharmaceutical Services; access to the nation's largest cash pay infertility discount drug program via Design Rx; an innovative claims adjudication software platform in Laker Software; and a national Medicare Part D prescription drug plan through Envision Insurance Company's EnvisionRx Plus product offering.

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Buyer(S) 2

Buyer

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 137.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


DEAL STATS #
Overall 224 of 423
Sector (Medical Products) 11 of 14
Type (Buyout (LBO, MBO, MBI)) 30 of 47
State (Ohio) 3 of 3
Country (United States) 152 of 277
Year (2013) 25 of 25
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-30 Veracyte

South San Francisco, California, United States

Veracyte is a molecular cytology company. Veracyte seeks to use molecular cytology to improve diagnosis with the promise to help physicians and patients make more informed treatment decisions. Veracyte solution will utilize molecular biomarkers on cytology samples to characterize nodules as benign or suspicious of malignancy. Veracyte was founded in 2006 and is based in South San Francisco, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-12 Northern Tier Energy

Tempe, Arizona, United States

Northern Tier Energy LP is an independent downstream energy company with refining, retail, and pipeline operations that serves the PADD II region of the United States.

Sell -
Buyer

Halifax Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

The Halifax Group is a private equity firm focused on investing in established, profitable, and growing companies. The Firm prefers completing transactions in partnership with management and typically looks to invest $40 to $80 million per acquisition. Prospective companies generally have revenues of at least $20 million and EBITDA greater than $8 million. Sectors of interest include business services, healthcare services, infrastructure services, and 'wellness' products and services. Halifax prefers opportunities located in North America. The Halifax Group was formed in 1999 and is based in Washington, DC, with additional offices in Dallas, Texas and Raleigh, North Carolina.


DEAL STATS #
Overall 21 of 45
Sector (Medical Products) 2 of 3
Type (Buyout (LBO, MBO, MBI)) 7 of 8
State (Ohio) 1 of 2
Country (United States) 18 of 41
Year (2013) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-18 Envision Pharma

Horsham, United Kingdom

Envision Pharma is a global technology and scientific communication company serving the pharmaceutical, biotechnology, and medical device companies. Envision has grown steadily under consistent leadership across its three core business areas that include scientific solutions – strategic publication planning and related data dissemination services, technology Solutions – design, development, implementation, and support of innovative and strategic management software for life sciences clients including publication planning and management (DatavisionTM), clearance approval (dvClear), and activity request management (Visiontracker) and professional consulting solutions policy, process, compliance and guideline consultancy to life-science companies. Envision Pharma was founded in 2001 and is based in Horsham, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-08 Golden State Overnight Delivery Service

Pleasanton, California, United States

Golden State Overnight Delivery Service, Inc. is a provider of regional next day delivery services. GSO customers enjoy a high level of customer service, including later pickup times, earlier deliveries, dedicated service representatives, and package tracking, all at market leading prices.

Buy -