M&A Deal Summary

Antares Capital, Everberg Capital, Harvest Partners Structured Capital, Harvest Partners Private Equity, Golub Capital, Crescent Capital Group and Mubadala Capital Acquire Dental Care Alliance

On July 6, 2015, private equity firm Antares Capital, private equity firm Everberg Capital, private equity firm Harvest Partners Structured Capital, private equity firm Harvest Partners Private Equity, lender Golub Capital, mezzanine finance firm Crescent Capital Group and sovereign wealth fund Mubadala Capital acquired healthcare services company Dental Care Alliance from Quad-C Management

Acquisition Highlights
  • This is Antares Capital’s 1st, Everberg Capital’s 1st, Harvest Partners Structured Capital’s 3rd, Harvest Partners Private Equity’s 4th, Golub Capital’s 5th, Crescent Capital Group’s 5th and Mubadala Capital’s 1st transaction in the Healthcare Services sector.
  • This is Antares Capital’s 20th, Everberg Capital’s 2nd, Harvest Partners Structured Capital’s 9th, Harvest Partners Private Equity’s 26th, Golub Capital’s 41st, Crescent Capital Group’s 46th and Mubadala Capital’s 1st transaction in the United States.
  • This is Antares Capital’s 4th, Everberg Capital’s 1st, Harvest Partners Structured Capital’s 1st, Harvest Partners Private Equity’s 1st, Golub Capital’s 5th, Crescent Capital Group’s 5th and Mubadala Capital’s 1st transaction in Florida.

M&A Deal Summary

Date 2015-07-06
Target Dental Care Alliance
Sector Healthcare Services
Buyer(s) Antares Capital
Everberg Capital
Harvest Partners Structured Capital
Harvest Partners Private Equity
Golub Capital
Crescent Capital Group
Mubadala Capital
Sellers(s) Quad-C Management
Deal Type Secondary Buyout
Advisor(s) Houlihan Lokey (Financial)

Target

Dental Care Alliance

Sarasota, Florida, United States
Dental Care Alliance is a provider of a full suite of dental services, including general dentistry, hygiene, pediatric dentistry, orthodontics, endodontics, periodontics and oral surgery. Dental Care Alliance was founded in 1991 and is based in Sarasota, Florida.

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Buyer(S) 7

Buyer

Antares Capital

Miami, Florida, United States

Investor Investor


Category Private Equity Firm
Founded 1993
Size Small
Type Sector Agnostic
DESCRIPTION

Antares Capital is a private investment group that targets growth capital financings as well as management buyout opportunities. The Firm focuses on investments based in the Southeast US and Texas. Prospective companies generally have proven business models, modest capital requirements for growth, and operate in large and growing markets. The Firm looks to commit $500k to $5 million per investment. Antares will not invest in real estate, mineral exploration, distributors, franchisees, or project financings. Antares was founded in 1993 and is based in Miami, Florida.


DEAL STATS #
Overall 21 of 55
Sector (Healthcare Services) 1 of 3
Type (Secondary Buyout) 11 of 30
State (Florida) 4 of 4
Country (United States) 20 of 54
Year (2015) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-10 Area Wide Protective

North Canton, Ohio, United States

Area Wide Protective is a provider of professional traffic control design and execution services in support of utility infrastructure maintenance and construction activity. Area Wide Protective was founded in 1993 and is based in North Canton, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-05 iPipeline

Exton, Pennsylvania, United States

iPipeline is a provider of cloud-based software solutions for the life insurance and financial services industries. Through its SSG Digital, end-to-end platform, iPipeline accelerates and simplifies sales, compliance, operations, and support. iPipeline provides process automation and seamless integration between every participant in its ecosystem including carriers, agents, general agencies, advisors, broker-dealers, RIAs, banks, securities/mutual fund firms, and consumers on a global basis.

Buy -
DESCRIPTION

Everberg Capital is a private investment firm that looks to partner with family-owned businesses, entrepreneurs, and financial sponsors with capital for acquisition financing, leveraged buyouts, growth opportunities, and recapitalizations. Broad areas of interest include industrials, business services, consumer products/services, and healthcare. Everberg can invest across the capital structure and seeks to commit $10 to $100 million per transaction. Everberg Capital was formed in 2019 and is based in New York City.


DEAL STATS #
Overall 3 of 18
Sector (Healthcare Services) 1 of 1
Type (Secondary Buyout) 1 of 4
State (Florida) 1 of 1
Country (United States) 2 of 16
Year (2015) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-07-14 9 Story Media Group

Toronto, Ontario, Canada

9 Story Media Group is a creator, producer, and distributor of animated and live-action content for young audiences around the world. 9 Story Media Group was founded in 2002 and is based in Toronto, Ontario.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-21 Hyphen Solutions

Dallas, Texas, United States

Hyphen Solutions provides a cloud-based construction management software solution to a national network of homebuilders and suppliers. The software connects with all major enterprise resource planning systems to provide real-time access to job status and to allow for efficient resource management. Hyphen Solutions was founded in 1999 and is based in Dallas, Texas.

Buy -
DESCRIPTION

Harvest Partners Structured Capital is a private investment group focused on minority position, non-control investments. The Group looks for businesses with $100 million to $1 billion in revenues where Harvest can commit $50 to $250 million. Sectors of interest include business services, consumer services, healthcare, industrial services, manufacturing, and distribution. Harvest Partners Structured Capital is a unit of PE Firm Harvest Partners. The Firm is based in New York City.


DEAL STATS #
Overall 10 of 31
Sector (Healthcare Services) 3 of 4
Type (Secondary Buyout) 3 of 12
State (Florida) 1 of 3
Country (United States) 9 of 30
Year (2015) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-20 VetCor

Norwell, Massachusetts, United States

VetCor owns and operates a national family of 272 veterinary hospitals employing over 4,700 veterinarians and supporting staff. VetCor hospitals provide a full range of general medical and surgical services for pets, as well as pharmacy needs and ancillary services such as boarding, grooming, and pet products. VetCor was founded in 1997 and is based in Norwell, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-22 LAZ Parking

Hartford, Connecticut, United States

LAZ Parking is a parking operator in the United States with operations in over 3k+ locations. LAZ offers a vast array of parking services including facility management, billing, collections, maintenance, valet parking and shuttles. LAZ Parking was founded in 1981 and is based in Hartford, Connecticut.

Buy -
Buyer

Harvest Partners Private Equity

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 5.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Harvest Partners is a private equity firm that targets buyout and growth capital investments in middle-market public and private companies. Harvest Partners looks to invest in profitable ($30 to $300 million of EBITDA) consumer products/retail, manufacturing, marketing, building products, industrial, specialty services, and value-added distribution companies valued between $100 and $600 million. The Firm prefers opportunities headquartered in North America. Harvest Partners was formed in 1981 and is based in New York City.


DEAL STATS #
Overall 29 of 49
Sector (Healthcare Services) 4 of 7
Type (Secondary Buyout) 14 of 27
State (Florida) 1 of 3
Country (United States) 26 of 46
Year (2015) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-21 Driven Brands

Charlotte, North Carolina, United States

Driven Brands is a parent company of automotive aftermarket brands across four distinct verticals: Repair & Maintenance, housing Meineke Car Care Centers; Paint & Collision, housing Maaco, CARSTAR, and ABRA; Distribution, housing 1-800-Radiator & A/C and Spire Supply; and Quick Lube, housing Take 5 Oil Change. Driven Brands was incorporated in 1972 and is based in Charlotte, North Carolina.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-28 Valet Living

Tampa, Florida, United States

Valet Living is a provider of doorstep collection and recycling services, and also full-service amenities provider to the multifamily industry. Valet Living was founded in 1995 and is based in Tampa, Florida.

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 41 of 68
Sector (Healthcare Services) 5 of 9
Type (Secondary Buyout) 13 of 27
State (Florida) 5 of 7
Country (United States) 41 of 66
Year (2015) 9 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-24 Katena

Parsippany, New Jersey, United States

Katena is a provider of precision ophthalmic instruments and therapeutics to physician offices, hospitals, and surgical centers. Katena’s product offering includes precision surgical instruments, single-use devices, and specialty biologics that are sold into over 100 countries through a network of direct salespeople and distributors. Katena was founded in 1975 and is based in Parsippany, New Jersey.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-05 iPipeline

Exton, Pennsylvania, United States

iPipeline is a provider of cloud-based software solutions for the life insurance and financial services industries. Through its SSG Digital, end-to-end platform, iPipeline accelerates and simplifies sales, compliance, operations, and support. iPipeline provides process automation and seamless integration between every participant in its ecosystem including carriers, agents, general agencies, advisors, broker-dealers, RIAs, banks, securities/mutual fund firms, and consumers on a global basis.

Buy -
Buyer

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 52 of 67
Sector (Healthcare Services) 5 of 5
Type (Secondary Buyout) 18 of 25
State (Florida) 5 of 5
Country (United States) 46 of 54
Year (2015) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-01 Protection One

Romeoville, Illinois, United States

Protection One is a security provider, protecting residential, business, national account and integrated system customers at millions of locations. Protection One provides installation, maintenance and electronic monitoring of alarm systems to single-family residential, commercial, multifamily and wholesale customers. Protection One was founded in 1988 and is based in Romeoville, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-04 Univita Health

Scottsdale, Arizona, United States

Univita Health is creating a unified environment to help people live and age with independence. By providing one place to find and manage resources which support independent aging, Univita makes it easier for individuals to live and age with dignity, in the setting they choose. Univita is accomplishing this by transforming home based care - integrating the complete range of in-home care needs from basic caregiving through complex home health care - and adding the support of the latest technologies.

Sell -
Buyer

Mubadala Capital

Investor


Category Sovereign Wealth Fund
Founded 2002
PE ASSETS 276.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Mubadala Capital is a private equity firm focused on investing capital across a range of assets worldwide. The Firm primarily invests in private and public assets, but also considers credit, real estate, and alternatives. Mubadala invests in a variety of sectors including industrials, healthcare, energy, renewables, financial services, infrastructure, and business services. Mubadala Capital was founded in 2008 and is headquartered in Abu Dhabi, United Arab Emirates.


DEAL STATS #
Overall 2 of 43
Sector (Healthcare Services) 1 of 2
Type (Secondary Buyout) 1 of 15
State (Florida) 1 of 1
Country (United States) 1 of 12
Year (2015) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-14 Porto Sudeste

Itaguaí, Brazil

Porto Sudeste is a private port terminal and is designed for the loading of solid bulk iron ore. The port can handle up to 50 million tons of iron ore per year. Porto Sudeste is based in Itaguaí, Brazil.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-23 LeasePlan

Amsterdam, Netherlands

LeasePlan is a global provider of automotive fleet management and driver mobility services. Leaseplan operates in 32 countries and manages a fleet of over 1.55 million vehicles representing a total asset value of €21.4bn. LeasePlan was founded in 1963 and is based in Amsterdam, Netherlands.

Sell €3.7B

Seller(S) 1

SELLER

Quad-C Management

Charlottesville, Virginia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 3.9B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Quad-C Management is a generalist private equity firm that makes control investments in middle-market companies operating in a wide range of industries. Target sector's include building products, business-to-business services, consumer products, distribution/logistics, equipment rental, financial services, healthcare, light manufacturing, packaging, restaurants, security, and specialty chemicals. Quad-C's target investment size is $50 to $150 million in businesses valued between $100 and $500 million and with EBITDA greater than $10 million. Prospective transaction types include recapitalizations/family successions, management buyouts, and industry consolidations. Quad-C Management was founded in 1989 and is headquartered in Charlottesville, Virginia.


DEAL STATS #
Overall 25 of 47
Sector (Healthcare Services) 1 of 1
Type (Secondary Buyout) 13 of 27
State (Florida) 1 of 1
Country (United States) 23 of 42
Year (2015) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-01 Wolf Home Products

York, Pennsylvania, United States

Wolf Home Products is a provider of branded kitchen and bath cabinetry, vanities, and accent tiles, as well as high-performance outdoor living and specialty building products. Wolf Home Products was founded in 1843 and is based in York, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-22 A. Stucki

Moon Township, Pennsylvania, United States

A. Stucki Co. is a supplier of new and reconditioned railcar components selling to railcar OEMs, railroads, railcar leasing companies, and shippers that own railcars.

Sell -