M&A Deal Summary

Health Enterprise Partners and Cressey Acquire InterMed

On January 5, 2023, private equity firms Health Enterprise Partners and Cressey acquired distribution company InterMed from Granite Bridge Partners

Acquisition Highlights
  • This is Health Enterprise Partners’ 1st and Cressey’s 1st transaction in the Distribution sector.
  • This is Health Enterprise Partners’ 31st and Cressey’s 32nd transaction in the United States.
  • This is Health Enterprise Partners’ 4th and Cressey’s 2nd transaction in Florida.

M&A Deal Summary
Date 2023-01-05
Target InterMed
Sector Distribution
Buyer(s) Health Enterprise Partners
Cressey
Sellers(s) Granite Bridge Partners
Deal Type Secondary Buyout
Advisor(s) Harris Williams & Co. (Financial)

Target

InterMed

Alachua, Florida, United States
InterMed is a distributor of medical products. InterMed offers healthcare technology management, biomedical equipment services, diagnostic imaging repair and maintenance, equipment sales and a rapid response service offering. InterMed is based in Alachua, Florida.

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Buyer(S) 2

Buyer

Health Enterprise Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2007
PE ASSETS 425M USD
Size Middle-Market
Type Sector Focused
DESCRIPTION

Health Enterprise Partners is a private equity firm focused on the healthcare technology, tech-enabled services, and healthcare services. Specific areas of interest include behavioral health IT, consumer engagement platforms, data security, genomics data analytics, payor services, tech-enabled substance abuse management, social determinants of health, and virtual care. The Firm generally pursues growth equity investments and small buy-and-builds. Health Enterprise Partners was formed in 2007 and is headquartered in New York City.

DEAL STATS #
Overall 31 of 32
Sector (Distribution) 1 of 1
Type (Secondary Buyout) 2 of 2
State (Florida) 4 of 5
Country (United States) 31 of 32
Year (2023) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-14 Toney Healthcare Consulting

Tampa, Florida, United States

Toney HealthCare Consulting provides advisory services, hands-on leadership and experts in clinical operations, quality, regulatory and compliance, and accreditation for health plans and other risk-bearing organizations nationwide. THCC’s team consists of over 350 subject matter experts, experienced clinicians and administrative professionals across the spectrum of healthcare services. Toney Healthcare Consulting was founded in 2008 and is based in Tampa, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-01 Family First Adolescent Services

Palm Beach Gardens, Florida, United States

Family First Adolescent Services is a residential behavioral health services company focused on providing substance use and mental health treatment services to adolescents. Family First Adolescent Services was founded in 2014 and is based in Palm Beach Gardens, Florida.

Buy -
Buyer

Cressey

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
PE ASSETS 1.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Cressey & Company LP is a specialist private equity investment firm focused on buy-and-build opportunities in the healthcare sector. The firm invests in the range of $10 - $100 million and EBITA of at least $5 million. The firm specific areas of interest include hospitals, homecare, outpatient services, and specialty distribution. Types of transaction include buyout, growth and recapitalization. It also seeks controlling interest. Cressey & Company has offices in Chicago, Illinois and Nashville, Tennessee.

DEAL STATS #
Overall 33 of 34
Sector (Distribution) 1 of 1
Type (Secondary Buyout) 6 of 7
State (Florida) 2 of 2
Country (United States) 32 of 33
Year (2023) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-01 QualDerm Partners

Brentwood, Tennessee, United States

QualDerm Partners is a dermatology services organization providing management services and growth resources to progressive dermatology practices and skin care professionals throughout the southeastern US. QualDerm Partners is based in Brentwood, Tennessee.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-22 HealthDrive

Framingham, Massachusetts, United States

HealthDrive is a provider of medical and dental services in over 2,000 facilities, serving more than 200,000 enrolled senior living residents across four practices around the nation. HealthDrive was founded in 1989 and is based in Framingham, Massachusetts.

Buy -

Seller(S) 1

SELLER

Granite Bridge Partners

New York, New York, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 2018
Size Mega
Type Sector Agnostic
DESCRIPTION

Granite Bridge Partners is a private equity firm focused on control investments in mid-sized companies operating in traditional industries. The Firm looks to commit $10 to $30 million in profitable companies with up to $100 million in revenue. Broad areas of interest include consumer products/services, business services, and niche manufacturing. Granite Bridge Partners is the former direct investing unit of Wafra Partners and was spun out in 2018. The Firm is based in in New York City.

DEAL STATS #
Overall 12 of 12
Sector (Distribution) 1 of 1
Type (Secondary Buyout) 4 of 4
State (Florida) 2 of 2
Country (United States) 10 of 10
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-01 Integrated Cable Assembly Holdings

Nogales, Mexico

Integrated Cable Assembly Holdings is a manufacturer of wire harnesses, cable assemblies and electromechanical assemblies, offering turn-key manufacturing services through its U.S. and Mexican facilities to domestic and international customers. Integrated Cable Assembly Holdings is based in Nogales, Mexico.

Sell -
Mergr

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