M&A Deal Summary

HealthEdge Investment Partners, United Western Group, Capitala Group and A-CAP Management Acquire Veridian Healthcare

On July 31, 2023, private equity firm HealthEdge Investment Partners, asset manager United Western Group, asset manager Capitala Group and A-CAP Management acquired medical products company Veridian Healthcare

Acquisition Highlights
  • This is HealthEdge Investment Partners’ 4th, United Western Group’s 1st, Capitala Group’s 4th and A-CAP Management’s 1st transaction in the Medical Products sector.
  • This is HealthEdge Investment Partners’ 22nd, United Western Group’s 1st, Capitala Group’s 93rd and A-CAP Management’s 1st transaction in the United States.
  • This is HealthEdge Investment Partners’ 1st, United Western Group’s 1st, Capitala Group’s 4th and A-CAP Management’s 1st transaction in Illinois.

M&A Deal Summary

Date 2023-07-31
Target Veridian Healthcare
Sector Medical Products
Buyer(s) HealthEdge Investment Partners
United Western Group
Capitala Group
A-CAP Management
Deal Type Recapitalization
Advisor(s) William Blair (Financial)
Dentons (Legal)

Target

Veridian Healthcare

Gurnee, Illinois, United States
Veridian Healthcare is a distributor of in-home diagnostics and pain relief products. The company provides innovative products to the growing healthcare market, focusing on brand development and strategic partnerships while expanding its blue-chip wholesale and retail customer portfolio. It offers over 50 years of combined management and sales experience, providing competitively priced and high-quality products designed to meet the standards of today’s healthcare professionals. Veridian Healthcare was founded in 2009 and is based in Gurnee, Illinois.

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Buyer(S) 4

Buyer

HealthEdge Investment Partners

Tampa, Florida, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2005
Size Small
Type Sector Focused
DESCRIPTION

HealthEdge Investment Partners is an operating-oriented private equity firm that targets the healthcare industry. The firm pursues buyouts, recapitalizations or structured investments in healthcare companies with a strong market share. HealthEdge targets businesses with enterprise value ranging between $10 million and $100 million, and with revenues ranging between $5 million and $75 million. Moreover, the firm looks for companies with EBITDA near $15 million. The firm typically commits between $5 million to $20 million of capital per company. HealthEdge focuses on the healthcare segments that involve medical products, devices and equipment, healthcare services, healthcare IT, pharmaceutical, and distribution. HealthEdge Investment Partners was founded in 2005 and is based in Tampa, Florida.


DEAL STATS #
Overall 22 of 24
Sector (Medical Products) 4 of 4
Type (Recapitalization) 1 of 1
State (Illinois) 1 of 1
Country (United States) 22 of 24
Year (2023) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-12 CSS Health

Thonotosassa, Florida, United States

CSS Health combines Medicine-On-Time, the innovative multi-dose blister-pack drug compliance packaging for pharmacies, and Clinical Support Services, an independent Medication Therapy Management patient outreach platform for health plans, in a unique end-to-end adherence offering designed to help patients more effectively take their medications as directed. CSS Health was formed in 1999 and is based in Thonotosassa, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-12 Corridor

Overland Park, Kansas, United States

Corridor provides consulting, compliance services, executive search, and education tools to the home care and hospice industries. Corridor was founded in 1989 and is based in Overland Park, Kansas.

Sell -
DESCRIPTION


DEAL STATS #
Overall 1 of 1
Sector (Medical Products) 1 of 1
Type (Recapitalization) 1 of 1
State (Illinois) 1 of 1
Country (United States) 1 of 1
Year (2023) 1 of 1
Buyer

Capitala Group

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1998
PE ASSETS 2.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Capitala Group is an asset manager that provides equity and mezzanine capital to mid-sized companies valued up to $250 million. Funds are generally used to support growth needs, add-on acquisitions, management/leveraged buyouts, and recapitalizations. Capitatala will invest across the US, but generally targets opportunities located in the Southeast. Industry preferences include building products, business services, consumer/reteail, general industrial, healthcare, and technology. Prospective companies typically have revenues greater than $10 million and EBITDA of at least $3 million. Capitala was formed in 1998 and is headquartered in Charlotte, North Carolina.


DEAL STATS #
Overall 94 of 98
Sector (Medical Products) 4 of 4
Type (Recapitalization) 12 of 12
State (Illinois) 4 of 4
Country (United States) 93 of 97
Year (2023) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-12 Premier Radiology Services

Miami, Florida, United States

Premier Radiology Services is a provider of teleradiology services offering 24/7 coverage across a range of modalities and sub-specialties. With a network of about 100 radiologists, Premier interprets approximately 2 million medical images per year for a wide range of customers, serving the needs of mobile imaging providers, occupational health centers, urgent care providers, and outpatient clinics. Premier Radiology Services was founded in 2006 and is based in Miami, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-29 American Landscaping Partners

Brentwood, Tennessee, United States

American Landscaping Partners is a provider of landscaping services and offers lawn maintenance, lawn care, snow removal, plant healthcare, and tree services for residential and commercial customers. American Landscaping Partners is based in Brentwood, Tennessee.

Sell -
Buyer

A-CAP Management

New York, New York, United States

Category Company
Sector Insurance
DESCRIPTION

Advantage Capital Management LLC is a holding company owning multiple insurance and financial businesses on its unique and synergistic platform. These businesses include primary insurance carriers (Atlantic Coast Life Insurance Company and Sentinel Security Life Insurance Company), an SEC registered investment adviser, reinsurance vehicles, and marketing organizations. Advantage Capital Management is based in New York.


DEAL STATS #
Overall 1 of 1
Sector (Medical Products) 1 of 1
Type (Recapitalization) 1 of 1
State (Illinois) 1 of 1
Country (United States) 1 of 1
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-06 Secure Administrative Solutions

Salt Lake City, Utah, United States

Secure Administrative Solutions LLC is a licensed third-party administrator (TPA) providing efficient and effective administration for insurance companies of all sizes, and across multiple product lines. Secure Administrative Solutions is based in Salt Lake City Utah.

Sell -