M&A Deal Summary

ICON Acquires Aptiv Solutions

On March 31, 2014, ICON acquired life science company Aptiv Solutions from Halifax Group, Virginia Capital Partners and Comvest Partners for 144M USD

Acquisition Highlights
  • This is ICON’s 11th transaction in the Life Science sector.
  • This is ICON’s 2nd largest (disclosed) transaction.
  • This is ICON’s 12th transaction in the United States.
  • This is ICON’s 1st transaction in Virginia.

M&A Deal Summary
Date 2014-03-31
Target Aptiv Solutions
Sector Life Science
Buyer(s) ICON
Sellers(s) Halifax Group
Virginia Capital Partners
Comvest Partners
Deal Type Add-on Acquisition
Deal Value 144M USD

Target

Aptiv Solutions

Reston, Virginia, United States
Aptiv Solutions is a clinical research organization founded by members of the PRA International management team. Aptiv specializes in adaptive clinical trials focusing on oncology, cardiovascular, dermatology, gastro-intestinal and respiratory diseases.

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Buyer(S) 1

Buyer

ICON

Dublin, Ireland
Category Company
Founded 1990
Sector Life Science
Employees41,100
Revenue 8.1B USD (2023)
DESCRIPTION

ICON is a global provider of outsourced development services to the pharmaceutical, biotechnology and medical device industries. The company specialises in the strategic development, management and analysis of programs that support clinical development – from compound selection to Phase I-IV clinical studies. ICON was founded in 1990 and is based in Dublin, Ireland.

DEAL STATS #
Overall 20 of 29
Sector (Life Science) 11 of 16
Type (Add-on Acquisition) 17 of 25
State (Virginia) 1 of 1
Country (United States) 12 of 18
Year (2014) 1 of 1
Size (of disclosed) 2 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-02-15 AKOS

Harpenden, United Kingdom

Akos Ltd. is a provider of regulatory affairs support, pharmacovigilance, and qualified persons for pharmacovigilance (QPPV) services

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-02 MediMedia Pharma Solutions

Yardley, Pennsylvania, United States

MediaMedia Pharma Solutions is a combination of MediMedia Managed Markets and Complete HealthCare Communications. The company is a provider of strategic payer-validated market access solutions for the biopharmaceutical and medical device industries.

Buy $120M

Seller(S) 3

SELLER

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 10 of 24
Sector (Life Science) 1 of 1
Type (Add-on Acquisition) 4 of 8
State (Virginia) 1 of 2
Country (United States) 8 of 20
Year (2014) 2 of 2
Size (of disclosed) 5 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-09 Papa John s

Birmingham, Alabama, United States

Papa John is a restaurant operator in pizza category, with one of the most experienced management teams in industry. Papa John's was founded in 1991 and is headquartered in Birmingham, Alabama.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-10 United States Environmental Services

New Orleans, Louisiana, United States

United States Environmental Services LLC is an oil and hazardous material emergency spill response, tank and pipeline cleaning, utility sector support, demolition, NORM cleaning, site remediation and restoration, hydroblasting, and in-plant maintenance services to customers in the petrochemical, industrial, oil, and transportation industries.

Buy -
SELLER

Virginia Capital Partners

Richmond, Virginia, United States

Investor Investor

Category Private Equity Firm
Founded 1996
PE ASSETS 50M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Virginia Capital Partners (VCP) is a private investment firm that invests in profitable, rapidly growing private companies located in the South Atlantic region of the US. Target businesses are typically valued between $500,000 to $10 million Sectors of interest include business services, healthcare services, media/communications, insurance, and consumer services. Virginia Capital Partners is based in Richmond, Virginia.

DEAL STATS #
Overall 13 of 16
Sector (Life Science) 2 of 2
Type (Add-on Acquisition) 4 of 6
State (Virginia) 7 of 8
Country (United States) 13 of 16
Year (2014) 1 of 1
Size (of disclosed) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-09-01 HemoShear Therapeutics

Charlottesville, Virginia, United States

HemoShear Therapeutics is a provider of human surrogate testing device that replicates the anatomical structure of the human blood vessel wall and blood flow patterns, providing superior pre-clinical drug response data than is currently available through traditional cell culture and animal testing processes.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-27 Kinsale Capital Group

Richmond, Virginia, United States

Kinsale Capital Group is a domestic excess and surplus lines insurance company specializing in hard-to-place property, casualty and specialty risks. Kinsale Capital Group was founded in 2009 and is based in Richmond, Virginia.

Sell -
SELLER

Comvest Partners

West Palm Beach, Florida, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2000
PE ASSETS 7.7B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Comvest Partners' headquarters in West Palm Beach, Florida.
Comvest Partners' headquarters in West Palm Beach, Florida.

Comvest Partners is a private investment firm that provides equity and debt capital to middle-market companies across North America. Comvest funds a variety of investment situations, including buyouts, divestitures, recapitalizations, consolidations, take privates, and turnarounds. Sectors of interest include business services, information services, education, financial services, healthcare services, software, IT, and transportation. For equity investments, Comvest prefers control and looks to invest $50 to $150 million per transaction. For debt needs, Comvest seeks to provide $25 to $250 million per transaction. Comvest Partners was formed in 2000 and is based in West Palm Beach, Florida.

DEAL STATS #
Overall 17 of 40
Sector (Life Science) 1 of 1
Type (Add-on Acquisition) 8 of 22
State (Virginia) 1 of 1
Country (United States) 17 of 40
Year (2014) 1 of 3
Size (of disclosed) 5 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-22 Robbins Brothers

Azusa, California, United States

Robbins Brothers operates retail jewelry stores in California, Texas, Washington, Arizona, and online, primarily in the bridal segment. The company provides extensive product education, exceptional quality and value and steadfast commitment to its customers. Robbins Brothers was founded in 1921 and is based in Azusa, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-05-28 Cynergy Data

Long Island City, New York, United States

Cynergy Data Provides merchant payment processing services and related software products.

Sell -
Mergr

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