M&A Deal Summary

ILC Dover Acquires Flexan

On July 26, 2021, ILC Dover acquired chemicals company Flexan from Linden Capital Partners and Golub Capital

Acquisition Highlights
  • This is ILC Dover’s 1st transaction in the Chemicals sector.
  • This is ILC Dover’s 2nd transaction in the United States.
  • This is ILC Dover’s 1st transaction in Illinois.

M&A Deal Summary

Date 2021-07-26
Target Flexan
Sector Chemicals
Buyer(s) ILC Dover
Sellers(s) Linden Capital Partners
Golub Capital
Deal Type Add-on Acquisition
Advisor(s) Baird (Financial)
Kirkland & Ellis (Legal)

Target

Flexan

Lincolnshire, Illinois, United States
Flexan is a global manufacturer of custom, high-precision silicone, thermoplastic, and specialty rubber components for a broad array of product and industry applications, primarily used in medical devices, but also in hearing technology, miniature pneumatics, industrial controls, and aerospace & defense industries, among others. Founded in 1946, the Company has over 900 employees located across manufacturing facilities in the greater Chicago area, Salt Lake City, and Suzhou, China.

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Buyer(S) 1

Buyer

ILC Dover

Frederica, Delaware, United States

Category Company
Founded 1947
Sector Manufacturing
DESCRIPTION

ILC Dover provides high-performance flexible materials for complex government and commercial applications, including bio-pharmaceutical and personal hazmat protection, infrastructure protection, inflatable applications, lighter-than-air airships, and pressurized spacesuits. ILC Dover has manufacturing locations in Delaware, Texas, and Switzerland.


DEAL STATS #
Overall 4 of 5
Sector (Chemicals) 1 of 1
Type (Add-on Acquisition) 4 of 5
State (Illinois) 1 of 1
Country (United States) 2 of 3
Year (2021) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-09 Solo Containment

Stockport, United Kingdom

Solo Containment is a specialist manufacturer of flexible film isolators. Solo has supported the life sciences market by providing customers across Europe, North America, Asia, and Australia, with advanced flexible film containment solutions. Solo's flagship products include flexible film containment isolators, targeting niche HPAPI applications for pharmaceutical processing, and include many custom-designed platforms. Solo Containment was formed in 2011 and is based in Stockport, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-16 KSE Scientific

Durham, North Carolina, United States

KSE Scientific is a sterile solutions manufacturer which specializes in the production of Water for Injection (WFI) and related media and buffer solutions for biopharma, cell & gene therapy, tissue banking, and medical device end-markets. KSE Scientific was formed in 2000 and is based in Durham, North Carolina.

Buy -

Seller(S) 2

SELLER

Linden Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 3.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Linden LLC is a private equity firm that invests in businesses involved in the healthcare and life science sectors. However, the firm also executes any size private equity transaction between $10 million to $2 billion through the firm's alliance with Madison Dearborn Partners. Linden is not a venture capital investor. The firm specializes in investments in non-core businesses owned by large corporations, as well as traditional management buyouts of independent companies. Linden LLC was formed in 2004 and is based in Chicago, Illinois.


DEAL STATS #
Overall 23 of 27
Sector (Chemicals) 2 of 2
Type (Add-on Acquisition) 11 of 12
State (Illinois) 7 of 7
Country (United States) 23 of 27
Year (2021) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-05 The Beauty Health Company

Long Beach, California, United States

The Beauty Health Company is a consumer products beauty company. Products include HydraFacial, a manufacturer of non-invasive equipment and consumables used in aesthetic skin health treatments. The Beauty Health Company was founded in 1997 and is based in Long Beach, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-16 RQM+

Monroeville, Pennsylvania, United States

RQM+ is a medical device and diagnostics-focused, regulatory, and quality consulting firm. The company delivers transformative solutions by providing unrivaled collective expertise, fueled by a passion for client success. RQM+’s experts are collaborative, laser-focused on client needs, and committed to delivering high-value solutions that exceed expectations. RQM+ is based in Monroeville, Pennsylvania.

Buy -
SELLER

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 29 of 41
Sector (Chemicals) 1 of 1
Type (Add-on Acquisition) 12 of 19
State (Illinois) 2 of 2
Country (United States) 29 of 39
Year (2021) 9 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-17 Outcomes

Orlando, Florida, United States

Outcomes is a developer and supplier of pharmacy management software solutions to the independent, hospital, long-term care, and specialty pharmacy markets across the United States, Mexico, and the Caribbean. Outcomes offers software solutions to enable insurance claims processing, e-prescription connectivity, pharmacy workflow management, and other critical functions for its pharmacist customers. Outcomes was formed in 1977 and is based in Orlando, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-11 Pentec Health

Glen Mills, Pennsylvania, United States

Pentec Health is a provider of specialty infusion services to patients who require access to complex pharmaceutical products and services outside of the hospital setting. Pentec Health was founded in 1983 and is based in Glen Mills, Pennsylvania.

Sell -