M&A Deal Summary

Kinderhook Industries and Audax Private Debt Acquire Avita

On December 4, 2019, private equity firm Kinderhook Industries and mezzanine finance firm Audax Private Debt acquired life science company Avita from Argenta Partners

Acquisition Highlights
  • This is Kinderhook Industries’ 2nd and Audax Private Debt’s 2nd transaction in the Life Science sector.
  • This is Kinderhook Industries’ 43rd and Audax Private Debt’s 64th transaction in the United States.
  • This is Kinderhook Industries’ 2nd and Audax Private Debt’s 1st transaction in Louisiana.

M&A Deal Summary

Date 2019-12-04
Target Avita
Sector Life Science
Buyer(s) Kinderhook Industries
Audax Private Debt
Sellers(s) Argenta Partners
Deal Type Secondary Buyout

Target

Avita

Baton Rouge, Louisiana, United States
Avita is a specialized pharmacy which dispenses and delivers prescription medications for patients with certain chronic diseases. Avita also provides extensive patient data to the caregivers, prescribing physicians and community based organizations to assist with monitoring patient adherence. Avita was founded in 2003 and is based in Baton Rouge, Louisiana.

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Buyer(S) 2

Buyer

Kinderhook Industries

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2003
PE ASSETS 8.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Kinderhook Industries targets control investments in companies valued between $25 to $250 million. Prospective transaction situations include acquiring non-core divisions of public companies, existing small capitalization companies lacking institutional support, management buyouts of entrepreneurial-owned businesses, and troubled companies. Sectors of interest include consumer products and services, media, packaging, industrial products, communications, and business services. Kinderhook Industries was formed in 2003 and is based in New York, New York.


DEAL STATS #
Overall 44 of 69
Sector: Life Science M&A 2 of 2
Type: Secondary Buyout M&A Deals 8 of 13
State: Louisiana M&A 2 of 3
Country: United States M&A 43 of 67
Year: 2019 M&A 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-03 Copperweld Bimetallics

Brentwood, Tennessee, United States

Copperweld Bimetallics is a manufacturer of bimetallic wiring products and domestic producer of copper-clad steel (“CCS”) and copper-clad aluminum (“CCA”) wire. Copperweld Bimetallics was founded in 1915 and is based in Brentwood, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-29 Stratus Video Interpreting

Clearwater, Florida, United States

Stratus Video LLC is a cloud-based video remote interpretation service that allows people to meet the growing need for language services quickly and cost-effectively. Stratus Video Interpreting was founded in 2011 and is based in Clearwater, Florida.

Sell $475M
Buyer

Audax Private Debt

New York, New York, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 5.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Mezzanine is the mezzanine finance arm of the Audax Group. The Firm focuses on investing in both private and public, US-based middle market companies with a strong history of cash flows and consistent revenue growth. Audax will consider subordinated mezzanine debt commitments, second lien or junior secured debt, preferred stock and common stock. The Firm seeks to invest in companies with EBITDA between $10 and $100 million. Types of transaction include MBOs, LBOs, growth capital financings, acquisition financings, and recapitalizations. Audax Private Debt is based in New York, New York.


DEAL STATS #
Overall 65 of 120
Sector: Life Science M&A 2 of 2
Type: Secondary Buyout M&A Deals 28 of 58
State: Louisiana M&A 1 of 1
Country: United States M&A 64 of 118
Year: 2019 M&A 9 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-01 Ned s Home

Fairfield, New Jersey, United States

Ned's Home provides gutter cleaning, soft wash, and other related, non-discretionary residential services, including gutter maintenance, installation, and repair. Ned's Home was founded in 1965 and is based in Fairfield, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-19 ScentAir

Charlotte, North Carolina, United States

ScentAir is a provider of scent marketing solutions to many brands around the world. ScentAir offers 700+ scents as well as customized fragrances to help customers build brand identity and improve customer experiences. ScentAir was founded in 1994 and is based in Charlotte, North Carolina.

Buy -

Seller(S) 1

SELLER

Argenta Partners

Dallas, Texas, United States

Investor Investor Investor


Category Private Equity Firm
Founded 1989
Size Small
Type Sector Agnostic
DESCRIPTION

Argenta Partners is a private equity group that acquires controlling equity stakes in growth-oriented, mid-sized companies. Argenta will consider a variety of transaction situations; including, recapitalizations, buyouts, divestitures, and consolidations. Broad sectors of interest include manufacturing, service, transportation, and value-added distribution. Prospective companies generally have revenues of $10 to $125 million and EBITDA of at least $2 million. The Firm avoids investing in businesses with rapidly changing technology; or in retail, banking, real estate or commodity businesses. Argenta Partners was formerly known as Lynch Investment Company. Argenta Partners was established in 1989 and is based in Dallas, Texas.


DEAL STATS #
Overall 7 of 8
Sector: Life Science M&A 1 of 1
Type: Secondary Buyout M&A Deals 2 of 2
State: Louisiana M&A 1 of 1
Country: United States M&A 7 of 8
Year: 2019 M&A 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-25 OTTR Chronic Care Solutions

Omaha, Nebraska, United States

OTTR Chronic Care Solutions is a provider of organ transplant software in U.S. The Company develops software products which increase the quality of patient care, improve workflow management and provide operational efficiencies for the healthcare industry. OTTR Chronic Care Solutions is based in Omaha, Nebraska.

Sell $16M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-31 Fleetwood

South Diboll, Texas, United States

FleetWood is a specialty truckload carrier serving primarily the forest products and paper mill industries. Fleetwood was founded in 1956 and is based in South Diboll, Texas.

Sell -