M&A Deal Summary

Kinderhook Industries Acquires Medical Card System

On January 4, 2022, private equity firm Kinderhook Industries acquired insurance company Medical Card System from JLL Partners and Advent Morro Equity Partners

Acquisition Highlights
  • This is Kinderhook Industries’ 4th transaction in the Insurance sector.
  • This is Kinderhook Industries’ 1st transaction in Puerto Rico.

M&A Deal Summary
Date 2022-01-04
Target Medical Card System
Sector Insurance
Buyer(s) Kinderhook Industries
Sellers(s) JLL Partners
Advent Morro Equity Partners
Deal Type Secondary Buyout
Advisor(s) Guggenheim Securities (Financial)
Skadden, Arps, Slate, Meagher & Flom
O'Neill & Borges (Legal)

Target

Medical Card System

Hato Rey, Puerto Rico
Medical Card System provides commercial health insurance through its fully-insured and cost-plus business lines to some of the largest multi-national employers in Puerto Rico, such as Baxter, Pfizer, HP, Nestlé and Microsoft. Medical Card System was founded in 1982 and is based in Hato Rey, Puerto Rich.

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Buyer(S) 1

Buyer

Kinderhook Industries

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2003
PE ASSETS 5.0B 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 52 of 62
Sector (Insurance) 4 of 4
Type (Secondary Buyout) 10 of 12
Country (Puerto Rico) 1 of 1
Year (2022) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-23 Race Winning Brands

Mentor, Ohio, United States

Race Winning Brands is a designer, manufacturer, and distributor of branded automotive aftermarket and powersports aftermarket products for enthusiast and racing consumers. RWB consists of a 12-brand portfolio of high-performance aftermarket product categories, with applications across a diverse group of automotive and powersports vehicle segments. According to industry research, the enthusiast powersport segment has seen annualized growth of 10-15 percent over the last 18 months with forecasted growth of six to eight percent over the next 12 months. Racing Winning Brands is based in Mentor, Ohio.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-06 REIC

Kalispell, Montana, United States

REIC is an equipment rental company that provides construction and industrial equipment for rent, as well as used equipment for sale. The Company operates equipment rental stores throughout the Mountain West region of the United States. REIC was founded in 2014 and is based in Kalispell, Montana.

Buy -

Seller(S) 2

SELLER

JLL Partners

New York, New York, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 1988
PE ASSETS 5.8B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

JLL Partners, Inc. is a private equity investment firm that invests alongside management in middle-market companies. JLL prefers control investments in sectors such as healthcare services, medical products, food and consumer products, chemicals, broadcasting, transportation, automotive, industrial manufacturing, and distribution. In addition to traditional buyout transaction, JLL also seeks distressed/turnaround situations. JLL Partners was formed in 1988 and is based in New York City.

DEAL STATS #
Overall 20 of 22
Sector (Insurance) 1 of 1
Type (Secondary Buyout) 5 of 5
Country (Puerto Rico) 1 of 1
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-10 Modus Create

Reston, Virginia, United States

Modus Create is a global provider of digital transformation and product development services. It builds customer-centric products, processes, and platforms to help businesses succeed in the digital economy. Modus Create's global team of strategists, designers, and technologists have helped the world’s biggest brands such as Burger King, Kaplan, AARP, PBS, and Time deliver powerful digital experiences to their clients. The company works in an iterative, outcome-driven way to support our clients with product strategy, customer experience (CX), full-stack Agile software development, and security. Modus Create was founded in 2011 and is based in Reston, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-25 Pioneer Landscape

Highlands Ranch, Colorado, United States

Pioneer Landscape is a distributor of hardscaping materials in the southwestern United States, offering an extensive range of products, including decorative stone, sand, gravel, mulch, pavers, retaining walls, and other materials, to landscape contractors, commercial accounts and homeowners. The company has over 30 retail locations in Colorado and Arizona and sources products from a variety of suppliers, including internally operated quarries and production facilities. Pioneer Landscape was founded in 1968 and is based in Highlands Ranch, Colorado.

Sell -
SELLER

Advent Morro Equity Partners

San Juan, Puerto Rico

Investor Investor

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

Advent Morro Equity Partners is a private equity firm focused on opportunities connected to Puerto Rico. The FIrm invests in companies operating in Puerto Rico, Puerto Rican companies expanding into the US, and established US-based companies whose products or services target the US hispanic market. Advent Morro’s seeks to team with management teams looking for capital to accelerate growth organically or through acquisitions. The Firm looks to invest $5 to $10 million in companies with annual revenues between $5 and $20 million. Sectors of interest include healthcare, hospitality, telecommunications, software-development, distribution, education and medical insurance. The Firm will consider a variety of investment situations, including MBOs, corporate divestitures, turnarounds, recapitalization of family owned businesses, and industry consolidation. Advent Morro Equity Partners was formed 1989 and is based in San Juan.

DEAL STATS #
Overall 6 of 6
Sector (Insurance) 1 of 1
Type (Secondary Buyout) 1 of 1
Country (Puerto Rico) 2 of 2
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-13 Quality Water Service

Guaynabo, Puerto Rico

Quality Water Service provides businesses in Puerto Rico with point-of-use (POU) bottle-less water coolers and filtration systems. The company has been a distributor of Waterlogic dispensers, delivering the highest standards of water quality and offering sustainable hydration solutions for both business and residential customers. Quality Water Service is based in Guaynabo, Puerto Rico.

Sell -
Mergr

Product

Company

Legal