M&A Deal Summary

KKR and Bain Capital Private Equity Acquire Lake Region Medical

On November 22, 2005, private equity firms KKR and Bain Capital Private Equity acquired medical products company Lake Region Medical from KRG Capital Partners and First Analysis for 1.3B USD

Acquisition Highlights
  • This is KKR’s 1st and Bain Capital Private Equity’s 2nd transaction in the Medical Products sector.
  • This is KKR’s 65th and Bain Capital Private Equity’s 44th largest (disclosed) transaction.
  • This is KKR’s 23rd and Bain Capital Private Equity’s 30th transaction in the United States.
  • This is KKR’s 1st and Bain Capital Private Equity’s 2nd transaction in Minnesota.
Investment Fate
  • Lake Region Medical was sold to a publicly-traded strategic buyer in 2015 for 1.7B USD.

M&A Deal Summary
Date 2005-11-22
Target Lake Region Medical
Sector Medical Products
Buyer(s) KKR
Bain Capital Private Equity
Sellers(s) KRG Capital Partners
First Analysis
Deal Type Secondary Buyout
Deal Value 1.3B USD
Advisor(s) Credit Suisse Investment Banking (Financial)
Hogan Lovells (Legal)

Target

Lake Region Medical

Chaska, Minnesota, United States
Lake Region Medical is a developer and manufacture of OEM devices, supplying the world’s largest medical device companies with minimally invasive delivery solutions. Lake Region Medical was formed in 1947 and is based in Chaska, Minnesota.

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Buyer(S) 2

Buyer

KKR

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1976
PE ASSETS 267.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.

DEAL STATS #
Overall 38 of 484
Sector (Medical Products) 1 of 9
Type (Secondary Buyout) 4 of 107
State (Minnesota) 1 of 6
Country (United States) 23 of 210
Year (2005) 8 of 8
Size (of disclosed) 65 of 104
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-11-14 FL Selenia

Villastellone, TO, Italy

FL Selenia is a leading player in the development, manufacture and sale of lubricants and functional fluids for passenger, commercial and agricultural vehicles, and for industrial applications.

Buy $835M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-01 Privilege Underwriters

New York, New York, United States

Privilege Underwriters, Inc. is a U.S. insurance group specialized in the U.S. High Net Worth (“HNW”) insurance market, through TMHD’s wholly-owned subsidiary, HCC Insurance Holdings, Inc. (“TMHCC”) (hereinafter: “the Acquisition”).

Buy -
Buyer

Bain Capital Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1984
PE ASSETS 44.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Bain Capital Private Equity (BCPE), is the private equity investment arm of alternative asset management firm, Bain Capital. BCPE targets leveraged buyout and growth capital transactions in a wide variety of industries including information technology, communications, media, healthcare, industrial/manufacturing, retail/consumer, and financial services. Bain Capital is based in Boston with additional offices in New York, London, Mumbai, Hong Kong, Shanghai, Tokyo, and Munich.

DEAL STATS #
Overall 40 of 238
Sector (Medical Products) 2 of 6
Type (Secondary Buyout) 5 of 67
State (Minnesota) 2 of 3
Country (United States) 30 of 124
Year (2005) 8 of 8
Size (of disclosed) 44 of 72
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-11-03 FCI Electronics

Guyancourt, France

FCI Electronics is a manufacturer of connectors for use in electronic, micro-connector, electrical, and automotive applications.

Buy €1.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-01 SinoMedia Holding

Beijing, China

SinoMedia Holding is a media company in China. SinoMedia Holding was founded in 1999 and is based in Beijing, China.

Buy -

Seller(S) 2

SELLER

KRG Capital Partners

Denver, Colorado, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1996
PE ASSETS 4.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

KRG Capital Partners is a private equity investment firm focused on acquiring controlling interests in middle-market companies. Prospective transaction situations include owner recapitalizations, management buyouts of private companies, mangement buyouts of corporate divisions, outright purchases, and family successions. Target companies typically generate sales of $35 to $400 million and EBITDA of $10 to $100 million. Sectors of interest include healthcare services, medical technology and life sciences; business services and distribution; construction materials and services; transportation services; marketing; specialty finance and insurance; aerospace, defense, and government services; energy services and products; and infrastructure. KRG primarily looks for opportunities located in the US and Canada but will selectively consider investments in Western Europe. KRG was formed in 1996 and is based in Denver, Colorado with additional offices in Mill Valley, California and Las Vegas, Nevada.

DEAL STATS #
Overall 11 of 41
Sector (Medical Products) 3 of 6
Type (Secondary Buyout) 3 of 14
State (Minnesota) 1 of 2
Country (United States) 11 of 40
Year (2005) 6 of 6
Size (of disclosed) 2 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-11-16 Corporate Training Holdings

Centennial, Colorado, United States

Corporate Training Holdings, Inc. is the third-party provider of corporate training, workforce performance tools and professional services for technicians and customer service representatives in the cable industry.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-01 Cetero Research Solutions

Cary, North Carolina, United States

Contract Research Solutions (CRS) was formed to acquire leading Phase I contract research organizations (“CRO’s”). The first acquisition of CRS, PRACS Institute, is headquartered in Fargo, North Dakota and is serving the pharmaceutical, biotechnology and skin care industries including the leading generic and innovative pharmaceutical companies with full service on-site clinical, bioanalytical and data management capabilities.

Buy -
SELLER

First Analysis

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Venture Capital Firm
Founded 1981
PE ASSETS 800M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

First Analysis is a financial advisory and investment firm. First Analysis' private equity arm targets investments in growth companies at all stages of development. The Group looks for opportunities based primarily in the US and can commit up to $10 million of equity per transaction. Sectors of particular interest include outsourced services, (business/government services, education, environmental services, healthcare services, marketing services); information technology, (business integration, call centers, healthcare IT, network security, open source, sensor systems, transaction processing); and chemistry enabled businesses (advanced materials, chemicals, healthcare products, polymers, purification). First Analysis was formed in 1981 and is based in Chicago, Illinois.

DEAL STATS #
Overall 30 of 71
Sector (Medical Products) 2 of 4
Type (Secondary Buyout) 4 of 11
State (Minnesota) 1 of 3
Country (United States) 30 of 70
Year (2005) 7 of 7
Size (of disclosed) 1 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-10-03 CCS Medical

Farmers Branch, Texas, United States

CCS Medical, Inc. (formerly Chronic Care Solutions Inc) is a rapidly growing provider of quality home medical supplies and services to patients with chronic conditions throughout the United States. By working closely with healthcare professionals and healthcare organizations we ensure the seamless coordination and efficient delivery of critical medical supplies directly to our patients' doorsteps. We are a leader in the industry and are recognized as the most-recommended provider by healthcare professionals because of our commitment to quality, compliance and superior customer care.

Sell $360M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-01 Sourcecorp

Dallas,, Texas, United States

Sourcecorp Inc. (formerly F.Y.I. Inc.) is a leading, national, single-source provider of document and information outsourcing solutions. The company serves clients in information-intensive industries such as healthcare, law, banking, insurance, and government. Prior to its acquisition by an Apollo Management entity in 2006, Sourcecorp was publicly traded on the Nasdaq under the symbol SRCP.

Sell -
Mergr

Product

Company

Legal