M&A Deal Summary

Leonard Green & Partners and Cressey Acquire RestorixHealth

On September 2, 2015, private equity firms Leonard Green & Partners and Cressey acquired healthcare services company RestorixHealth from Sverica and Alcentra Capital

Acquisition Highlights
  • This is Leonard Green & Partners’ 4th and Cressey’s 13th transaction in the Healthcare Services sector.
  • This is Leonard Green & Partners’ 54th and Cressey’s 21st transaction in the United States.
  • This is Leonard Green & Partners’ 1st and Cressey’s 2nd transaction in Louisiana.
Investment Fate
  • RestorixHealth was sold to a consortium of financial buyers in 2021.

M&A Deal Summary

Date 2015-09-02
Target RestorixHealth
Sector Healthcare Services
Buyer(s) Leonard Green & Partners
Cressey
Sellers(s) Sverica
Alcentra Capital
Deal Type Secondary Buyout

Target

RestorixHealth

Metairie, Louisiana, United States
RestorixHealth is a provider of comprehensive wound care treatment centers that offer advanced wound care modalities as well as hyperbaric oxygen therapy (“HBOt”). RestorixHealth focuses on establishing in-hospital centers of excellence to treat the growing incidence of severe grade diabetic wounds of the lower extremities and wounds that are unresponsive to general wound care treatments. RestorixHealth was established in 1997 and is based in Metairie, Louisiana.

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Buyer(S) 2

Buyer

Leonard Green & Partners

Los Angeles, California, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 75.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Leonard Green & Partners is a mega-sized private equity firm that invests in established companies that are leaders in their respective markets. Leonard Green will consider investments in consumer and business services, consumer products, distribution, media, and retail. Typical transaction values for acquisitions are between $500 million and $2 billion, however, the firm is capable of closing transactions valued up to $5 billion. Types of transactions include public-to-private, recapitalizations of privately held businesses, growth capital, equity capital to facilitate acquisitions, turnarounds/restructurings, and acquisitions of divisions/assets from large corporations. Leonard Green & Partners was formed in 1989 and is based in Los Angeles, California.


DEAL STATS #
Overall 56 of 103
Sector (Healthcare Services) 4 of 11
Type (Secondary Buyout) 14 of 48
State (Louisiana) 1 of 1
Country (United States) 54 of 95
Year (2015) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-14 Ellucian

Reston, Virginia, United States

Ellucian is a higher education technology solutions provider. Ellucian’s products help colleges and universities manage their core administrative functions including enrollment, budget and financial planning, student information, human resources, strategic planning, and fundraising. Ellucian was founded in 1968 and is based in Reston, Virginia.

Buy $3.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-23 Petco Health and Wellness Company

San Diego, California, United States

Petco Health and Wellness Company is a health and wellness company focused on improving the lives of pets, pet parents, and their own Petco partners. The company is focused on delivering comprehensive wellness solutions through its products and services, and creating communities that deepen the pet-pet parent bond. It operates more than 1,500 Petco locations across the U.S., Mexico, and Puerto Rico, including a growing network of more than 100 in-store veterinary hospitals, and offer a complete online resource for pet health and wellness. Petco Health and Wellness Company was founded in 1965 and is based in San Diego, California.

Sell $4.6B
Buyer

Cressey

Chicago, Illinois, United States


Category Private Equity Firm
PE ASSETS 1.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Cressey & Company LP is a specialist private equity investment firm focused on buy-and-build opportunities in the healthcare sector. The firm invests in the range of $10 - $100 million and EBITA of at least $5 million. The firm specific areas of interest include hospitals, homecare, outpatient services, and specialty distribution. Types of transaction include buyout, growth and recapitalization. It also seeks controlling interest. Cressey & Company has offices in Chicago, Illinois and Nashville, Tennessee.


DEAL STATS #
Overall 22 of 34
Sector (Healthcare Services) 13 of 17
Type (Secondary Buyout) 4 of 7
State (Louisiana) 2 of 2
Country (United States) 21 of 33
Year (2015) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-20 VetCor

Norwell, Massachusetts, United States

VetCor owns and operates a national family of 272 veterinary hospitals employing over 4,700 veterinarians and supporting staff. VetCor hospitals provide a full range of general medical and surgical services for pets, as well as pharmacy needs and ancillary services such as boarding, grooming, and pet products. VetCor was founded in 1997 and is based in Norwell, Massachusetts.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-10 QualDerm Partners

Brentwood, Tennessee, United States

QualDerm Partners is a dermatology services organization providing management services and growth resources to progressive dermatology practices and skin care professionals throughout the southeastern US. QualDerm Partners is based in Brentwood, Tennessee.

Buy -

Seller(S) 2

SELLER

Sverica

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 2001
PE ASSETS 2.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Sverica Capital Management is a private equity firm that invests in stable or growing, smaller companies with valued less than $250 million. Sverica looks to commit $25 to $75 million per transaction and primarily targets buyout or divestiture situations and avoids businesses in need of restructuring. Broad areas of interest include IT, business services, healthcare, light manufacturing, and industrials. The Firm generally seeks majority control investments, but will also selectively consider minority situations. Sverica Capital Management was formed in 2001 and has offices in Boston and San Francisco.


DEAL STATS #
Overall 9 of 27
Sector (Healthcare Services) 1 of 4
Type (Secondary Buyout) 2 of 9
State (Louisiana) 1 of 1
Country (United States) 8 of 23
Year (2015) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-01 Ackerman Security Systems

Peachtree Corners, Georgia, United States

Ackerman Security Systems provides security systems and services for residential and commercial sectors. It offers motion detectors, smoke detectors, remote control systems, burglary and fire systems, access control, monitoring services, security consulting, CCTV surveillance systems, remote video viewing and storage systems, and video badging systems. Ackerman Security Systems was founded in 1992 and is based in Peachtree Corners, Georgia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-24 Stratus Unlimited

Mentor, Ohio, United States

Stratus Unlimited is a provider of signage and lighting services to customers across the US through a highly-scalable, vendor-managed, and asset-light business model. Stratus Unlimited was founded in 1953 and is based in Mentor, Ohio.

Sell -
SELLER

Alcentra Capital

New York, New York, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1998
PE ASSETS 540M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Alcentra Capital Corporation is the direct investment arm of asset management firm Alcentra. Alcentra capital looks to provide equity and subordinated debt to middle-market companies throughout North America. The Firm looks to invest $5 to $15 million per transaction in profitable companies with $5 to $15 million of EBITDA. Sectors of interest include healthcare, government services, business services, and defense. Alcentra Capital Corporation was formerly known as BNY Mellon-Alcentra Mezzanine Partners. The Group was originally established in 1998 and is based in New York City.


DEAL STATS #
Overall 27 of 40
Sector (Healthcare Services) 2 of 3
Type (Secondary Buyout) 6 of 8
State (Louisiana) 1 of 1
Country (United States) 26 of 38
Year (2015) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-05 Alpine Waste & Recycling

Commerce City, Colorado, United States

Alpine Waste & Recycling is a privately held commercial waste, recycling and compost collection company in Colorado. The company is entirely vertically integrated with a fleet of almost 100 collection vehicles, a recycling facility, compost processing plant, and the only privately held landfill in Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-24 GracoRoberts

Arlington, Texas, United States

GracoRoberts is a value-added distributor of paints and other coatings, adhesives, sealants, lubricants, composite materials, tapes and safety products used in the manufacture and maintenance, repair and overhaul of commercial, business and military aircraft. GracoRoberts also provides value-added services including custom repackaging, temperature-sensitive material handling, tinting, and supply chain management services to its customers. GracoRoberts was founded in 1938 and is based in Arlington, Texas.

Buy -