M&A Deal Summary

Levine Leichtman Capital Partners Acquires Genova Diagnostics

On November 13, 2013, mezzanine finance firm Levine Leichtman Capital Partners acquired healthcare services company Genova Diagnostics from Ferrer Freeman & Co. and Nautic Partners

Acquisition Highlights
  • This is Levine Leichtman Capital Partners’ 2nd transaction in the Healthcare Services sector.
  • This is Levine Leichtman Capital Partners’ 34th transaction in the United States.
  • This is Levine Leichtman Capital Partners’ 2nd transaction in North Carolina.

M&A Deal Summary

Date 2013-11-13
Target Genova Diagnostics
Sector Healthcare Services
Buyer(s) Levine Leichtman Capital Partners
Sellers(s) Ferrer Freeman & Co.
Nautic Partners
Deal Type Secondary Buyout
Advisor(s) Lazard Middle Market (Financial)
Goodwin Procter (Legal)

Target

Genova Diagnostics

Asheville, North Carolina, United States
Genova Diagnostics is a specialty clinical laboratory focused on the identification and treatment of diseases, as well as providing critical information to support continued wellness and disease prevention. Genova Diagnostics was founded in 1986 and is based in Asheville, North Carolina.

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Buyer(S) 1

Buyer

Levine Leichtman Capital Partners

Beverly Hills, California, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1984
PE ASSETS 12.9B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Levine Leichtman Capital Partners (LLCP) is a West Coast US based private investment firm that targets mezzanine and other structured equity investments in middle-market companies. The Firm has several funds, each with different strategies. LLCP's larger fund targets subordinated debt, preferred equity, and/or common equity investments in companies with $100 to $750 million of revenue. The Firm's smaller fund invests $5 to $15 million in emerging companies with less than $25 million in revenue. LLCP also invests in financially distressed businesses. LLCP was formed in 1984 and has offices in Beverly Hills, California; Chicago, Illinois; Dallas, Texas; New York City; and London.


DEAL STATS #
Overall 35 of 92
Sector: Healthcare Services M&A 2 of 4
Type: Secondary Buyout M&A Deals 5 of 37
State: North Carolina M&A 2 of 3
Country: United States M&A 34 of 74
Year: 2013 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-21 SFERRA

Edison, New Jersey, United States

SFERRA is a luxury linen and home lifestyle company, with a leading consumer brand known for design, textile innovation, trusted quality, and craftsmanship. SFERRA was founded in 1891 and is based in Edison, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-06 Polyform Products

Elk Grove Village, Illinois, United States

Polyform Products is a developer, manufacturer, and marketer of polymer clay products worldwide. Polyform Products was founded in 1967 and is based in Elk Grove Village, Illinois.

Buy -

Seller(S) 2

SELLER

Ferrer Freeman & Co.

Greenwich, Connecticut, United States

Category Private Equity Firm
Founded 1995
PE ASSETS 900M USD
Size Middle-Market
Type Sector Focused
DESCRIPTION

Ferrer Freeman & Co. (FFC) is a private equity firm that invests exclusively in healthcare companies generating sales minimum $20 to $200 million. FFC also invests in clinical products and outsourcing/infrastructure businesses serving the healthcare sector. FFC looks to commit $10 to $40 million per transaction and focuses primarily on growth capital financings and build-ups. However, the Firm will also selectively fund buyouts as well. Ferrer Freeman & Co. LLC was formed in 1995 and is based in Greenwich, Connecticut.


DEAL STATS #
Overall 20 of 25
Sector: Healthcare Services M&A 9 of 11
Type: Secondary Buyout M&A Deals 3 of 7
State: North Carolina M&A 1 of 1
Country: United States M&A 20 of 25
Year: 2013 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-13 Amerita

Irvine, California, United States

Amerita is a specialty infusion company focused on providing complex pharmaceutical products and clinical services to patients outside of the hospital.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-07 Ardent Health Services

Brentwood, Tennessee, United States

Ardent Health Services is a premier provider of health care services and operates acute care hospitals across the United States. Ardent is based in Brentwood, Tennessee.

Sell -
SELLER

Nautic Partners

Providence, Rhode Island, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1986
PE ASSETS 9.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Nautic Partners is a private equity firm focused on middle-market company investments based in the US. Nautic looks to invest $50 to $400 million of equity in businesses valued between $100 million and $1 billion. Nautic's industry focus is business services, manufacturing, healthcare, and communications. Prospective investment structures include buyouts, recapitalizations, consolidations, and growth financings. Nautic prefers majority investment positions. Nautic Partners was formed in 1986 and is based in Providence, Rhode Island.


DEAL STATS #
Overall 25 of 47
Sector: Healthcare Services M&A 4 of 7
Type: Secondary Buyout M&A Deals 8 of 20
State: North Carolina M&A 1 of 1
Country: United States M&A 25 of 46
Year: 2013 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-07-15 Eagle Infrastructure Services

Houston, Texas, United States

Eagle Infrastructure Services provides third-party inspection services for the maintenance of oil and natural gas transmission, distribution, midstream and gathering lines, and other critical infrastructure. Other infrastructure includes refinery, power plant, compressor and pump stations, and mechanical integrity projects. A-C also offers complementary, specialized nondestructive and qualification services across the entire spectrum of the industry. Eagle Infrastructure Services was founded in 1991 and is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-09 QoL Meds

Pittsburgh, Pennsylvania, United States

QoL is a leading specialty pharmacy serving the mental health community. The Company operates 87 pharmacies nationwide. QoL was founded in 2000 and is headquartered in Pittsburgh, PA

Buy -