Secondary Buyout • Life Science

Linden Capital Partners and Audax Private Debt Acquire Chesapeake IRB

On December 31, 2015, private equity firm Linden Capital Partners and mezzanine finance firm Audax Private Debt acquired life science company Chesapeake IRB from Audax Private Equity and Apogem Capital

Acquisition Context
  • This is Linden Capital Partners’ 4th and Audax Private Debt’s 1st transaction in the Life Science sector.
  • This is Linden Capital Partners’ 21st and Audax Private Debt’s 50th transaction in the United States.
  • This is Linden Capital Partners’ 1st and Audax Private Debt’s 3rd transaction in Maryland.
Investment Fate
  • Chesapeake IRB merged with another company in 2017.

Explore All 189 Secondary Buyout Life Science Deals - Search the Database Free


M&A Deal Summary

Date December 31, 2015
Target Chesapeake IRB
Sector Life Science
Buyer(s) Linden Capital Partners
Audax Private Debt
Sellers(s) Audax Private Equity
Apogem Capital
Deal Type Secondary Buyout
Advisor(s) Houlihan Lokey (Financial)

Target Company

Chesapeake IRB

Columbia, Maryland, United States
Chesapeake Research Review, Inc. is a provider of independent IRB services for pharmaceutical companies, universities, individual researchers, academic medical centers, and community hospitals. Chesapeake Research Review was formed in 1993 and is based in Columbia, Maryland.
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Buyers Overview 2

Buyer

Linden Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 3.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Linden LLC is a private equity firm that invests in businesses involved in the healthcare and life science sectors. However, the firm also executes any size private equity transaction between $10 million to $2 billion through the firm's alliance with Madison Dearborn Partners. Linden is not a venture capital investor. The firm specializes in investments in non-core businesses owned by large corporations, as well as traditional management buyouts of independent companies. Linden LLC was formed in 2004 and is based in Chicago, Illinois.


Deal Context for Buyer #
Overall 21 of 50
Sector: Life Science 4 of 10
Type: Secondary Buyout 3 of 19
State: Maryland 1 of 4
Country: United States 21 of 48
Year: 2015 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-23 Smile Doctors

Dallas, Texas, United States

Smile Doctors operates as an orthodontic support organization in the U.S., providing business management and operational services to affiliated orthodontic practices. It supports a network of practices that offer orthodontic treatments such as braces and aligners, helping with administrative and operational functions so clinicians can focus on patient care. Smile Doctors was founded in 2015 and is based in Dallas, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-11 Corpak MedSystems

Buffalo Grove, Illinois, United States

CORPAK MedSystems is a developer, manufacturer and marketer of innovative medical devices focused on the enteral feeding and bedside location technology markets. The Company has established the leading market position in premium branded, adult, long-term nasogastric (“NG”) feeding tubes and offers a broad portfolio of other high quality, branded enteral products, including gastrostomy feeding tubes, gastric relief devices and enteral feeding safety devices.

Sell $174M
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 Context for Buyer #
Overall 51 of 120
Sector: Life Science 1 of 2
Type: Secondary Buyout 21 of 58
State: Maryland 3 of 5
Country: United States 50 of 118
Year: 2015 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-26 Taylor-Wharton International

Minnetonka, Minnesota, United States

Taylor-Wharton International designs and manufacturers a comprehensive range of stationary bulk and portable cryogenic storage systems for gas and liquid applications.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-06 CoolSys

Brea, California, United States

CoolSys is a refrigeration and HVAC services company, specializing in a full spectrum of best-in-class service experiences and solutions for customers in the retail, food service, commercial and industrial market segments. CoolSys was founded in 2001 and is based in Brea, California.

Sell -

Seller Profiles 2

SELLER

Audax Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 19.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Private Equity is a private equity firm focused on acquiring control positions in a variety of mid to large North American headquartered companies. The Firm segments its activities into lower middle-market and larger scale investing. Within its larger group, Audax targets profitable businesses valued up to $800 million and within its lower middle-market group, the Firm seeks companies valued up to $125 million. Sectors of interest include business services, consumer products/services, financial services, healthcare services, industrial services, software, and technology. Audax has a special interest in businesses that can benefit from a buy and build investment strategy for growth. Audax Private Equity was formed in 1999 and is based in Boston, Massachusetts.


Deal Context for Seller #
Overall 43 of 110
Sector: Life Science 2 of 4
Type: Secondary Buyout 21 of 62
State: Maryland 2 of 3
Country: United States 41 of 104
Year: 2015 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-21 KODA Distribution Group

Stamford, Connecticut, United States

KODA Distribution Group LLC is a distributor of specialty chemicals through its Monson, GMZ and Ribelin operating units.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-01 Imperial Dade

Jersey City, New Jersey, United States

Imperial Dade is an independent distributor of consumable paper and plastic packaging and supplies sold primarily to the restaurant and retail industries in the New York Tri-State area. Imperial Dade sells foodservice products, healthcare supplies, bags and liners, chemicals, janitorial goods, and safety supplies. Imperial Dade was founded in 1932 and is based in Jersey City, New Jersey.

Buy -
SELLER

Apogem Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 2001
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apogem Capital is a diversified alternative investment manager and subsidiary of insurance provider, New York Life. Apogem manages a variety of investment strategies including private equity, private credit, and real assets. Within private equity, the Firm looks to make fund, direct, and secondary investments, as well as acquire GP stakes. Within its direct investing activity, Apogem targets mid-sized companies valued up to $250 million and will consider businesses throughout North America and Europe. Apogem Capital formed as the result of New York Life combining PA Capital, Madison Capital Funding, and Goldpoint Partners into one entity. Apogem Capital is based in New York City.


Deal Context for Seller #
Overall 18 of 52
Sector: Life Science 1 of 1
Type: Secondary Buyout 8 of 25
State: Maryland 1 of 1
Country: United States 18 of 52
Year: 2015 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-08 CoAdvantage

Tampa, Florida, United States

CoAdvantage engages in human resource solutions, providing Professional Employer Organization (PEO) services to small and medium-sized businesses nationwide. CoAdvantage specializes in and excels at handling human resources. CoAdvantage are HR experts who work as your outsourcing partner to administer payroll, benefits, workers’ compensation, and core HR functions. CoAdvantage was founded in 1997 and is based in Tampa, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-25 A&E Medical

Farmingdale, New Jersey, United States

A&E Medical Corp. is a designer and manufacturer of a high strength sternum closure system along with a wide variety of temporary cardiac pacing wires and extension leads, stainless steel sutures, surgical punches, electrosurgical instruments, and neurosurgical scalp clips. A&E Medical was founded in 1968 and is based in Farmingdale, New Jersey.

Buy -