M&A Deal Summary

Linden Capital Partners and Audax Private Equity Acquire HOPCo

On August 1, 2019, private equity firms Linden Capital Partners and Audax Private Equity acquired healthcare services company HOPCo

Acquisition Highlights
  • This is Linden Capital Partners’ 9th and Audax Private Equity’s 15th transaction in the Healthcare Services sector.
  • This is Linden Capital Partners’ 33rd and Audax Private Equity’s 120th transaction in the United States.
  • This is Linden Capital Partners’ 2nd and Audax Private Equity’s 3rd transaction in Arizona.

M&A Deal Summary
Date 2019-08-01
Target HOPCo
Sector Healthcare Services
Buyer(s) Linden Capital Partners
Audax Private Equity
Deal Type Buyout (LBO, MBO, MBI)

Target

HOPCo

Phoenix, Arizona, United States
HOPCo is a vertically integrated provider of musculoskeletal care services, including physician practice management, hospitals, ambulatory surgery centers, and ancillary services in Arizona, Michigan, and Florida. HOPCo is based in Phoenix, Arizona.

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Buyer(S) 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 STATS #
Overall 33 of 48
Sector (Healthcare Services) 9 of 13
Type (Buyout (LBO, MBO, MBI)) 11 of 13
State (Arizona) 2 of 3
Country (United States) 33 of 47
Year (2019) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-01 Regenity Biosciences

Paramus, New Jersey, United States

Regenity Biosciences is a developer and manufacturer of collagen-based medical products used for tissue and bone repair and regeneration. Collagen Matrix, Inc. develops proprietary products that are sold to OEM customers on either a contract or private label basis across orthopedic, sports medicine, dental, and neurosurgery end markets. Collagen Matrix, Inc. also offers partnership opportunities including distribution, contract product development, and contract manufacturing services. Regenity Biosciences was founded in 1997 and is based in Paramus, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-15 CORE Institute

Phoenix, Arizona, United States

CORE Institute is a provider of healthcare solutions, care redesign, and service line management for musculoskeletal medical practices. The company was founded to fulfill a vision of excellence in patient care encompassing the entire spectrum of orthopedic and neurosciences care. CORE Institute was founded in 2005 and is based in Phoenix, Arizona.

Buy -
Buyer

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 STATS #
Overall 125 of 167
Sector (Healthcare Services) 15 of 18
Type (Buyout (LBO, MBO, MBI)) 37 of 45
State (Arizona) 3 of 6
Country (United States) 120 of 158
Year (2019) 8 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-01 Stonewall Kitchen

York, Maine, United States

Stonewall Kitchen is a specialty food and home goods producer selling jams and jellies at local farmers' markets with a flavorful line of distinctive and high-quality products. Stonewall expanded the brand to include sauces, condiments, crackers, and baking mixes, always focusing on innovative product development, beautiful packaging, and exceptional guest service. Stonewall Kitchen was founded in 1991 and is based in York, Maine.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-15 CORE Institute

Phoenix, Arizona, United States

CORE Institute is a provider of healthcare solutions, care redesign, and service line management for musculoskeletal medical practices. The company was founded to fulfill a vision of excellence in patient care encompassing the entire spectrum of orthopedic and neurosciences care. CORE Institute was founded in 2005 and is based in Phoenix, Arizona.

Buy -
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