M&A Deal Summary

Linden Capital Partners Acquires LifeStyles

On December 1, 2022, private equity firm Linden Capital Partners acquired consumer products company LifeStyles from Trustar Capital and Humanwell Healthcare

Acquisition Highlights
  • This is Linden Capital Partners’ 2nd transaction in the Consumer Products sector.
  • This is Linden Capital Partners’ 1st transaction in Singapore.

M&A Deal Summary

Date 2022-12-01
Target LifeStyles
Sector Consumer Products
Buyer(s) Linden Capital Partners
Sellers(s) Trustar Capital
Humanwell Healthcare
Deal Type Secondary Buyout
Advisor(s) CG Sawaya Partners
Houlihan Lokey (Financial)

Target

LifeStyles

Singapore, Singapore
LifeStyles is specialized in sexual wellness sector, possessing a broad product range. LifeStyles was founded in 1905 and is based in Singapore.

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Buyer(S) 1

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 47 of 48
Sector: Consumer Products M&A 2 of 2
Type: Secondary Buyout M&A Deals 17 of 18
Country: Singapore M&A 1 of 1
Year: 2022 M&A 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-21 Aspirion

Columbus, Georgia, United States

Aspirion is a specialty revenue cycle management vendor focused on helping hospitals and health systems process complex healthcare claims. Aspirion’s current focus is on worker's compensation, motor vehicle accident, and veterans affairs cases, which are time- and labor-intensive to process relative to traditional commercial healthcare claims. Aspirion was founded in 2006 and is based in Columbus, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-12-19 Spear Education

Scottsdale, Arizona, United States

Spear Education is dentistry’s source for continuing education that serves dentists of all clinical skill levels and transforms practices and the lives of patients by offering physical hands-on courses, extensive peer-to-peer regional learning, and comprehensive online educational tools. Spear Education is based in Scottsdale, Arizona.

Sell -

Seller(S) 2

SELLER

Trustar Capital

Hong Kong, China

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1978
PE ASSETS 8.7B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Trustar Capital is the private equity arm of financial services/asset manager CITIC Group. Trustar Capital separates its private equity investment activity into three groups; China, Japan, and the US. In general, Trustar looks to invest in companies with 'strong franchises', with established brands and high barriers to entry. For US-based opportunities, the firm looks to leverage its connections in China. Broad areas of interest include niche manufacturing, consumer products, and business services. The Firm does not invest in start-ups or distressed businesses. Trustar Capital is based in Hong Kong.


DEAL STATS #
Overall 26 of 28
Sector: Consumer Products M&A 2 of 2
Type: Secondary Buyout M&A Deals 8 of 8
Country: Singapore M&A 2 of 2
Year: 2022 M&A 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-18 MedAlliance

Nyon, Switzerland

MedAlliance is a privately-owned medical technology company that specializes in development of technology and commercialization of advanced drug-device combination products for the treatment of coronary and peripheral artery diseases. MedAlliance founded in 2008 and is based in Nyon, Switzerland.

Sell $1.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-01 Kaneko

Shizuoka, Japan

Kaneko is a recycling industry which provides one-stop services for the collection, transportation, and processing of various waste materials. Shizuoka was founded in 1948 and is based in Shizuoka, Japan.

Buy -
SELLER

Humanwell Healthcare

Wuhan, China

Category Company
Founded 1993
Sector Life Science
Employees17,650
Revenue 25.4B CNY (2024)
DESCRIPTION

Humanwell Healthcare is a fully integrated healthcare solution provider in Asia Pacific, North America, Europe and Africa. Founded in 1993 by a group of passionate college graduates, Humanwell has since transformed into a fully integrated healthcare solution provider. Humanwell has been active presence in over 10 countries and districts to date. Since its establishment, Humanwell has been endeavouring to bring safe and effective medicines to the world through the quality of its products and the integrity of its people. Humanwell Healthcare was founded in 1993 and is based in Wuhan, China.


DEAL STATS #
Overall 2 of 2
Sector: Consumer Products M&A 1 of 1
Type: Secondary Buyout M&A Deals 1 of 1
Country: Singapore M&A 1 of 1
Year: 2022 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-13 Wuhan Biological Products Research Institute Co.

Wuhan, China

Wuhan Biological Products Research Institute Co. Ltd. develops, manufactures and commercialises plasma-derived products for the Chinese domestic market. This includes albumin, immunoglobulin (Ig) for IV injection, as well as several hyperimmune Ig products. The company also has an advanced pipeline of multiple coagulation factor products that it plans to launch in the coming years, including plasma-derived Factor VIII. In addition, Ruide owns four plasma collection centres and one manufacturing facility in Wuhan, Central China.

Sell $352M