M&A Deal Summary

Linden Capital Partners, Golub Capital and Northwestern Mutual Capital Acquire Regenity Biosciences

On August 1, 2019, private equity firm Linden Capital Partners, lender Golub Capital and corporate investor Northwestern Mutual Capital acquired medical products company Regenity Biosciences from Metalmark Capital

Acquisition Highlights
  • This is Linden Capital Partners’ 9th, Golub Capital’s 7th and Northwestern Mutual Capital’s 2nd transaction in the Medical Products sector.
  • This is Linden Capital Partners’ 33rd, Golub Capital’s 58th and Northwestern Mutual Capital’s 5th transaction in the United States.
  • This is Linden Capital Partners’ 3rd, Golub Capital’s 4th and Northwestern Mutual Capital’s 1st transaction in New Jersey.

M&A Deal Summary
Date 2019-08-01
Target Regenity Biosciences
Sector Medical Products
Buyer(s) Linden Capital Partners
Golub Capital
Northwestern Mutual Capital
Sellers(s) Metalmark Capital
Deal Type Secondary Buyout
Advisor(s) Robert W. Baird & Co., Inc.
Piper Jaffray Companies (Financial)
Ropes & Gray (Legal)

Target

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.

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Buyer(S) 3

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 (Medical Products) 9 of 12
Type (Secondary Buyout) 10 of 18
State (New Jersey) 3 of 3
Country (United States) 33 of 47
Year (2019) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-01 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.

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

Golub Capital

New York, New York, United States

Investor Investor Investor Investor Investor

Category Lender
Founded 1994
PE ASSETS 55.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Golub Capital is a private investment firm focused on making debt and equity investments in US based middle-market companies. Golub looks to invest between $5 and $75 million in businesses with established operating cash flow, strong customer relationships, and 'sustainable proprietary positions in their markets'. Prospective investment structures include refinancings, recapitalizations, buyouts, and growth financings. Sectors of interest include consumer products, business and consumer services, defense, manufacturing, value-added distribution, media, healthcare services and restaurants. Golub Capital was formed in 1994 and maintains offices in New York City, Atlanta, and Chicago.

DEAL STATS #
Overall 60 of 68
Sector (Medical Products) 7 of 7
Type (Secondary Buyout) 25 of 27
State (New Jersey) 4 of 5
Country (United States) 58 of 66
Year (2019) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-17 Uinta Brewing

Salt Lake City, Utah, United States

Uinta Brewing is a micro brewery serving the Western US. Named after the only major east-west running mountain range located in the continental U.S., Uinta Brewing Company’s journey began in 1993 with the reality that passion for craft beer and a hankering for the great outdoors could align in Salt Lake City, Utah. Built on an axis point that endorses sustainability, community involvement and innovation, their compass guides them on a path to admirable, consistent craft beer leading consumers to discover a brand with passion, personality and soul. Uinta Brewing was founded in 1993 and is based in Salt Lake City, Utah.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-08 iPipeline

Exton, Pennsylvania, United States

iPipeline is a provider of cloud-based software solutions for the life insurance and financial services industries. Through its SSG Digital, end-to-end platform, iPipeline accelerates and simplifies sales, compliance, operations, and support. iPipeline provides process automation and seamless integration between every participant in its ecosystem including carriers, agents, general agencies, advisors, broker-dealers, RIAs, banks, securities/mutual fund firms, and consumers on a global basis.

Sell $1.6B
Buyer

Northwestern Mutual Capital

Milwaukee, Wisconsin, United States

Investor Investor Investor Investor Investor

Category Corporate Investor
PE ASSETS 4.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Northwestern Mutual Capital is a wholly-owned subsidiary of The Northwestern Mutual Life Insurance Company, which is also its largest client. Northwestern Mutual Capital manages private assets for its clients across a portfolio of investment grade private placements, mezzanine and equity co-investments in private equity transactions and private equity funds. Northwestern Mutual Capital is based in Milwaukee, Wisconsin.

DEAL STATS #
Overall 6 of 7
Sector (Medical Products) 2 of 2
Type (Secondary Buyout) 3 of 3
State (New Jersey) 1 of 1
Country (United States) 5 of 6
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-10 Valicor Environmental Services

Monroe, Ohio, United States

Valicor Environmental Services is a provider of non-hazardous wastewater treatment services in North America. Leveraging its extensive fleet of tankers and a network of strategically located centralized wastewater treatment (“CWT”) facilities, the Company transports and processes diverse wastewater streams that result from the manufacture of industrial and consumer goods. Valicor helps customers dispose of oily water, leachate, soaps, line flush waste, and similar waste streams, and it also provides a diverse set of landfill solidification and product destruction services. Valicor Environmental Services was established in 1982 and is based in Monroe, Ohio.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-27 Waterfront Brands

Fergus Falls, Minnesota, United States

Waterfront Brands is a designer and manufacturer of premium watercraft lifts, docks, and related accessories. Under its three flagship brands, ShoreMaster, HydroHoist, and Neptune, Waterfront offers a complete product line-up to its more than 700 independent dealers and distributors across North America as well as sells direct-to-consumer through both retail locations and its eCommerce websites. Waterfront Brands is based in Fergus Falls, Minnesota.

Buy -

Seller(S) 1

SELLER

Metalmark Capital

New York, New York, United States
Category Private Equity Firm
Founded 2004
PE ASSETS 8.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Metalmark Capital is an independent private equity group focused on large company transactions in a wide range of industries. Metalmark is a hands-on investment firm looking to build long-term value in its portfolio companies. Broad areas of interest include natural resources/energy, healthcare services, industrials, food, transportation, and financial services. Metalmark was established in 2004 by the former principals of Morgan Stanley Capital Partners to manage the Metalmark Capital and Morgan Stanley Capital Partners funds. Metalmark is based in New York City.

DEAL STATS #
Overall 36 of 40
Sector (Medical Products) 1 of 1
Type (Secondary Buyout) 5 of 6
State (New Jersey) 1 of 1
Country (United States) 35 of 37
Year (2019) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-09 Innovetive Petcare

Austin, Texas, United States

Innovetive Petcare owns and operates veterinary hospitals across the country. Our clinics benefit from tools, resources, and a great support team dedicated to helping veterinary practices prosper and grow. Innovetive Petcare was established in 2015 and is based in Austin, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-12 Reliance Gathering

Midland, Texas, United States

Reliance Gathering is a private oil and gas company focused on developing upstream and midstream assets. The Company has over 100,000 net acres in the Permian Basin, including approximately 40,000 net acres in the prolific Northern Midland Basin. Reliance Gathering is based in Midland, Texas.

Sell $356M
Mergr

Product

Company

Legal