M&A Deal Summary

Linden Capital Partners and Twin Brook Capital Partners Acquire RQM+

On August 16, 2021, private equity firm Linden Capital Partners and mezzanine finance firm Twin Brook Capital Partners acquired medical products company RQM+ from DFW Capital Partners, PNC Erieview Capital and Chartwell Investments Entrepreneur & Founder Capital

Acquisition Highlights
  • This is Linden Capital Partners’ 11th and Twin Brook Capital Partners’ 1st transaction in the Medical Products sector.
  • This is Linden Capital Partners’ 40th and Twin Brook Capital Partners’ 18th transaction in the United States.
  • This is Linden Capital Partners’ 3rd and Twin Brook Capital Partners’ 2nd transaction in Pennsylvania.

M&A Deal Summary

Date 2021-08-16
Target RQM+
Sector Medical Products
Buyer(s) Linden Capital Partners
Twin Brook Capital Partners
Sellers(s) DFW Capital Partners
PNC Erieview Capital
Chartwell Investments Entrepreneur & Founder Capital
Deal Type Secondary Buyout
Advisor(s) Harris Williams & Co. (Financial)
Ice Miller (Legal)

Target

RQM+

Monroeville, Pennsylvania, United States
RQM+ is a medical device and diagnostics-focused, regulatory, and quality consulting firm. The company delivers transformative solutions by providing unrivaled collective expertise, fueled by a passion for client success. RQM+’s experts are collaborative, laser-focused on client needs, and committed to delivering high-value solutions that exceed expectations. RQM+ is based in Monroeville, Pennsylvania.

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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 40 of 48
Sector (Medical Products) 11 of 12
Type (Secondary Buyout) 13 of 18
State (Pennsylvania) 3 of 3
Country (United States) 40 of 47
Year (2021) 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-26 Flexan

Lincolnshire, Illinois, United States

Flexan is a global manufacturer of custom, high-precision silicone, thermoplastic, and specialty rubber components for a broad array of product and industry applications, primarily used in medical devices, but also in hearing technology, miniature pneumatics, industrial controls, and aerospace & defense industries, among others. Founded in 1946, the Company has over 900 employees located across manufacturing facilities in the greater Chicago area, Salt Lake City, and Suzhou, China.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-24 BioIVT

Hicksville, New York, United States

BioIVT is a provider of biological products to life sciences and pharmaceutical companies. BioIVT specializes in control and disease state matrices manufactured from human and animal blood, plasma, serum, tissues, and other fluids which are used in drug discovery, compound development, clinical and research diagnostics. BioIVT was founded in 1981 and is based in Hicksville, New York.

Buy -
Buyer
DESCRIPTION

Twin Brook Capital Partners is a provider of senior financing to small and mid-sized profitable companies. The Firm looks to offer a variety of credit and equity solutions including revolvers, senior loans, unitranche loans, mezzanine financing, and equity co-investment to US-based companies with $3 to $50 million in EBITDA. Target sectors include industrial, manufacturing, business services, financial services, insurance, aerospace/defense, distribution, healthcare, and software/tech enabled services. Twin Brook Capital Partners is based in Chicago, Illinois.


DEAL STATS #
Overall 19 of 23
Sector (Medical Products) 1 of 1
Type (Secondary Buyout) 10 of 10
State (Pennsylvania) 2 of 2
Country (United States) 18 of 22
Year (2021) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-17 Window Nation

Fulton, Maryland, United States

Window Nation is a DTC provider of windows and related products for the residential repair and replacement market in the United States. Window Nation was founded in 2006 and is based in Fulton, Maryland.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-16 Pink Lily

Bowling Green, Kentucky, United States

Pink Lily is a direct-to-consumer eCommerce retailer of women’s apparel, footwear, and accessories. The Company seeks to empower women by providing an ever-changing assortment of affordable products. Pink Lily was founded in 2014 and is based in Bowling Green, Kentucky.

Buy -

Seller(S) 3

SELLER

DFW Capital Partners

New York, New Jersey, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1983
PE ASSETS 600M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

DFW Capital Partners is a private equity firm that invests in high-growth middle-market service companies generating revenues up to $200 million. Specific service areas of interest include business services, industrial services, and healthcare services. Prospective transactions include growth capital financing, acquisition financing, management buyouts, and recapitalization. DFW will not invest in start-ups, real estate, or pure R&D companies. DFW Capital Partners was formed in 1983 and is based in Teaneck, New Jersey.


DEAL STATS #
Overall 22 of 26
Sector (Medical Products) 1 of 1
Type (Secondary Buyout) 11 of 12
State (Pennsylvania) 3 of 5
Country (United States) 22 of 26
Year (2021) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-15 Vantage Insurance Partners

New York, New York, United States

Vantage Insurance Partners acquires majority (55%-85%) positions in retail agencies, managing general agencies, wholesalers and specialty insurance-related companies nationwide. Vantage Insurance Partners is based in New York City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-01 ISI

Herndon, Virginia, United States

ISI is a provider of technology-based compliance and cybersecurity services. The Company operates three divisions comprising Managed Security Services, Managed Network Services, and Security Control Software. ISI was founded in 2010 and is based in Herndon, Virginia.

Buy -
DESCRIPTION

PNC Erieview Capital is a provider equity and junior capital to middle-market companies throughout the US and Canada. The Firm looks to support private equity sponsor-led buyouts and recapitalizations, non-sponsored buyouts, family office buyouts, and growth equity needs. PNC Erieview typically works with profitable companies (EBITDA greater than $5 million) valued from $20 to $250 million. Areas of interest include distribution, consumer products, healthcare, manufacturing, and services. The Firm was originally known as National City Equity Partners and was established in 1979. PNC Erieview Capital is based in Cleveland, Ohio.


DEAL STATS #
Overall 8 of 14
Sector (Medical Products) 1 of 1
Type (Secondary Buyout) 5 of 7
State (Pennsylvania) 1 of 1
Country (United States) 8 of 14
Year (2021) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-09 LTC Ally

Lakewood, New Jersey, United States

LTC Ally is a provider of revenue cycle management (“RCM”), finance, accounts payable, insurance contracting and credentialing, and other office management services to hundreds of skilled nursing facilities (“SNFs”) and other healthcare providers nationwide. LTC Ally was founded in 2006 and is based in Lakewood, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-17 Helix Traffic

Christiana, Tennessee, United States

Helix Traffic is a provider of traffic control services and traffic control devices to private and public entities with service offerings that include flagging, installation and maintenance of work zones, installation of temporary and permanent signage, and other related traffic management services. Helix Traffic is based in Christiana, Tennessee.

Buy -
SELLER

Chartwell Investments Entrepreneur & Founder Capital

New York, New York, United States

Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 700M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Chartwell Investments is a private equity firm that invests in US-based, mid-sized companies with 'strong market positions, sound business models, and meaningful growth prospects'. Areas of interest include consumer products, light manufacturing, distribution, infrastructure, natural resources, energy, building products, and business services. Chartwell seeks to invest $10 to $200 million of equity in transactions that include buyouts, recapitalization, and growth equity financings. The Firm has a special interest in solving family succession issues, intricate tax and public securities problems, as well as creating strategic partnerships. Chartwell will also consider turnaround situations or companies requiring operational improvement. Chartwell Investments was formed in 1992 and is based in New York City.


DEAL STATS #
Overall 7 of 8
Sector (Medical Products) 1 of 2
Type (Secondary Buyout) 3 of 4
State (Pennsylvania) 1 of 2
Country (United States) 7 of 8
Year (2021) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-11 RQM+

Monroeville, Pennsylvania, United States

RQM+ is a medical device and diagnostics-focused, regulatory, and quality consulting firm. The company delivers transformative solutions by providing unrivaled collective expertise, fueled by a passion for client success. RQM+’s experts are collaborative, laser-focused on client needs, and committed to delivering high-value solutions that exceed expectations. RQM+ is based in Monroeville, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-27 TTG Imaging Solutions

Pittsburgh, Pennsylvania, United States

TTG Imaging Solutions is a provider of end-to-end comprehensive services including imaging equipment sales (new and refurbished), equipment service and repair, and imaging administration (technician staffing, radiopharmaceutical supply) for nuclear, echo, and vascular cardiac systems. TTG Imaging Solutions is based in Pittsburgh, Pennsylvania.

Sell -