M&A Deal Summary

Linden Capital Partners, Golub Capital and Barings Private Equity Acquire Sage Dental Management

On October 8, 2012, private equity firm Linden Capital Partners, lender Golub Capital and private equity firm Barings Private Equity acquired healthcare services company Sage Dental Management from Prospect Capital Management and Beekman Group

Acquisition Highlights
  • This is Linden Capital Partners’ 5th, Golub Capital’s 3rd and Barings Private Equity’s 2nd transaction in the Healthcare Services sector.
  • This is Linden Capital Partners’ 15th, Golub Capital’s 24th and Barings Private Equity’s 17th transaction in the United States.
  • This is Linden Capital Partners’ 1st, Golub Capital’s 1st and Barings Private Equity’s 1st transaction in Florida.

M&A Deal Summary

Date 2012-10-08
Target Sage Dental Management
Sector Healthcare Services
Buyer(s) Linden Capital Partners
Golub Capital
Barings Private Equity
Sellers(s) Prospect Capital Management
Beekman Group
Deal Type Secondary Buyout

Target

Sage Dental Management

Boca Raton, Florida, United States
Sage Dental Management is a dental service organization providing comprehensive administrative support services and facilities. Sage Dental Management was founded in 1997 and is based in Boca Raton, Florida.

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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 15 of 48
Sector: Healthcare Services M&A 5 of 13
Type: Secondary Buyout M&A Deals 2 of 18
State: Florida M&A 1 of 2
Country: United States M&A 15 of 47
Year: 2012 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-09-12 Z-Medica

Wallingford, Connecticut, United States

Z-Medica LLC is a medical device company that develops, manufactures, and markets innovative hemostatic agents including the QuikClot family of products that rapidly enhance the body's natural coagulation process. Z-Medica LLC was founded in 2002 and is based in Wallingford, Connecticut.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-27 Behavioral Centers of America

Nashville, Tennessee, United States

Behavioral Centers of America LLC is a owner and operator of inpatient and outpatient psychiatric care facilities in Michigan, Ohio, and Texas.

Sell $145M
Buyer

Golub Capital

New York, New York, United States

Investor Investor Investor Investor Investor


Category Lender
Founded 1994
PE ASSETS 75.0B 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 24 of 69
Sector: Healthcare Services M&A 3 of 9
Type: Secondary Buyout M&A Deals 6 of 27
State: Florida M&A 1 of 7
Country: United States M&A 24 of 66
Year: 2012 M&A 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-08-07 Aptean

Alpharetta, Georgia, United States

Aptean provides industry-specific software solutions that help businesses manage their resources, supply chains, employees, and customer relationships. The company offers clients ERP, supply chain management, and customer experience solutions. Aptean was founded in 2012 and is based in Alpharetta, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-04 Trade Service Company

San Diego, California, United States

Trade Service Company LLC, is a provider of standardized product and price information to the mechanical, electrical, plumbing, industrial, automotive, and office products industries.

Sell -
Buyer

Barings Private Equity

Investor Investor


Category Private Equity Firm
Founded 1991
PE ASSETS 5.7B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Barings Private Equity is the private equity arm of global asset management firm Barings. The Group looks to invest in mezzanine, distressed, and other private equity transactions including secondaries and funds. Sectors of interest include manufacturing, business services, distribution, consumer products, consumer services, food products, packaging, and healthcare. Barings Private Equity was originally established in 1991 and is based in Charlotte, North Carolina.


DEAL STATS #
Overall 18 of 56
Sector: Healthcare Services M&A 2 of 2
Type: Secondary Buyout M&A Deals 7 of 21
State: Florida M&A 1 of 3
Country: United States M&A 17 of 50
Year: 2012 M&A 4 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-11 Laurel Funerals

Wolverhampton, United Kingdom

Laurel Funerals Ltd. is engaged in conducting funeral services. Laurel Funerals was formed in 1995 and is based in Wolverhampton.

Buy £38M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-10-09 ABC Industries

Winona Lake, Indiana, United States

ABC Industries is a fully integrated and diversified manufacturer of industrial and mining ventilation products. ABC Industries was founded in 1926 and is based in Winona Lake, Indiana.

Buy -

Seller(S) 2

SELLER

Prospect Capital Management

New York, New York, United States

Investor Investor Investor Investor Investor


Category Business Development Company
Founded 1988
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Prospect Capital Corporation is a publicly traded mezzanine debt and private equity firm that primarily provides non-control financing to support growth, recapitalizations, acquisitions, and development. Prospect will selectively consider control acquisitions by providing multiple levels of the capital structure. Prospect was initially formed in 1988 and went public 2004. The Firm is based in New York City.


DEAL STATS #
Overall 13 of 48
Sector: Healthcare Services M&A 1 of 3
Type: Secondary Buyout M&A Deals 4 of 23
State: Florida M&A 1 of 1
Country: United States M&A 13 of 47
Year: 2012 M&A 5 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-09-18 Evanta

Portland, Oregon, United States

Evanta Inc. is a provider of immersive leadership development programs for high-potential executives also in partnership with MIT Sloan School of Management, University of Texas McCombs School of Business, University of Chicago Booth School of Business and UC Berkeley Haas School of Business.

Buy £58M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-02 Shearer’s Foods

Massillon, Ohio, United States

Shearer's Foods is a producer of high-quality seasoned snack foods and related products. Shearer's produces kettle chips. Shearer's Foods was formed in 1974 and is based in Massillon, Ohio.

Buy $500M
SELLER

Beekman Group

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

The Beekman Group, LLC is a private equity firm that invests in small to mid-sized healthcare, consumer, business, and financial services companies. TBG focuses on companies with revenues between $10 to $300 million. Beekman looks to invest $20 to $150 million per transaction. Specific areas of interest include hospital services, dental services, home care, outsourcing services, restaurants, specialty retail, consumer packaged goods, food and food services, infrastructure, education and training, logistics and distribution, insurance, specialty finance, community banking, and asset management. Target transaction types include MBOs, recapitalizations, consolidations, growth capital financings, corporate spin-offs, and special situations. The Beekman Group was formed in 2004 and is based in New York City.


DEAL STATS #
Overall 1 of 9
Sector: Healthcare Services M&A 1 of 3
Type: Secondary Buyout M&A Deals 1 of 5
State: Florida M&A 1 of 1
Country: United States M&A 1 of 7
Year: 2012 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-02-24 REVA

Fort Lauderdale, Florida, United States

REVA is a fixed wing air ambulance services provider and provides responsive, safe and reliable air transportation and quality medical care through its company-owned and operated a fleet of aircraft, experienced pilots, and world-class medical staff. REVA was founded in 2012 and is based in Fort Lauderdale, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-05-16 NorthStar Alarm Services

Orem, Utah, United States

NorthStar Alarm Services is a home security provider and authorized dealer of Honeywell Security Products, provides the most technologically-advanced and user-friendly home security systems on the market. NorthStar Alarm Services was established in 2000 and is based in Orem, Utah.

Buy -