M&A Deal Summary

Morgan Stanley Capital Partners and Audax Private Debt Acquire Prescott’s

On December 10, 2024, private equity firm Morgan Stanley Capital Partners and mezzanine finance firm Audax Private Debt acquired medical products company Prescott’s from Atlantic Street Capital

Acquisition Highlights
  • This is Morgan Stanley Capital Partners’ 1st and Audax Private Debt’s 3rd transaction in the Medical Products sector.
  • This is Morgan Stanley Capital Partners’ 47th and Audax Private Debt’s 114th transaction in the United States.
  • This is Morgan Stanley Capital Partners’ 3rd and Audax Private Debt’s 3rd transaction in Colorado.

M&A Deal Summary

Date 2024-12-10
Target Prescott’s
Sector Medical Products
Buyer(s) Morgan Stanley Capital Partners
Audax Private Debt
Sellers(s) Atlantic Street Capital
Deal Type Secondary Buyout
Advisor(s) Harris Williams
Houlihan Lokey (Financial)
Kramer Levin Naftalis & Frankel (Legal)

Target

Prescott’s

Monument, Colorado, United States
Prescott’s is a provider and refurbisher of surgical microscopes in the United States. Prescott’s services and sells refurbished and new microscopes to hospitals and surgical centers, primarily in the neuro, ophthalmic and ENT surgical specialties. Prescott’s was founded in 1984 and is based in Monument, Colorado.

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Buyer(S) 2

DESCRIPTION

Morgan Stanley Capital Partners (MSCP) is the private investment arm of financial services firm and investment bank Morgan Stanley. MSCP looks to partner with founders looking to leverage Morgan Stanley's resources, as well as fund corporate carveouts, recapitalizations, buyouts, and industry consolidations. Areas of interest include business services, industrials, education, consumer products/services, food/beverage, retail, healthcare, and packaging. MSCP primarily targets businesses operating in North America valued between $75 and $750 million. Morgan Stanley Capital Partners is based in New York City.


DEAL STATS #
Overall 50 of 52
Sector: Medical Products M&A 1 of 1
Type: Secondary Buyout M&A Deals 19 of 20
State: Colorado M&A 3 of 3
Country: United States M&A 47 of 48
Year: 2024 M&A 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-11-19 FoodScience

Williston, Vermont, United States

FoodScience is a formulator, manufacturer, and marketer of high-quality nutritional supplements for humans and pets. FoodScience was founded in 1973 and is based in Williston, Vermont.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-03 SelectQuote

Overland Park, Kansas, United States

SelectQuote is a term life insurance sales company that offers auto and home insurance. The company offers engagement points for consumers across insurance, Medicare, pharmacy, and value-based care, and now has three core business lines: SelectQuote Senior, SelectQuote Healthcare Services, and SelectQuote Life. SelectQuote Healthcare Services is comprised of the SelectRx Pharmacy, a Patient-Centered Pharmacy Home (PCPH) accredited pharmacy, SelectPatient Management, a provider of chronic care management services, and Healthcare Select which proactively connects consumers with a wide breadth of healthcare services supporting their needs. SelectQuote was founded in 1985 and is based in Overland Park, Kansas.

Buy -
Buyer

Audax Private Debt

New York, New York, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 5.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Mezzanine is the mezzanine finance arm of the Audax Group. The Firm focuses on investing in both private and public, US-based middle market companies with a strong history of cash flows and consistent revenue growth. Audax will consider subordinated mezzanine debt commitments, second lien or junior secured debt, preferred stock and common stock. The Firm seeks to invest in companies with EBITDA between $10 and $100 million. Types of transaction include MBOs, LBOs, growth capital financings, acquisition financings, and recapitalizations. Audax Private Debt is based in New York, New York.


DEAL STATS #
Overall 116 of 120
Sector: Medical Products M&A 3 of 3
Type: Secondary Buyout M&A Deals 56 of 58
State: Colorado M&A 3 of 3
Country: United States M&A 114 of 118
Year: 2024 M&A 11 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-11-18 NSI Industries

Huntersville, North Carolina, United States

NSI Industries is a provider of a wide variety of electrical connectors including insulated connectors and mechanical, digital time controls, time switches, wire management products, and related electrical components for construction, maintenance, and repair applications. NSI Industries was established in 1975 and is based in Huntersville, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-12-11 Frontline Managed Services

Atlanta, Georgia, United States

Frontline Managed Services is a provider of business process outsourcing to the legal and accounting markets. Frontline Managed Services specializes in white glove IT help desk support, IT Managed Services (Development, Infrastructure, Engineering, and Legacy Software Support), Managed Financial Services (e-billing processing, accounts receivable management, and cash application), and training and education through its e-learning platform. Frontline Managed Services was founded in 1987 and is based in Atlanta, Georgia.

Buy -

Seller(S) 1

SELLER

Atlantic Street Capital

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2006
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Atlantic Street Capital is an operationally focused private equity firm that partners with entrepreneurs and management teams to create value. Atlantic Street looks to acquire profitable companies where it can invest $15 to $75 million per deal. Target industries include consumer products, services, manufacturing, distribution, retail, restaurant and healthcare. Atlantic Street prefers opportunities located in the US and Canada and will only consider control situations. Atlantic Street Capital was formed in 2006 and is based in Greenwich, Connecticut.


DEAL STATS #
Overall 10 of 11
Sector: Medical Products M&A 3 of 3
Type: Secondary Buyout M&A Deals 7 of 7
State: Colorado M&A 1 of 1
Country: United States M&A 10 of 11
Year: 2024 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-10-17 Double B Foods

Arlington, Texas, United States

Double B Foods is a producer of meat snacks and frozen prepared food products for the private label and co-pack retail and food service industries. Double B Foods was founded in 1971 and is based in Arlington, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-02-05 Zips Car Wash

Plano, Texas, United States

Zips Car Wash offers four levels of car wash packages in the convenient form of a ride-thru car wash experience. Zips Car Wash also offers free self-serve vacuums and Unlimited Wash Club Memberships at most locations. Zips Car Wash was founded in 2004 and is based in Plano, Texas.

Sell -