Growth Capital • Healthcare Services

New Heritage Capital and The Stephens Group Invest In Covalent Health

On January 2, 2012, private equity firm New Heritage Capital and family office The Stephens Group invested in healthcare services company Covalent Health

Investment Context
  • This is New Heritage Capital’s 4th and The Stephens Group’s 2nd transaction in the Healthcare Services sector.
  • This is New Heritage Capital’s 13th and The Stephens Group’s 29th transaction in the United States.
  • This is New Heritage Capital’s 5th and The Stephens Group’s 4th transaction in California.

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Investment Summary

Date January 2, 2012
Target Covalent Health
Sector Healthcare Services
Investor(s) New Heritage Capital
The Stephens Group
Deal Type Growth Capital

Target Company

Covalent Health

Cotati, California, United States
Covalent Health is a provider of innovative logistics solutions to hospitals, payors, physicians, and health systems. The company operates through subsidiaries ProTransport-1, PRN Ambulance, Century Ambulance, and ATS Ambulance in the Northern California, Southern California, Northern Florida and the Metropolitan Chicago/Indianapolis markets. Covalent Health is based in Cotati, Califonia.
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Investors Overview 2

Investor

New Heritage Capital

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2006
PE ASSETS 1.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

New Heritage Capital is a private investment firm specializing in the acquisition and equity-based recapitalization of private, family owned businesses. Heritage looks to invest in growing, middle-market companies with at least $30 million in annual revenue and EBITDA of at least $4 million. Target sectors include aerospace, consumer products, food/beverage, media/publishing, healthcare, manufacturing, pet products, plastics/packaging, printing, and value-added distribution. New Heritage Capital was formed in 2006 and is based in Boston, Massachusetts.


Deal Context for Investor #
Overall 15 of 31
Sector: Healthcare Services 4 of 7
Type: Growth Capital 5 of 17
State: California 5 of 9
Country: United States 13 of 28
Year: 2012 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-10-01 OneSource Distributors

Oceanside, California, United States

OneSource Distributors is a wholesale distributor of electrical products. automation controls, industrial supplies. Company also offer a full range of tool & safety products, wire & specialty cable, and solar equipment. OneSource is an authorized Allen-Bradley and Rockwell Automation distributor, with 17 locations serving San Diego, Los Angeles and all of southern California, Nevada, Arizona, Hawaii, and Mexico.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-07 Centra Industries

Cambridge, Ontario, Canada

Centra Industries is a family-owned manufacturer of structural components and assemblies for commercial aircraft, specializing in high-speed production of geometrically complex, tight tolerance parts. Company products can be found on major platforms such as Boeing's 737, 747, 777, and 787, Bombardier's RJ and Business Jet programs, Airbus's A-380, and Lockheed Martin's F35.

Sell -
Investor

The Stephens Group

Little Rock, Arkansas, United States

Investor Investor Investor Investor Investor


Category Family Office
Founded 1933
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

The Stephens Group is a private investment firm focused on long-term investments in mid-sized companies. The Firm looks to partner with management teams when pursuing acquisitions. Sectors of interest include energy, energy services, business services, industrials, consumer products, consumer services, financial services, healthcare, technology, media, and communications. The Stephens Group was originally established in 1933 and is headquartered in Little Rock, Arkansas.


Deal Context for Investor #
Overall 32 of 53
Sector: Healthcare Services 2 of 3
Type: Growth Capital 5 of 6
State: California 4 of 7
Country: United States 29 of 50
Year: 2012 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-11-03 Summit Industrial

Houston, Texas, United States

Summit Industrial is a heavy industrial contractor serving customers primarily in the power, chemical, paper, plastics, utilities, minerals and mining, and food/beverage markets. Summit provides customers turn-key solutions including construction, engineering, project planning, fabrication, installation, demolition and maintenance/repair services. Summit Industrial was founded in 1996 and is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-12 FloWorks

Houston, Texas, United States

FloWorks is a specialty distributor of critical flow control products and a provider of tailored technical solutions for MRO-focused applications. The Company serves customers across chemicals, downstream refining & renewables, high purity & sanitary, and other industrial end markets. Its product categories include valves & automation, corrosion-resistant flow control, rotating equipment, flanges, filters & purifiers, and instrumentation. FloWorks was founded in 1974 and is based in Houston, Texas.

Buy -