M&A Deal Summary

New Mountain Capital and Marlin Equity Partners Acquire Personify Health

On November 9, 2020, private equity firms New Mountain Capital and Marlin Equity Partners acquired business services company Personify Health from Alpine Investors

Acquisition Highlights
  • This is New Mountain Capital’s 7th and Marlin Equity Partners’ 3rd transaction in the Business Services sector.
  • This is New Mountain Capital’s 64th and Marlin Equity Partners’ 70th transaction in the United States.
  • This is New Mountain Capital’s 7th and Marlin Equity Partners’ 12th transaction in California.

M&A Deal Summary
Date 2020-11-09
Target Personify Health
Sector Business Services
Buyer(s) New Mountain Capital
Marlin Equity Partners
Sellers(s) Alpine Investors
Deal Type Secondary Buyout
Advisor(s) Triple Tree LLC (Financial)
Wilson Sonsini Goodrich & Rosati (Legal)

Target

Personify Health

Fresno, California, United States
Personify Health is a third party administrator (TPA) of healthcare benefits to self-funded employers. The Company addresses the “dual mandate” to reduce costs and improve outcomes within the healthcare ecosystem. Personify Health offers core healthcare administrative services alongside a robust set of payment integrity and care management offerings to reduce costs, maximize efficiencies, and improve health outcomes for self-funded employer groups. Personify Health was founded in 1983 and is based in Fresno, California.

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Buyer(S) 2

Buyer

New Mountain Capital

New York, New York, United States
Category Private Equity Firm
Founded 2000
PE ASSETS 35.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

New Mountain Capital is a private investment firm focused on investment in public and private companies in a variety of industries. New Mountain generally invests $100 to $500 million per transaction and looks for businesses with strong market positions and high barriers to entry. New Mountain also prefers businesses that succeed in both good and bad economies. Sectors of interest include education, healthcare, business services, federal IT services, media, software, consumer products, logistics, financial services and technologies, and energy. New Mountain Capital was formed in 2000 and is based in New York City.

DEAL STATS #
Overall 68 of 95
Sector (Business Services) 7 of 10
Type (Secondary Buyout) 26 of 38
State (California) 7 of 9
Country (United States) 64 of 90
Year (2020) 7 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-25 Vytalogy Wellness

Chatsworth, California, United States

Vytalogy Wellness and its family of brands, Natrol and Jarrow Formulas, is a wellness company that fuses science and quality ingredients to create highly-efficacious products that make a transformative impact on consumers’ lives.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-10 Benevis

Marietta, Georgia, United States

Benevis provides various non-clinical services to group dental practices, including providing dental facilities, support staff, and other business services. Kool Smiles and Resolution Dental are the firm’s two major clients. Kool Smiles is a nationally-branded provider of dental care focused primarily on children enrolled in Medicaid and State Children's Health Insurance Programs. The limited access to care for children on Medicaid/SCHIP plans provides an attractive growth opportunity for Kool Smiles as it continues to expand offices with a mission to provide quality care to this underserved population. Benevis was founded in 2002 and is based in Marietta, Georgia.

Buy -
Buyer

Marlin Equity Partners

Hermosa Beach, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2005
PE ASSETS 8.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Marlin Equity's headquarters in Hermosa Beach, California.
Marlin Equity's headquarters in Hermosa Beach, California.

Marlin Equity Partners is a private investment firm focused on acquiring distressed businesses with sales of $10 million to $2 billion. Marlin has a special interest in non-core or underperforming divisions of larger corporations, as well as companies facing some sort of financial, operational or market-related transition. Marlin is a generalist investor and will consider opportunities in technology (software, IT, payment systems, hardware, communications, internet), healthcare, consumer (apparel, retail, consumer products, food/beverage), services (business, financial, consumer, education), manufacturing (automotive, industrial, metals, plastics), aerospace, defense, and media. Marlin prefers businesses with scalable business models, strong installed customer bases, defensible market positions, and barriers to entry. Marlin Equity Partners was formed in 2005 and is based in Hermosa Beach, California with an additional office in London.

DEAL STATS #
Overall 89 of 116
Sector (Business Services) 3 of 3
Type (Secondary Buyout) 15 of 22
State (California) 12 of 15
Country (United States) 70 of 83
Year (2020) 8 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-08-07 Unifaun

Stockholm, Sweden

Unifaun is a provider of Transport Administration (“TA”) services in the Nordics, providing a SaaS platform connecting freight carriers and shippers of all sizes. Unifaun is based in Stockholm, Sweden.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-13 Haiilo

Hamburg, Germany

Haiilo is a software company that develops innovative products and solutions for all kinds of customers. Haiilo is the place where everyone at your company comes together. Not only does the intranet have an ultramodern look, but the software also follows a fundamental mobile-first approach. Haiilo was founded in 2010 and is based in Hamburg, Germany.

Buy -

Seller(S) 1

SELLER

Alpine Investors

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2001
PE ASSETS 17.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Alpine Investors is a private investment firm that principally targets small to mid-sized, software and service company acquisitions in the US, Canada, Europe, and Australia. Alpine looks for businesses with cash-flow of $1 to $50 million and will consider both control and non-control positions. Alpine prefers businesses with recurring revenues, identifiable growth opportunities, sustainable margins, and significant barriers to entry. Alpine Investors was established in 2001 and is based in San Francisco, California.

DEAL STATS #
Overall 17 of 24
Sector (Business Services) 3 of 4
Type (Secondary Buyout) 6 of 9
State (California) 5 of 6
Country (United States) 17 of 24
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-14 Great Bay Software

Bloomington, Minnesota, United States

Great Bay Software, Inc. is a provider of software specializing in Enterprise Endpoint discovery, profiling, management, and support. Great Bay Software was founded in 2004 and is based in Bloomington, Minnesota.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-10 Orion Group

New York, New York, United States

Orion Group is a commercial facility services company seeking to partner with leading family-owned service providers with a focus on HVACR and plumbing. Orion plans to build a national platform by investing in leading local businesses with great cultures, attracting the best technical and managerial talent and creating unmatched growth opportunities for them. Orion Group is based in New York City.

Buy -
Mergr

Product

Company

Legal