M&A Deal Summary

Athyrium Capital Management, Nordic Capital, Astorg Partners, ATP Private Equity Partners, Omnes Capital and Cinven Acquire Clario

On March 8, 2016, asset manager Athyrium Capital Management, private equity firm Nordic Capital, private equity firm Astorg Partners, private equity firm ATP Private Equity Partners, private equity firm Omnes Capital and private equity firm Cinven acquired medical products company Clario from Genstar Capital and Fifth Street Capital

Acquisition Highlights
  • This is Athyrium Capital Management’s 4th, Nordic Capital’s 8th, Astorg Partners’ 3rd, ATP Private Equity Partners’ 1st, Omnes Capital’s 2nd and Cinven’s 4th transaction in the Medical Products sector.
  • This is Athyrium Capital Management’s 15th, Nordic Capital’s 5th, Astorg Partners’ 1st, ATP Private Equity Partners’ 15th, Omnes Capital’s 6th and Cinven’s 12th transaction in the United States.
  • This is Athyrium Capital Management’s 2nd, Nordic Capital’s 1st, Astorg Partners’ 1st, ATP Private Equity Partners’ 1st, Omnes Capital’s 2nd and Cinven’s 2nd transaction in Pennsylvania.

M&A Deal Summary
Date 2016-03-08
Target Clario
Sector Medical Products
Buyer(s) Athyrium Capital Management
Nordic Capital
Astorg Partners
ATP Private Equity Partners
Omnes Capital
Cinven
Sellers(s) Genstar Capital
Fifth Street Capital
Deal Type Secondary Buyout

Target

Clario

Philadelphia, Pennsylvania, United States
Clario offers a compelling combination of technology, services, and clinical expertise, helping customers to deliver successful clinical trial outcomes by ensuring high-quality data capture, reduced costs, and shortened study timelines. Clario was founded in 1972 and is based in Philadelphia, Pennsylvania.

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Buyer(S) 6

Buyer

Athyrium Capital Management

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 2008
PE ASSETS 3.7B USD
Size Large
Type Sector Focused
DESCRIPTION

Athyrium Capital Management is a large asset manager focused on the healthcare sector. Athyrium invests in a wide range of financial instruments including royalties, structured credit, and equities as well as select special situations. Athyrium Capital was established in 2008 and is headquartered in New York City.

DEAL STATS #
Overall 17 of 44
Sector (Medical Products) 4 of 6
Type (Secondary Buyout) 3 of 6
State (Pennsylvania) 2 of 4
Country (United States) 15 of 39
Year (2016) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-15 Upstream Rehabilitation

Birmingham, Alabama, United States

Upstream Rehabilitation is a provider of a comprehensive set of outpatient rehabilitation services through over 300 owned and managed physical therapy clinics across twenty-two states. Upstream Rehabilitation was founded in 2003 and is based in Birmingham, Alabama.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-06 Pharmaceutics International

Hunt Valley, Maryland, United States

Pharmaceutics International is a privately held contract development and manufacturing organization providing dosage form development and manufacturing services to the global pharmaceutical industry. Pharmaceutics International provides services that include preformulation testing, formulation development, clinical and commercial CGMP manufacturing of solid, parenteral, inhalation, semi-solid and liquid dosage forms, clinical packaging and labeling, and analytical services. Pharmaceutics International was founded in 1994 and is based in Hunt Valley, Maryland.

Buy -
Buyer

Nordic Capital

Stockholm, Sweden

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1989
PE ASSETS 30.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Nordic Capital is a private equity investment firm that targets mid to large-sized company investments located in Northern Europe as well as the US. Nordic seeks investments across a wide range of industries and prefers situations where there are 'opportunities for new industrial combinations, strategic repositioning, international expansion and operational improvements'. Nordic Capital was formed in 1989 and is based in Stockholm, Sweden.

DEAL STATS #
Overall 86 of 139
Sector (Medical Products) 8 of 11
Type (Secondary Buyout) 21 of 44
State (Pennsylvania) 1 of 2
Country (United States) 5 of 14
Year (2016) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-02 Orc

Stockholm, Sweden

Orc is a leading provider of technology and services to the global financial industry with a focus on advanced options trading and market making. In that field, Orc provides solutions for trading and market access for buy and sell-side professionals, such as investment banks, market making and trading firms, stock exchanges, brokers, institutional investors and hedge funds. Orc was founded in 1987 and is based in Stockholm, Sweden.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-01 COROB

Modena, Italy

COROB is a provider of advanced tinting equipment to the paints and coatings industry. The Group supplies applications in the paint and coatings, inks, and chemical industries, as well as providing the related after-sales services on a global scale, thanks to a capillary organization dedicated to management and maintenance. COROB was founded in 1984 and is based in Modena, Italy.

Sell -
Buyer

Astorg Partners

Paris, France

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1998
PE ASSETS 22.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Astorg Partners is a private equity firm that targets small to midcap company investments primarily in France and to a limited extent, Western Europe. Astorg Partners looks for companies valued between €400 million and €2 billion, requiring at least €15 million in equity. Areas of interest include healthcare, retail, distribution, hospitality, and professional services. Prospective transaction situations include leverage build-ups, divestitures, family transitions, and secondary buyouts. Astorg Partners was formed in 1998 and is based in Paris and has additional offices in London and Luxembourg.

DEAL STATS #
Overall 33 of 67
Sector (Medical Products) 3 of 9
Type (Secondary Buyout) 11 of 37
State (Pennsylvania) 1 of 1
Country (United States) 1 of 5
Year (2016) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-19 HRA Pharma

Châtillon, France

HRA Pharma is a pharmaceutical company that designs products, devices, and supporting services in niche areas of health and makes them available to doctors and patients worldwide. HRA Pharma was founded in 1996 and is based in Châtillon, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-15 Flowbird Group

Neuilly-sur-Seine, France

Flowbird Group is a provider of parking management solutions and a major player in public transport ticketing equipment. The company operates through two business divisions, Smart Parking operates across the whole value chain of the on-street parking management and Smart Transport provides ticketing solutions (connected ticket and validation terminals) and associated software systems for public transport. Flowbird Group is based in Paris, France.

Buy -
Buyer

ATP Private Equity Partners

Category Private Equity Firm
Founded 2001
PE ASSETS 10.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

ATP Private Equity Partners is a Danish institutional investment firm focused on investing in private equity funds across Europe, North America, and select emerging markets. The Firm is supported by ATP, Denmark's largest pension fund. In addition to investing in private equity funds, ATP also looks to for co-investment situations. ATP Private Equity Partners was formed in 2001 and is headquartered in Copenhagen, Denmark.

DEAL STATS #
Overall 32 of 44
Sector (Medical Products) 1 of 3
Type (Secondary Buyout) 13 of 17
State (Pennsylvania) 1 of 1
Country (United States) 15 of 19
Year (2016) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-16 ADT

Boca Raton, Florida, United States

ADT is a provider of security and automation solutions for homes and businesses in the United States and Canada. ADT's broad and pioneering set of products and services, including ADT Pulse® interactive home and business solutions, and health services, meet a range of customer needs for today’s active and increasingly mobile lifestyles. ADT was founded in 1874 and is based in Boca Raton, Florida.

Buy $15.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-01 Ancestry

Provo, Utah, United States

Ancestry.com is a provider of family history and consumer genomics information, and helps people gain a new level of understanding about their lives. The Company's suite of history products include Archives, Fold3, Newspapers.com, AncestryDNA, and AncestryHealth. Ancestry.com was formed in 1990 and is based in Provo, Utah.

Buy $2.6B
Buyer

Omnes Capital

Paris, France

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2004
PE ASSETS 5.7B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Omnes Capital formerly known as Credit Agricole Private Equity (CAPE) is the investment arm of financial services group Credit Agricole. Omnes Capital looks to invest in a range of investment stages and transaction types, including LBO/expansion, venture capital, mezzanine, renewable energy, co-investment, infrastructure, and special situations. The Firm's LBO/expansion group looks to invest €25 to €80 million to support growth initiatives and buyouts of small and mid-cap businesses operating in a variety of industries. Omnes Capital generally invests in businesses operating in France and Italy. Omnes Capital's mezzanine area was formed in 2002 and looks to provide €5 to €30 million of junior capital to similar sized established businesses. In addition to Omnes Capital's traditional equity and subordinated debt investment arm, the Firm also invests in infrastructure projects as well as provides capital for distressed businesses with €10 to €150 million in revenue. Omnes Capital was formed in 2004 and is based in Paris.

DEAL STATS #
Overall 125 of 162
Sector (Medical Products) 2 of 4
Type (Secondary Buyout) 18 of 26
State (Pennsylvania) 2 of 2
Country (United States) 6 of 10
Year (2016) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-17 Le Groupe Frères Blanc

Paris, France

Le Groupe Frères Blanc group currently runs 15 top restaurants in Paris, the rest of France and internationally, renowned for their dining experience, hospitality, cuisine and French art de vivre.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-01 SiteCore

San Francisco, California, United States

SiteCore is a provider of Web Content Management and Online Engagement. The Company has continuously innovated its product offering and has expanded from pure web content management software to customer experience management software. Sitecore is providing a compelling product offering at the core of the broader digital marketing software market which is expected to experience continued attractive growth. SiteCore was founded in 1999 and is based in San Francisco, California.

Buy €1.0B
Buyer

Cinven

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1977
PE ASSETS 39.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Cinven is a private equity firm focused on buyout investments in growing, profitable businesses located throughout Europe and North America. Sectors of interest include business and financial services, healthcare, industrial, retail, leisure, consumer, technology, media, and telecommunications. Cinven looks to invest a minimum of €200 million in companies with minimum enterprise values of €400 million. Cinven does not invest in start-ups or development phase companies. Cinven was established in 1977 and is headquartered in London.

DEAL STATS #
Overall 144 of 184
Sector (Medical Products) 4 of 5
Type (Secondary Buyout) 34 of 56
State (Pennsylvania) 2 of 2
Country (United States) 12 of 20
Year (2016) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-15 EnServe Group

Borehamwood, United Kingdom

EnServe Group Ltd. is a provider of infrastructure support services to the Utility sector, operating principally in the UK and with a growing international presence.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-17 Prezioso-Technilor SAS

Vienne, France

Prezioso-Technilor SAS is a provider of coating and insulation services which maintain vital industrial infrastructures in the energy and infrastructure sector. Prezioso's services are critical to protecting the integrity of off-shore oil and gas and nuclear installations.

Sell -

Seller(S) 2

SELLER

Genstar Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1988
PE ASSETS 49.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Genstar Capital is a private equity firm that seeks investments in life science, healthcare, medical products, industrial technology, software, financial services, packaging, building materials, manufacturing, and business services companies. Genstar looks to invest between $50 and $400 million of equity capital in businesses valued up to $1 billion. Target transaction situations include control-oriented leveraged buyouts of corporate divisions, privately held businesses or public companies, minority investments in privately held businesses or public companies, ownership restructurings/recapitalizations of privately held businesses, growth equity financings, partnerships with other strategic or financial buyers, and take privates. Genstar Capital was formed in 1988 and is based in San Francisco, California.

DEAL STATS #
Overall 30 of 60
Sector (Medical Products) 1 of 2
Type (Secondary Buyout) 10 of 23
State (Pennsylvania) 1 of 3
Country (United States) 27 of 54
Year (2016) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-02 Ministry Brands

Lenoir City, Tennessee, United States

Ministry Brands is a provider of SaaS platforms for churches, parachurch ministries and other faith-based organizations in the United States and Canada. The company seeks to equip the 21stcentury church with technology that empowers pastors, church executives, technology professionals, and administrators to proactively carry out their Biblical mission with excellence, reverence, and efficiency. Its suite of solutions includes church management, giving, accounting, mobile applications, website development, background checks, content, streaming, and messaging. Ministry Brands was founded in 2012 and is based in Lenoir City, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-23 Netsmart

Overland Park, Kansas, United States

Netsmart is a provider of enterprise software and software as a service (SaaS) solutions for health and human services providers. Netsmart provides technology and expertise to help health and human services providers deliver effective, outcomes-based services and care to more than 25 million persons nationwide. Netsmart clients include mental health and addiction services agencies, health homes, psychiatric hospitals, private and group mental health practices, public health departments, social services, child and family services agencies, managed care organizations and vital records offices. Netsmart was founded in 1968 and is based in Overland Park, Kansas.

Sell -
SELLER

Fifth Street Capital

Category Lender
Founded 1998
Size Mega
Type Sector Agnostic
DESCRIPTION

Fifth Street Capital is a public investment firm focused on providing mezzanine financing to support expansions, acquisitions, recapitalizations, and management buyouts of middle-market US based companies. Fifth Street looks to invest between $5 and $50 million per transaction. Sectors of interest include consumer products, healthcare services, manufacturing, medical device manufacturing, food services, business services, restaurants, speciality retail, logistics, and value added distribution. Fifth Street Capital is based in White Plains, New York.

DEAL STATS #
Overall 35 of 59
Sector (Medical Products) 4 of 5
Type (Secondary Buyout) 10 of 20
State (Pennsylvania) 4 of 5
Country (United States) 34 of 58
Year (2016) 3 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-12 Western Emulsions

Tucson, Arizona, United States

Western Emulsions, Inc. is a manufacturer of asphalt-related pavement rejuvenation and resurfacing products and services in the Western United States.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-05-20 Phoenix Brands

Stamford, Connecticut, United States

Phoenix Brands LLC manufactures and distributes home care products including Niagara spray starch, Rit fabric dye, and Final Touch fabric conditioner, and a number of heavy-duty laundry detergent brands, including Fab, Dynamo, Ajax, Fresh Start, Arctic Power, ABC and Cold Power.

Sell -
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