M&A Deal Summary

Patient Square Capital and Ares Private Equity Group Acquire Hanger

On July 21, 2022, private equity firms Patient Square Capital and Ares Private Equity Group acquired medical products company Hanger for 1.3B USD

Acquisition Highlights
  • This is Patient Square Capital’s 2nd and Ares Private Equity Group’s 1st transaction in the Medical Products sector.
  • This is Patient Square Capital’s 2nd and Ares Private Equity Group’s 8th largest (disclosed) transaction.
  • This is Patient Square Capital’s 7th and Ares Private Equity Group’s 76th transaction in the United States.
  • This is Patient Square Capital’s 3rd and Ares Private Equity Group’s 9th transaction in Texas.

M&A Deal Summary

Date 2022-07-21
Target Hanger
Sector Medical Products
Buyer(s) Patient Square Capital
Ares Private Equity Group
Deal Type Going Private
Deal Value 1.3B USD
Advisor(s) BofA Securities (Financial)
Foley & Lardner (Legal)

Target

Hanger

Austin, Texas, United States
Hanger's corporate headquarters in Austin, Texas.
Hanger's corporate headquarters in Austin, Texas.
Hanger is a provider of orthotic and prosthetic (O&P) services and products. Hanger distributes branded and private label O&P devices, products, and components, and provides rehabilitative solutions. Hanger was formed in 1861 and is based in Austin, Texas.

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Buyer(S) 2

DESCRIPTION

Patient Square Capital is a private investment firm specializing in the healthcare sector. The Firm seeks opportunities to invest broadly across the healthcare industry, including technology-enabled services, biopharmaceuticals, the pharmaceutical value chain, medical devices, diagnostics, providers, digital health and consumer health. Patient Square Capital was formed in 2020 and is headquartered in Menlo Park, California.


DEAL STATS #
Overall 7 of 9
Sector (Medical Products) 2 of 3
Type (Going Private) 3 of 4
State (Texas) 3 of 3
Country (United States) 7 of 9
Year (2022) 5 of 5
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-27 Eargo

San Jose, California, United States

Eargo is a consumer-focused medical device company that develops and sells hearing aids to assist people with hearing loss in the United States. The company sells its products through online stores. Eargo was formed in 2010 and is based in San Jose, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-01 Elevage Medical Technologies

United States

Elevage Medical Technologies is dedicated to supporting medical device companies that can meaningfully improve health outcomes and quality of life for patients. Through capital investment and strategic operational support, Elevage strives to accelerate the pace of innovation in the medical technology space.

Buy -
Buyer

Ares Private Equity Group

Los Angeles, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2003
PE ASSETS 20.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ares Private Equity Group is the private equity arm of Ares Management, a global alternative asset manager. The Ares Private Equity Group specializes in opportunistic majority/shared control investments in under-capitalized middle-market companies. Ares looks for companies with strong franchises and attractive growth opportunities. The Group prefers to be the lead investor and will invest across the capital structure, including common equity, preferred equity, convertible equity/debt and senior debt. Areas of interest include business services, defense, healthcare, manufacturing, industrial, energy and consumer products and services. Ares Private Equity Group was formed in 2003 and is based in Los Angeles, California.


DEAL STATS #
Overall 91 of 98
Sector (Medical Products) 1 of 1
Type (Going Private) 6 of 6
State (Texas) 9 of 9
Country (United States) 76 of 82
Year (2022) 2 of 5
Size (of disclosed) 8 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-20 SLR Consulting

Buckinghamshire, United Kingdom

SLR Consulting is a provider of environmental consultancy services to public and private sector clients. SLR Consulting was founded in 1994 and is based in Buckinghamshire, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-23 Atlas Crane Service

Aurora, Illinois, United States

Atlas Crane Service is a full-service crane rental provider offering turnkey maintenance, repair, and overhaul solutions. Atlas Crane Service was founded in 2009 and is based in Aurora, Illinois.

Buy -