M&A Deal Summary

Pritzker Private Capital and Vesey Street Capital Partners Acquire PathGroup

On August 1, 2016, family office Pritzker Private Capital and private equity firm Vesey Street Capital Partners acquired life science company PathGroup from Primus Capital

Acquisition Highlights
  • This is Pritzker Private Capital’s 1st and Vesey Street Capital Partners’ 1st transaction in the Life Science sector.
  • This is Pritzker Private Capital’s 15th and Vesey Street Capital Partners’ 3rd transaction in the United States.
  • This is Pritzker Private Capital’s 2nd and Vesey Street Capital Partners’ 1st transaction in Tennessee.
Investment Fate
  • PathGroup was sold to a consortium of financial buyers in 2022.

M&A Deal Summary

Date 2016-08-01
Target PathGroup
Sector Life Science
Buyer(s) Pritzker Private Capital
Vesey Street Capital Partners
Sellers(s) Primus Capital
Deal Type Recapitalization
Advisor(s) MTS Health Partners (Financial)

Target

PathGroup

Brentwood, Tennessee, United States
PathGroup is a provider of anatomic pathology and clinical lab services throughout U.S. It is a physician-led company currently working with more than 70 hospitals and thousands of group practices across U.S. to deliver quality results with unmatched responsiveness. PathGroup was formed in 1965 and is based in Brentwood, Tennessee.

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Buyer(S) 2

Buyer

Pritzker Private Capital

Chicago, Illinois, United States

Investor Investor Investor Investor


Category Family Office
Founded 1996
Size Large
Type Sector Agnostic
DESCRIPTION

Pritzker Private Capital is a family office and private investment firm focused on leveraged buyouts, acquisitions, and recapitalizations of profitable, middle-market, North American companies across a broad range sectors. Specific industries of interest include consumer products and services, industrial products and services, distribution, telecommunications, IT, healthcare, and business services. Target enterprise values are generally between $200 million and $1.5 billion. Pritzker Private Capital was formed in 1996 and is based in Chicago, Illinois.


DEAL STATS #
Overall 15 of 30
Sector (Life Science) 1 of 2
Type (Recapitalization) 1 of 1
State (Tennessee) 2 of 6
Country (United States) 15 of 30
Year (2016) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-18 Foundations Recovery Network

Memphis, Tennessee, United States

Foundations Recovery Network LLC (Formerly Dual Diagnosis Management LLC) is a provider of behavioral healthcare services for people dually diagnosed with both a mental health and substance abuse disorder.

Sell $350M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-17 ProAmpac

Cincinnati, Ohio, United States

ProAmpac is a flexible packaging company with a comprehensive product offering. ProAmpac’s approach to sustainability – ProActive Sustainability provides innovative sustainable flexible packaging products to help our customers achieve their sustainability goals. ProAmpac was founded in 2015 and is based in Cincinnati, Ohio.

Buy -
DESCRIPTION

Vesey Street Capital Partners is a specialist private equity firm focused on the healthcare sector. Vesey Street specializes in middle-market buyouts and growth equity investments, and seeks companies with $10 to $20 million of EBITDA. Target businesses generally exhibit strong cash flow characteristics that create value for hospitals and physicians by enhancing efficiency, improving quality, reducing costs, and expanding revenues. Vesey Street Capital Partners was formed in 2014 and is based in New York, New York.


DEAL STATS #
Overall 3 of 10
Sector (Life Science) 1 of 2
Type (Recapitalization) 2 of 7
State (Tennessee) 1 of 1
Country (United States) 3 of 9
Year (2016) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-13 Imedex

Alpharetta, Georgia, United States

Imedex LLC is a provider of accredited, independent Continuing Medical Education (CME) to industry professionals via in-person conferences and online education forums. Imedex LLC was established in 1985 and is based in Alpharetta, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-09 ScribeAmerica

Aventura, Florida, United States

ScribeAmerica LLC is a provider of managed medical scribe services to the healthcare industry. ScribeAmerica offers turnkey professional medical scribe programs within which it recruits, qualifies, hires, trains, and manages scribes for a wide variety of medical settings.

Sell -

Seller(S) 1

SELLER

Primus Capital

Cleveland, Ohio, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1983
PE ASSETS 900M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Primus Capital is a private equity firm focused on investing in established companies in the business services, healthcare and education industry sectors. Primus looks for established, high-growth companies with strong management and predictable/recurring revenues. The Firm will consider both control and minority positions and has a target investment size of $15 to $70 million. Prospective transaction types include growth equity financings, recapitalizations, and management-led buyouts. Primus Capital was formed in 1983 and is based in Cleveland, Ohio.


DEAL STATS #
Overall 27 of 46
Sector (Life Science) 2 of 2
Type (Recapitalization) 2 of 2
State (Tennessee) 2 of 4
Country (United States) 26 of 45
Year (2016) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-22 Netchex

Covington, Louisiana, United States

Netchex is a web-based human capital management platform offering single sign-on, integrated solutions for the complete employee lifecycle. Netchex’s software features hiring, onboarding, payroll, human resources, time management, benefits, and reporting tools to control labor costs and enhance the employee experience. Netchex was founded in 2003 and is based in Covington, Louisiana.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-23 Certona

San Diego, California, United States

Certona, Inc. is an omnichannel personalization solutions for brands and retailers. Certona pioneered the use of patented machine learning and predictive algorithms for real-time profiling of individual shoppers across various digital retail channels. Certona, Inc. was founded in 2004 and is based in San Diego, California.

Buy -