M&A Deal Summary

Revelstoke Capital Partners, Yukon Partners and NMP Capital Acquire Encore Rehabilitation

On January 22, 2015, private equity firm Revelstoke Capital Partners, mezzanine finance firm Yukon Partners and mezzanine finance firm NMP Capital acquired healthcare services company Encore Rehabilitation from Glencoe Capital

Acquisition Highlights
  • This is Revelstoke Capital Partners’ 3rd, Yukon Partners’ 3rd and NMP Capital’s 6th transaction in the Healthcare Services sector.
  • This is Revelstoke Capital Partners’ 4th, Yukon Partners’ 20th and NMP Capital’s 55th transaction in the United States.
  • This is Revelstoke Capital Partners’ 1st, Yukon Partners’ 1st and NMP Capital’s 5th transaction in Michigan.

M&A Deal Summary
Date 2015-01-22
Target Encore Rehabilitation
Sector Healthcare Services
Buyer(s) Revelstoke Capital Partners
Yukon Partners
NMP Capital
Sellers(s) Glencoe Capital
Deal Type Secondary Buyout
Advisor(s) Lincoln International (Financial)
Honigman (Legal)

Target

Encore Rehabilitation

Farmington Hills, Michigan, United States
Encore Rehabilitation is a provider of rehabilitative therapy services to skilled nursing and assisted living facilities. Encore Rehabilitation was founded in 2007 and is based in Farmington Hills, Michigan.

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Buyer(S) 3

Buyer

Revelstoke Capital Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2013
PE ASSETS 5.6B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Revelstoke Capital Partners is a private equity firm focused on acquiring and building industry leading companies. For platform acquisitions, Revelstoke seeks profitable companies (> $5 million) and looks to commit $10 to $250 million per transaction. The Firm will consider majority and minority positions and seeks situations where companies have opportunities for growth, either organically or through add-ons. Targeted industries include healthcare services, transportation, logistics, specialty distribution, business services, and insurance. Revelstoke Capital Partners was formed in 2013 and is based in Denver, Colorado.

DEAL STATS #
Overall 4 of 21
Sector (Healthcare Services) 3 of 14
Type (Secondary Buyout) 2 of 7
State (Michigan) 1 of 2
Country (United States) 4 of 21
Year (2015) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-12-23 Crossroads Treatment Centers

Greenville, South Carolina, United States

Crossroads Treatment Centers is a behavioral health provider with an exceptional clinical reputation and a focus on substance use disorders and mental health illnesses. The Company delivers care through a variety of modalities, utilizing medication-assisted treatment (“MAT”), 24/7 access to care, in-person visits, telehealth, measurement-based care, laboratory services, and intensive care coordination services to provide complete support for the whole patient. Crossroads Treatment Centers was founded in 2005 and is based in Greenville, South Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-03 Carrus

Lehi, Utah, United States

Carrus is a provider of online competency-driven education courses to students throughout the United States and in several foreign countries. Carrus was established in 1992 and is based in Lehi, Utah.

Buy -
Buyer

Yukon Partners

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 2008
PE ASSETS 640M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Yukon Partners is a mezzanine finance firm that works with private equity sponsors to fund a variety of investment situations. Yukon looks to invest $10 to $40 million to support buyouts, recapitalizations, take privates, and refinancings. Sectors of interest include automotive, building products, business services, consumer products, food/beverages, healthcare products/services, industrial manufacturing, niche manufacturing, and transportation/logistics. Prospective companies generally have revenues of $30 to $500 million and are profitable with EBITDA of $5 to $50 million. Yukon Partners was formed in 2008 and is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 20 of 54
Sector (Healthcare Services) 3 of 11
Type (Secondary Buyout) 8 of 18
State (Michigan) 1 of 1
Country (United States) 20 of 53
Year (2015) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-11-21 Airxcel

Wichita, Kansas, United States

Airxcel is a designer, manufacturer, and marketer of climate control systems for a variety of specialty end markets including recreational vehicles, telecommunication enclosures, and commercial/industrial applications. The company employees find opportunities to express creativity and innovation, enhance education and be productive team members in a supportive work environment. It conducts its business with respect and regard for its employees, customers, suppliers, financial partners, and communities in which it operates. Airxcel was formed in 1991 and is based in Wichita, Kansas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-01 HealthTrackRx

Denton, Texas, United States

HealthTrackRx is a provider of specialized toxicology lab testing services for Urine Drug Monitoring (UDM), which is increasingly required by physicians for prescribed pain medications, addiction medicine, and other patient screening and compliance monitoring. HealthTrackRx was founded in 2010 and is based in Denton, Texas.

Buy -
Buyer

NMP Capital

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 4.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

NMP Capital is an independent investment firm focused on providing junior capital to a variety of lower middle-market companies in partnership with financial sponsors. NMP looks to commit $20 to $75 million in profitable companies with at least $10 million of EBITDA. NMP will consider opportunities in a wide range of industries including distribution, manufacturing, healthcare, and consumer. NMP Capital was formed in 2000 and is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 57 of 88
Sector (Healthcare Services) 6 of 6
Type (Secondary Buyout) 14 of 31
State (Michigan) 5 of 7
Country (United States) 55 of 85
Year (2015) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-07-29 MoriLee

Deerfield Beach, Florida, United States

MoriLee is a designer, manufacturer, and distributor of special occasion dresses, primarily for the wedding industry. The company serves a diverse international customer base of thousands of specialty retailers providing dresses for brides, bridesmaids, proms, Quinceañeras, and other special occasions. MoriLee was founded in 1953 and is based in Deerfield Beach, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-03 Carrus

Lehi, Utah, United States

Carrus is a provider of online competency-driven education courses to students throughout the United States and in several foreign countries. Carrus was established in 1992 and is based in Lehi, Utah.

Buy -

Seller(S) 1

SELLER

Glencoe Capital

Manchester, New Hampshire, United States

Investor

Category Private Equity Firm
Founded 1994
PE ASSETS 1.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Glencoe Capital is a private equity firm that invests in leveraged buyouts and recapitalizations of middle-market companies. Glencoe consists of Glencoe Capital Partners Funds which seeks North American businesses valued between $25 million and $125 million, and the Michigan Opportunities Fund which looks to invest in recapitalizations, buyouts, and growth equity transactions in Michigan. Sectors of interest include business and media services, financial services, food and consumer products, and industrials. Glencoe prefers platform companies to have at least $30 million of sales and EBITDA of at least $3 million. Glencoe Capital was formed in 1994 and is a unit of Leoville Holdings, an alternative investment manager. Glencoe Capital is based in Chicago with an additional office in Birmingham, Michigan.

DEAL STATS #
Overall 8 of 16
Sector (Healthcare Services) 1 of 1
Type (Secondary Buyout) 1 of 2
State (Michigan) 2 of 6
Country (United States) 7 of 14
Year (2015) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-10 Fortis Energy Services

Troy, Michigan, United States

Fortis Energy Services is a provider of oil and natural gas well intervention and maintenance services. The company primarily serves customers operating in the Antrim, Marcellus, Bakken, and Utica shale formations in Michigan, North Dakota, Pennsylvania, West Virginia, New York, and Ohio. Fortis Energy Services was founded in 2004 and is based in Troy, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-13 Flatout

Saline, Michigan, United States

Flatout, Inc. produces and sells flatbread and other related products to retail groceries, mass market and club stores, and other markets. The company sells its products under the Flatout name, which enjoys brand recognition among weight-conscious and health-minded consumers. Its products, which come in a variety of regular and light flavors, provide a healthy alternative to traditional breads and are applicable to a variety of culinary uses.

Sell $92M
Mergr

Product

Company

Legal