M&A Deal Summary

Summit Partners, Revelstoke Capital Partners and Silversmith Capital Partners Acquire Sound Physicians

On April 23, 2018, growth capital firm Summit Partners, private equity firm Revelstoke Capital Partners and growth capital firm Silversmith Capital Partners acquired healthcare services company Sound Physicians from Fresenius Medical Care for 2.2B USD

Acquisition Highlights
  • This is Summit Partners’ 36th, Revelstoke Capital Partners’ 7th and Silversmith Capital Partners’ 3rd transaction in the Healthcare Services sector.
  • This is Summit Partners’ 2nd, Revelstoke Capital Partners’ and Silversmith Capital Partners’ largest (disclosed) transaction.
  • This is Summit Partners’ 277th, Revelstoke Capital Partners’ 9th and Silversmith Capital Partners’ 14th transaction in the United States.
  • This is Summit Partners’ 5th, Revelstoke Capital Partners’ 2nd and Silversmith Capital Partners’ 1st transaction in Washington.

M&A Deal Summary

Date 2018-04-23
Target Sound Physicians
Sector Healthcare Services
Buyer(s) Summit Partners
Revelstoke Capital Partners
Silversmith Capital Partners
Sellers(s) Fresenius Medical Care
Deal Type Divestiture
Deal Value 2.2B USD

Target

Sound Physicians

Tacoma, Washington, United States
Sound Physicians is a physician-founded and led organization providing services across the acute episode of care - through emergency medicine, critical care, hospital medicine, transitional care and advisory services. Our clinicians and business colleagues are committed to improving outcomes for patients and hospitals through a proven performance management model. Sound Physicians was founded in 2001 and is based in Tacoma, Washington.

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Buyer(S) 3

Buyer

Summit Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1984
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Summit Partners is a private investment and asset management firm focused on venture, growth, credit, and public equity investing. Sectors of interest include business services, communications technology and services, consumer products, energy, financial services, healthcare and life sciences, industrial products, internet/information services, media/entertainment, semiconductors, electronics, and software. Summit Partners is known for having a proactive business development group for sourcing transactions. Summit will consider both minority or majority investment stakes and is willing to commit as little as $10 million or as much as $500 million in combined debt/junior capital per transaction. The Firm's geographic coverage spans North America and Europe. Summit Partners was formed in 1984 and is headquartered in Boston, Massachusetts.


DEAL STATS #
Overall 318 of 387
Sector (Healthcare Services) 36 of 41
Type (Divestiture) 2 of 2
State (Washington) 5 of 5
Country (United States) 277 of 320
Year (2018) 8 of 15
Size (of disclosed) 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-09 Integrated DNA Technologies

Coralville, Iowa, United States

Integrated DNA Technologies, Inc. is a manufacturer of custom nucleic acids (i.e. building blocks of DNA and RNA) and assists researchers in advancing genomics technology, including synthetic biology and Next-Generation Sequencing. The company serves more than 80,000 customers across a diverse set of end markets including academic research, biotechnology, clinical diagnostics and pharmaceuticals.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-26 Smartsheet

Bellevue, Washington, United States

Smartsheet is a SaaS platform for managing and automating collaborative work. The company delivers solutions for tens of thousands of paying customers and millions of information workers across more than 190 countries. Smartsheet was founded in 2005 and is based in Bellevue, Washington.

Sell -
Buyer
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 9 of 21
Sector (Healthcare Services) 7 of 14
Type (Divestiture) 1 of 1
State (Washington) 2 of 2
Country (United States) 9 of 21
Year (2018) 1 of 4
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-15 ONsite Mammography

Westfield, Massachusetts, United States

ONsite Mammography is a preeminent multi-site provider of 3D mammography services within the OB/GYN and primary care professions and is one of the fastest growing companies in the industry. ONsite provides a comprehensive portfolio of project management, installation, and operational services to physician practices in 11 states. ONsite Mammography was established in 2008 and is based in Westfield, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-30 CEI Vision Partners

Columbus, Ohio, United States

CEI Vision Partners is a management services organization. CVP provides comprehensive eye care services and has leading physicians across all major sub-specialties. CEI Vision Partners was established in 2018 and is based in Columbus, Ohio.

Buy -
Buyer
DESCRIPTION

Silversmith Capital Partners is a private investment firm focused on growth capital investments in SaaS and healthcare IT/services companies. The Firm looks to invest $20 to $125 million in growing companies (20%+) with at least $10 million in revenue. Silversmith Capital Partners was established in 2015 and is headquartered in Boston, Massachusetts.


DEAL STATS #
Overall 15 of 38
Sector (Healthcare Services) 3 of 3
Type (Divestiture) 1 of 1
State (Washington) 1 of 1
Country (United States) 14 of 33
Year (2018) 2 of 6
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-01 Iodine Software

Austin, Texas, United States

Iodine Software is a provider of artificial intelligence-based software solutions for health systems that reduce errors and omissions in clinical documentation. Iodine Software was established in 2010 and is based in Austin, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-01 Validity

Boston, Massachusetts, United States

Validity is a provider of data integrity and compliance offerings that thousands of organizations worldwide rely on to trust their data. With highly-valued products including demandTools, dupeBlocker, and peopleImport, Validity is empowering organizations worldwide to make better decisions that drive more leads, close more deals, and confidently plan for continued growth. Validity was founded in 2018 and is based in Boston, Massachusetts.

Buy -

Seller(S) 1

SELLER

Fresenius Medical Care

Bad Homburg, Germany

Category Company
Founded 1996
Sector Healthcare Services
Employees117,128
Revenue 19.5B EUR (2023)
DESCRIPTION

Fresenius Medical Care a kidney dialysis company, provides renal dialysis products and services. Fresenius Medical Care was founded in 1996 and is based in Bad Homburg, Germany.


DEAL STATS #
Overall 3 of 5
Sector (Healthcare Services) 2 of 4
Type (Divestiture) 3 of 5
State (Washington) 1 of 1
Country (United States) 2 of 2
Year (2018) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-28 Shiel Medical Laboratory

Brooklyn, New York, United States

Shiel Medical Laboratory is a clinical laboratory that provides medical diagnostic testing services for physicians and home care agencies. Shiel Medical Laboratory is based in Brooklyn, New York.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-26 NxStage Medical

Lawrence, Massachusetts, United States

NxStage Medical, Inc. is a medical products company. NxStage Medical was founded in 1998 and is based in Lawrence, Massachusetts.

Buy -