M&A Deal Summary

Revelstoke Capital Partners, Yukon Partners and Athyrium Capital Management Acquire Upstream Rehabilitation

On December 15, 2015, private equity firm Revelstoke Capital Partners, mezzanine finance firm Yukon Partners and asset manager Athyrium Capital Management acquired healthcare services company Upstream Rehabilitation from Charterhouse Strategic Partners and Harren Equity Partners

Acquisition Highlights
  • This is Revelstoke Capital Partners’ 4th, Yukon Partners’ 7th and Athyrium Capital Management’s 2nd transaction in the Healthcare Services sector.
  • This is Revelstoke Capital Partners’ 6th, Yukon Partners’ 24th and Athyrium Capital Management’s 14th transaction in the United States.
  • This is Revelstoke Capital Partners’ 1st, Yukon Partners’ 1st and Athyrium Capital Management’s 1st transaction in Alabama.

M&A Deal Summary
Date 2015-12-15
Target Upstream Rehabilitation
Sector Healthcare Services
Buyer(s) Revelstoke Capital Partners
Yukon Partners
Athyrium Capital Management
Sellers(s) Charterhouse Strategic Partners
Harren Equity Partners
Deal Type Secondary Buyout
Advisor(s) Harris Williams & Co. (Financial)
Proskauer Rose LLP (Legal)

Target

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.

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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 6 of 21
Sector (Healthcare Services) 4 of 14
Type (Secondary Buyout) 4 of 7
State (Alabama) 1 of 1
Country (United States) 6 of 21
Year (2015) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-03 Accelecare Wound Centers

Bellevue, Washington, United States

Accelecare Wound Centers, Inc. is a wound care and disease management company focused on providing full service wound management solutions to hospitals and related health care organizations across the United States. Accelecare Wound Centers was formed in 2007 and is based in Bellevue, Washington.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-25 Fast Pace Health

Waynesboro, Tennessee, United States

Fast Pace Health is an independent provider of urgent care and primary care services in Tennessee. The company provides convenient and affordable healthcare services to rural markets throughout Tennessee and Kentucky. It provides treatment for a wide range of illnesses, injuries, and common conditions, in addition to diagnostic and screening services. Fast Pace Health was founded in 2009 and is based in Waynesboro, Tennessee.

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 24 of 54
Sector (Healthcare Services) 7 of 11
Type (Secondary Buyout) 9 of 18
State (Alabama) 1 of 2
Country (United States) 24 of 53
Year (2015) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-01 Golden State Dermatology

Walnut Creek, California, United States

Golden State Dermatology provides physician practice management services to dermatology providers of general dermatology, cosmetic, body contouring, cancer laser treatment, and Mohs surgery. Golden State Dermatology is based in Walnut Creek, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-18 DuvaSawko

Ormond Beach, Florida, United States

DuvaSawko is an operator of boutique emergency-physician owned and operated revenue-cycle and practice IT management company predominantly serving emergency physician groups and hospital-based emergency departments. DuvaSawko was founded in 1998 and is based in Ormond Beach, Florida.

Buy -
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 16 of 44
Sector (Healthcare Services) 2 of 9
Type (Secondary Buyout) 2 of 6
State (Alabama) 1 of 1
Country (United States) 14 of 39
Year (2015) 6 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-01 Lannett Company

Trevose, Pennsylvania, United States

Lannett Company is a developer, manufacturer, packager, marketer and distributor of generic pharmaceutical products for a wide range of medical indications. Lannett Company was founded in 1942 and is based in Trevose, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-08 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.

Buy -

Seller(S) 2

SELLER

Charterhouse Strategic Partners

Summit, New Jersey, United States
Category Private Equity Firm
Founded 1973
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Charterhouse Strategic Partners is a private equity firm that targets investments in middle market companies located throughout North America. Charterhouse typically pursues companies valued between $25 and $150 million, however the firm will also consider new platform companies valued less than $50 million if there is the possibility for rapid expansion (organic or through acquisitions). Target companies generally possess highly motivated management with a proven track record, scalable business models, sustainable competitive advantages (brand recognition/proprietary products), and a leading position in a growing market. Broad sectors of interest include business services, healthcare services, consumer products, and consumer services. Charterhouse was founded in 1973 and is based in Summit, New Jersey.

DEAL STATS #
Overall 16 of 16
Sector (Healthcare Services) 2 of 2
Type (Secondary Buyout) 6 of 6
State (Alabama) 1 of 1
Country (United States) 15 of 15
Year (2015) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-28 Rudi s Organic Bakery

Boulder, Colorado, United States

Rudi's is a leading marketer, manufacturer and distributor of certified organic and certified gluten-free breads, buns, muffins, tortillas and related baked goods. The Company primarily sells branded products through natural food chains, independent health food stores, conventional supermarkets and the club channel. The Company's flagship brands include Rudi's Organic Bakery™ and Rudi's Gluten Free Bakery.

Sell $61M
SELLER

Harren Equity Partners

Charlottesville, Virginia, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2000
PE ASSETS 450M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Harren Equity Partners LLC is an East Coast US-based private equity firm focused on mid-sized acquisitions, recapitalizations and growth capital financings. Harren is a generalist firm and will consider companies in a broad range of industries, including aerospace/defense, automotive, business services, building materials, energy services, furniture, industrial machinery, medical products, natural resources, healthcare services, restaurants, retail, and recycling. Prospective companies typically have sales of $30 to $300 million, EBITDA of $7 to $30 million, and are located in North America. Harren prefers businesses with defensible markets positions, proven management, and strong growth potential. Harren Equity Partners LLC was formed in 2000 and is based in Charlottesville, Virginia.

DEAL STATS #
Overall 17 of 23
Sector (Healthcare Services) 1 of 2
Type (Secondary Buyout) 5 of 8
State (Alabama) 1 of 1
Country (United States) 17 of 23
Year (2015) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-20 Circa of America

San Francisco, California, United States

Circa of America is a designer and manufacturer of men’s and women’s private label belts, servicing premier national chain, specialty retail, and department store customers nationwide. Circa of America was founded in 1967 and is based in San Francisco, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-03 Shrimp Basket

Gulf Shores, Alabama, United States

Shrimp Basket is a full-service seafood-focused restaurant chain with 24 locations across Alabama, Florida, and Mississippi. The restaurants offer a casual, family-friendly atmosphere at an affordable price point. Shrimp Basket was founded in 1993 and is based in Gulf Shores, Alabama.

Buy -
Mergr

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Company

Legal