M&A Deal Summary

Welsh Carson Anderson & Stowe, Cressey and Select Medical Acquire Concentra

On March 23, 2015, private equity firm Welsh Carson Anderson & Stowe, private equity firm Cressey and Select Medical acquired healthcare services company Concentra from Humana for 1.1B USD

Acquisition Highlights
  • This is Welsh Carson Anderson & Stowe’s 24th, Cressey’s 12th and Select Medical’s 4th transaction in the Healthcare Services sector.
  • This is Welsh Carson Anderson & Stowe’s 9th, Cressey’s 2nd and Select Medical’s largest (disclosed) transaction.
  • This is Welsh Carson Anderson & Stowe’s 69th, Cressey’s 19th and Select Medical’s 4th transaction in the United States.
  • This is Welsh Carson Anderson & Stowe’s 8th, Cressey’s 4th and Select Medical’s 2nd transaction in Texas.

M&A Deal Summary
Date 2015-03-23
Target Concentra
Sector Healthcare Services
Buyer(s) Welsh Carson Anderson & Stowe
Cressey
Select Medical
Sellers(s) Humana
Deal Type Divestiture
Deal Value 1.1B USD

Target

Concentra

Addison, Texas, United States
Concentra is a healthcare company that offers occupational medicine, urgent care, physical therapy, and wellness services to workers and the public through more than 320 Concentra Medical Centers locations in 40 states. Concentra was formed in 1997 and is based in Addison, Texas.

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Buyer(S) 3

Buyer

Welsh Carson Anderson & Stowe

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1979
PE ASSETS 31.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Welsh Carson Anderson & Stowe (WCAS) is a mega-sized, specialist private equity firm focused on investments in growth-oriented companies operating within the healthcare and technology/tech-enabled services industries. WCAS will consider small and large transactions; including venture investments, growth equity investments, buy-and-build transactions, public-to-private acquisitions, and corporate carve-outs. The Firm prefers control situations and generally seeks opportunities in the US. Welsh Carson Anderson & Stowe was formed in 1979 and is based in New York City.

DEAL STATS #
Overall 72 of 103
Sector (Healthcare Services) 24 of 35
Type (Divestiture) 3 of 4
State (Texas) 8 of 9
Country (United States) 69 of 98
Year (2015) 2 of 5
Size (of disclosed) 9 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-23 United Surgical Partners International

Addison, Texas, United States

United Surgical Partners International, Inc. is a develops ambulatory surgery centers primarily in partnership with hospitals and with physicians in the U.S.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-13 US Acute Care Solutions

Canton, Ohio, United States

US Acute Care Solutions is a physician-owned integrated acute care platform in the United States, providing physician staffing and management services primarily focused on the emergency department. US Acute Care Solutions serves over 9 million patients annually through over 500 programs across 29 states. US Acute Care Solutions was founded in 2015 and is based in Canton, Ohio.

Buy -
Buyer

Cressey

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
PE ASSETS 1.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Cressey & Company LP is a specialist private equity investment firm focused on buy-and-build opportunities in the healthcare sector. The firm invests in the range of $10 - $100 million and EBITA of at least $5 million. The firm specific areas of interest include hospitals, homecare, outpatient services, and specialty distribution. Types of transaction include buyout, growth and recapitalization. It also seeks controlling interest. Cressey & Company has offices in Chicago, Illinois and Nashville, Tennessee.

DEAL STATS #
Overall 20 of 34
Sector (Healthcare Services) 12 of 17
Type (Divestiture) 1 of 1
State (Texas) 4 of 5
Country (United States) 19 of 33
Year (2015) 2 of 4
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-02 Dental Services Group

St. Petersburg, Florida, United States

Dental Services Group is an operator of a full-service laboratory network with over 40 dental laboratories that offers dental prosthetic solutions, including fixed, removable, implant, orthodontic and sleep dentistry products. Dental Services Group was founded in 1989 and is based in St. Petersburg, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-20 VetCor

Norwell, Massachusetts, United States

VetCor owns and operates a national family of 272 veterinary hospitals employing over 4,700 veterinarians and supporting staff. VetCor hospitals provide a full range of general medical and surgical services for pets, as well as pharmacy needs and ancillary services such as boarding, grooming, and pet products. VetCor was founded in 1997 and is based in Norwell, Massachusetts.

Sell -
Buyer

Select Medical

Mechanicsburg, Pennsylvania, United States
Category Company
Founded 1996
Sector Healthcare Services
Employees38,400
Revenue 6.7B USD (2023)
DESCRIPTION

Select Medical is an operator of acute care hospitals and medical rehabilitation hospitals. Select Medical Holdings was founded in 1996 and is based in Mechanicsburg, Pennsylvania.

DEAL STATS #
Overall 4 of 8
Sector (Healthcare Services) 4 of 8
Type (Divestiture) 1 of 2
State (Texas) 2 of 2
Country (United States) 4 of 8
Year (2015) 1 of 1
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-18 First Choice Rehabilitation Specialists PC

Lemoyne, Pennsylvania, United States

First Choice Rehabilitation Specialists PC is a provider of physical therapy services.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-04 Physiotherapy Associates

Exton, Pennsylvania, United States

Physiotherapy Associates, Inc. is a provider of outpatient physical rehabilitation care offering a wide range of services, including general orthopedics, spinal care and neurological rehabilitation, as well as orthotics and prosthetics services.

Buy $400M

Seller(S) 1

SELLER

Humana

Louisville, Kentucky, United States
Category Company
Founded 1961
Sector Healthcare Services
Employees67,600
Revenue 106.4B USD (2023)
DESCRIPTION

Humana is a managed healthcare company that markets and administers health insurance. Humana operates through three segments. These include Retail, Employer Group, and Healthcare Services. The Retail segment consists of Medicare and commercial fully-insured medical and specialty health insurance benefits, including dental, vision, and other supplemental health and financial protection products, marketed directly to individuals. The Employer Group segment consists of Medicare and commercial fully-insured medical and specialty health insurance benefits, including dental, vision, and other supplemental health and voluntary benefit products. The Healthcare Services segment includes services offered to health plan members as well as to third parties, including pharmacy, provider services, home based services, integrated behavioral health services, and predictive modeling and informatics services. Humana was formed in 1961 and is based in Louisville, Kentucky.

DEAL STATS #
Overall 3 of 6
Sector (Healthcare Services) 2 of 4
Type (Divestiture) 2 of 4
State (Texas) 1 of 1
Country (United States) 3 of 6
Year (2015) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-27 Healthrageous

Boston, Maryland, United States

Healthrageous, Inc. is an Accountable Health company that supports individual journeys to prevent and self-manage chronic health conditions via the web and a mobile app. I

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-06 Humana - Long-Term Care Insurance Business

Louisville, Kentucky, United States

Humana, Inc. - Long-Term Care Insurance Business is a provider of insurance services in Louisville, Kentucky.

Sell -
Mergr

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