M&A Deal Summary

Select Rehabilitation Acquires EnduraCare Therapy Management

On January 31, 2012, Select Rehabilitation acquired healthcare services company EnduraCare Therapy Management from MedEquity Capital, Halpern Denny and Harbert Private Capital for 35M USD

Acquisition Highlights
  • This is Select Rehabilitation’s 1st transaction in the Healthcare Services sector.
  • This is Select Rehabilitation’s largest (disclosed) transaction.
  • This is Select Rehabilitation’s 1st transaction in the United States.
  • This is Select Rehabilitation’s 1st transaction in Nevada.

M&A Deal Summary
Date 2012-01-31
Target EnduraCare Therapy Management
Sector Healthcare Services
Buyer(s) Select Rehabilitation
Sellers(s) MedEquity Capital
Halpern Denny
Harbert Private Capital
Deal Type Add-on Acquisition
Deal Value 35M USD
Advisor(s) Edge Healthcare Partners LLC (Financial)

Target

EnduraCare Therapy Management

Las Vegas, Nevada, United States
EnduraCare Therapy Management, Inc. provides contract therapy care to America's premier hospitals, long-term care facilities, and physician groups.

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Buyer(S) 1

Buyer

Select Rehabilitation

Glenview, Illinois, United States
Category Company
Founded 1999
Sector Healthcare Services
DESCRIPTION

Select Rehabilitation is a provider of contract rehabilitation therapy services in the United States. Select Rehabilitation provides physical therapy, occupational therapy, and speech therapy services in the long-term care sector, primarily to clients in skilled nursing facilities, continuing care retirement communities, outpatient settings, and home health settings. Select Rehabilitation was founded in 1999 and is based in Glenview, Illinois.

DEAL STATS #
Overall 1 of 2
Sector (Healthcare Services) 1 of 2
Type (Add-on Acquisition) 1 of 1
State (Nevada) 1 of 1
Country (United States) 1 of 2
Year (2012) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-05 RehabCare Group

Louisville, Kentucky, United States

RehabCare is a provider of post-acute care, owning and operating 34 long-term acute care and rehabilitation hospitals and providing program management services in partnership with over 1,250 hospitals and skilled nursing facilities in 42 states and Puerto Rico.

Buy -

Seller(S) 3

SELLER

MedEquity Capital

Wellesley Hills, Massachusetts, United States

Investor Investor Investor

Category Private Equity Firm
Founded 1999
Size Middle-Market
Type Sector Focused
DESCRIPTION

MedEquity Capital LLC is a specialist private equity firm that invests in mid- to late-stage healthcare service and product companies. MedEquity's focus within healthcare services includes provider based services, out-sourced non-core services, infrastructure-focused businesses, product companies with low technology risk, and technology driven service companies. MedEquity will consider both control and non-control investments and looks invest between $5 and $30 million per transaction. Investment funds are typically used to support recapitalizations, acquisitions, and growth. MedEquity Capital LLC was formed in 2002 and is based in Wellesley Hills, Massachusetts.

DEAL STATS #
Overall 7 of 9
Sector (Healthcare Services) 2 of 4
Type (Add-on Acquisition) 6 of 8
State (Nevada) 1 of 1
Country (United States) 7 of 9
Year (2012) 1 of 2
Size (of disclosed) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-12-30 VelQuest

Hopkinton, Massachusetts, United States

VelQuest Corporation provides laboratory software solutions for process management and compliance in the life science industry.

Sell $35M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-02-14 Crescent Healthcare

Anaheim, California, United States

Crescent Healthcare, Inc. is a distributor of specialty pharmaceutical products. The company operates eight pharmacy locations in California and Florida and serves patients nationwide. The company delivers care through the implementation of innovative partnerships with health plans, hospitals, and medical groups to manage patient populations to the best clinical and financial outcomes.

Sell $75M
SELLER

Halpern Denny

Boston, Massachusetts, United States
Category Private Equity Firm
Founded 1991
PE ASSETS 600M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Halpern, Denny & Co. is a private equity investment firm that targets management buyouts and high growth, late stage expansion financings. In general, investments range between $5 million to $50 million per portfolio company. Investments less than $5 million are considered if the potential for return is either very high or if there is a follow-on investment opportunity. Moreover, investments up to $100 million can be completed with Halpern Denny co-investors. Industries of particular interest to Halpern, Denny & Co. include consumer, media/communications, distribution, specialty manufacturing, and healthcare. Halpern, Denny & Co. was formed in 1991 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 12 of 12
Sector (Healthcare Services) 3 of 3
Type (Add-on Acquisition) 6 of 6
State (Nevada) 1 of 1
Country (United States) 12 of 12
Year (2012) 1 of 1
Size (of disclosed) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-11-23 Windward Petroleum

Manchester, New Hampshire, United States

Windward Petroleum is a Consolidator of independent lubricant distributors to build largest, most efficient and most profitable lubricants distribution company in the U.S.

Sell -
SELLER

Harbert Private Capital

Birmingham, Alabama, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1985
PE ASSETS 4.7B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Harbert Private Equity and Mezzanine is a private equity arm of Harbert Management Corp. The Private Equity group targets leveraged buyouts, recapitalizations, expansion capital investments, and distressed situations. The firm targets opportunities across a range of industries and typical transactions have enterprise values between A$10 and A$100 million. The Mezzanine Capital group seeks subordinated debt investments and can commit $3 to $15 million per transaction. . Harbert Management Corporation was formed in 1985 and has offices in Birmingham, Alabama; New York, New York; Nashville, Tennessee; Richmond, Virginia; London; Madrid; Paris; and Melbourne.

DEAL STATS #
Overall 11 of 43
Sector (Healthcare Services) 5 of 10
Type (Add-on Acquisition) 6 of 26
State (Nevada) 1 of 1
Country (United States) 11 of 42
Year (2012) 1 of 4
Size (of disclosed) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-17 Sharecare

Atlanta, Georgia, United States

Sharecare is a digital health company that helps people consolidate and manage various components of their health in one place, regardless of where they are on their health journey. Sharecare provides the messaging, motivation, management, and measurement tools to help individuals, workforces, and communities optimize their comprehensive well-being. Sharecare was founded in 2010 and is based in Atlanta, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-02-01 Techdrill Civil & Mining Services

Orange, Australia

Techdrill Civil & Mining Services (“TCMS”), a diversified mining and infrastructure services group formed from the merger or Techdrill Services (“Techdrill”) and Rock Drilling Australia (“RDA”). Techdrill is an established drilling contractor based in Central Western New South Wales, and provides mobile Greenfield and Brownfield drilling services to a large number of resource exploration companies in eastern Australia. Techdrill Civil & Mining Services was founded in 2006 and is based in Orange, Australia.

Buy -
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