M&A Deal Summary

Sound Physicians Acquires Cogent Healthcare

On November 13, 2014, Sound Physicians acquired healthcare services company Cogent Healthcare from AEA Investors, Intermediate Capital Group and Waud Capital Partners

Acquisition Highlights
  • This is Sound Physicians’ 1st transaction in the Healthcare Services sector.
  • This is Sound Physicians’ 1st transaction in the United States.
  • This is Sound Physicians’ 1st transaction in Tennessee.

M&A Deal Summary
Date 2014-11-13
Target Cogent Healthcare
Sector Healthcare Services
Buyer(s) Sound Physicians
Sellers(s) AEA Investors
Intermediate Capital Group
Waud Capital Partners
Deal Type Add-on Acquisition

Target

Cogent Healthcare

Brentwood, Tennessee, United States
Cogent Healthcare, Inc. is a provider of private hospitalist and intensivist services.

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Buyer(S) 1

Buyer

Sound Physicians

Tacoma, Washington, United States
Category Company
Founded 2001
Sector Healthcare Services
DESCRIPTION

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.

DEAL STATS #
Overall 1 of 2
Sector (Healthcare Services) 1 of 2
Type (Add-on Acquisition) 1 of 2
State (Tennessee) 1 of 1
Country (United States) 1 of 2
Year (2014) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-18 iNDIGO Health Partners

Traverse City, Michigan, United States

iNDIGO Health Partners is a provider of hospitalist, telemedicine, and post-acute services in Michigan.

Buy -

Seller(S) 3

SELLER

AEA Investors

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1968
PE ASSETS 19.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

AEA Investors is a private investment firm focused on investing in and acquiring businesses headquartered primarily in the US, Europe, and China. AEA looks for companies operating in stable to growing industries with a proven ability to generate positive cash-flow. Broad sectors of interest include value-added industrial products/services, specialty chemicals, consumer products, and services. In addition to its primary middle-market private equity fund, AEA maintains additional funds targeted towards mezzanine financing, senior secured debt, and small business buyouts. AEA Investors was formed in 1968 and is based in New York City.

DEAL STATS #
Overall 35 of 79
Sector (Healthcare Services) 2 of 2
Type (Add-on Acquisition) 14 of 26
State (Tennessee) 1 of 1
Country (United States) 32 of 71
Year (2014) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-11-04 PPC Industries

Pleasant Prairie, Wisconsin, United States

PPC Industries, Inc. is an extruder and converter of plastic films, bags, and tubing. The Company's products benefit customers in the food, medical, and industrial markets.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-01 Flow Control Group

Charlotte, North Carolina, United States

Flow Control Group is a solutions provider focused on technically oriented products and services for the flow control, fluid handling, and process & industrial automation sectors with locations throughout the U.S. and Canada. As a critical intermediary between over 2,000 suppliers and 10,000 customers, Flow Control Group was founded in 2014 and is based in Charlotte, North Carolina.

Buy -
SELLER

Intermediate Capital Group

London, United Kingdom

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 74.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Intermediate Capital Group (ICG) is a global mezzanine finance firm. IGC looks to provide junior capital to support a wide range of transactions, including buyouts, debt restructurings, and development financing. The Firm generally invests alongside financial sponsors and management teams in transactions valued from €250 million to €1 billion. ICG was formed in 1989 and is headquartered in London.

DEAL STATS #
Overall 152 of 217
Sector (Healthcare Services) 9 of 12
Type (Add-on Acquisition) 43 of 67
State (Tennessee) 1 of 1
Country (United States) 6 of 13
Year (2014) 10 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-09 Elis

Saint-Cloud, France

Elis is a provider of rental and cleaning of textile hygiene services. Elis was founded in 1883 and is based in Saint-Cloud, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-11-20 Firth Rixson

Sheffield, United Kingdom

Firth Rixson Ltd. is a supplier of highly engineered rings, industrial forgings and specialized metal products primarily to aerospace engine manufacturers, headquartered in East Hartford, Connecticut and Sheffield, England.

Sell $2.9B
SELLER

Waud Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1993
PE ASSETS 3.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Waud Capital Partners is a private equity firm that pursues investments in mid-sized manufacturing, distribution and service companies. Waud looks for businesses with proven management, operating in well defined markets, and that demonstrate strong growth potential. The Firm typically invests $75 to $200 million. Specific areas of interest include adhesives, air/water treatment, alarm monitoring, auto components, coatings, consumer products, home healthcare services, hospitals, lighting, litigation support, medical distribution, petroleum distribution, pharmaceuticals, publishing, sealants, specialty hospitals, and tax consultants. Prospective transaction situations include buyouts, recapitalizations and industry consolidations. Waud Capital Partners was established in 1993 and is based in Chicago, Illinois.

DEAL STATS #
Overall 15 of 27
Sector (Healthcare Services) 4 of 7
Type (Add-on Acquisition) 7 of 10
State (Tennessee) 2 of 2
Country (United States) 14 of 26
Year (2014) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-10 National Security Partners

Arlington, Virginia, United States

National Security Partners LLC is a provider of full mission support to federal agencies tasked with protecting American lives and interests at home and abroad. NSP’s services include geospatial technology, web development, big data and scalable solutions, and full spectrum cyber operations.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-24 ProNerve

Broomfield, Colorado, United States

ProNerve LLC is a provider of intraoperative neuromonitoring ("IONM") services in the U.S. IONM involves the use of a variety of electro-physiological monitoring procedures during surgery to allow early warning and avoidance of injury to nervous systems structures.

Sell -
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