M&A Deal Summary

The Blackstone Group, Genstar Capital, Linden Capital Partners and CPP Investments Acquire Advarra

On June 10, 2022, private equity firm The Blackstone Group, private equity firm Genstar Capital, private equity firm Linden Capital Partners and pension CPP Investments acquired life science company Advarra from Genstar Capital and Linden Capital Partners

Acquisition Highlights
  • This is The Blackstone Group’s 8th, Genstar Capital’s 7th, Linden Capital Partners’ 9th and CPP Investments’ 1st transaction in the Life Science sector.
  • This is The Blackstone Group’s 193rd, Genstar Capital’s 95th, Linden Capital Partners’ 45th and CPP Investments’ 23rd transaction in the United States.
  • This is The Blackstone Group’s 6th, Genstar Capital’s 4th, Linden Capital Partners’ 4th and CPP Investments’ 1st transaction in Maryland.

M&A Deal Summary

Date 2022-06-10
Target Advarra
Sector Life Science
Buyer(s) The Blackstone Group
Genstar Capital
Linden Capital Partners
CPP Investments
Sellers(s) Genstar Capital
Linden Capital Partners
Deal Type Secondary Buyout
Advisor(s) Jefferies (Financial)
Ropes & Gray (Legal)

Target

Advarra

Columbia, Maryland, United States
Advarra is a provider of IRB, IBC, and compliance consulting services in North America. Fully accredited by AAHRPP, the company serves pharmaceutical, biotechnology, and medical device research sponsors and contract research organizations (CROs), as well as academic medical centers, hospital systems, investigative site networks, and patient advocacy groups. Advarra was founded in 1983 and is based in Columbia, Maryland.

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Buyer(S) 4

Buyer

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 131.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group is a global alternative investment management firm. The Firm's investment activities span real estate, secondary investments, hedge funds, credit, infrastructure, and private equity. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York, New York.


DEAL STATS #
Overall 309 of 336
Sector (Life Science) 8 of 8
Type (Secondary Buyout) 69 of 80
State (Maryland) 6 of 6
Country (United States) 193 of 211
Year (2022) 8 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-01 Acrisure

Grand Rapids, Michigan, United States

Acrisure is a retail insurance brokerage offering comprehensive risk management and consulting solutions, including property & casualty, employee benefits, human resource outsourcing, loss & claims management, surety bonding and personal lines coverage. Acrisure was founded in 2005 and is based in Grand Rapids, Michigan.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-24 Kensington Mortgages

Maidenhead, United Kingdom

Kensington Mortgages is a specialist residential mortgage lender providing mortgages via brokers to borrowers with complex incomes. It uses proprietary technology, data analytics, and insight to design products and make lending decisions, focusing on the self-employed and customers who have multiple or variable incomes. Kensington Mortgage was formed in 1994 and is based in North Yorkshire.

Sell £2.3B
Buyer

Genstar Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1988
PE ASSETS 49.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Genstar Capital is a private equity firm that seeks investments in life science, healthcare, medical products, industrial technology, software, financial services, packaging, building materials, manufacturing, and business services companies. Genstar looks to invest between $50 and $400 million of equity capital in businesses valued up to $1 billion. Target transaction situations include control-oriented leveraged buyouts of corporate divisions, privately held businesses or public companies, minority investments in privately held businesses or public companies, ownership restructurings/recapitalizations of privately held businesses, growth equity financings, partnerships with other strategic or financial buyers, and take privates. Genstar Capital was formed in 1988 and is based in San Francisco, California.


DEAL STATS #
Overall 103 of 109
Sector (Life Science) 7 of 7
Type (Secondary Buyout) 46 of 49
State (Maryland) 4 of 4
Country (United States) 95 of 101
Year (2022) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-19 BBB Industries

Daphne, Alabama, United States

BBB Industries engages in remanufacturing of starters, alternators, hydraulic and air disc brake calipers, both hydraulic and electronic power steering products and turbochargers for the OEM, personal and commercial vehicle aftermarket industries. BBB Industries was founded in 1987 headquartered in Daphne, Alabama.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-13 Cerity Partners

New York, New York, United States

Cerity Partners is a provider of comprehensive financial management services to a diverse spectrum of High Net Worth (“HNW”) individuals and their families, businesses and their executives, and nonprofit organizations. Clarity Partners is based in New York City.

Buy -
Buyer

Linden Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 3.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Linden LLC is a private equity firm that invests in businesses involved in the healthcare and life science sectors. However, the firm also executes any size private equity transaction between $10 million to $2 billion through the firm's alliance with Madison Dearborn Partners. Linden is not a venture capital investor. The firm specializes in investments in non-core businesses owned by large corporations, as well as traditional management buyouts of independent companies. Linden LLC was formed in 2004 and is based in Chicago, Illinois.


DEAL STATS #
Overall 45 of 48
Sector (Life Science) 9 of 10
Type (Secondary Buyout) 16 of 18
State (Maryland) 4 of 4
Country (United States) 45 of 47
Year (2022) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-05 Smile Doctors

Dallas, Texas, United States

Smile Doctors is an orthodontics-focused dental service organization in the U.S. Smile Doctors services over 100 affiliated practices offering both traditional braces and clear aligners. Smile Doctors focuses exclusively on developing and growing affiliated orthodontic practices. Smile Doctors was founded in 2015 and is based in Dallas, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-21 Aspirion

Columbus, Georgia, United States

Aspirion is a specialty revenue cycle management vendor focused on helping hospitals and health systems process complex healthcare claims. Aspirion’s current focus is on worker's compensation, motor vehicle accident, and veterans affairs cases, which are time- and labor-intensive to process relative to traditional commercial healthcare claims. Aspirion was founded in 2006 and is based in Columbus, Georgia.

Buy -
Buyer
DESCRIPTION

CPP Investments is a Canadian pension fund focused on a variety of investing strategies, including public equities, debt, and alternative investments. The Firm's private equity arm looks to acquire direct stakes in private companies, as well as make fund investments and acquire secondary positions. For direct stakes in companies, CPP looks to invest across North American and Europe and seeks to commit a minimum of $150 million per transaction. CPP has no industry preferences however the Firm will not invest in real assets. CPP Investments was established in 1997 and is based in Toronto, Ontario.


DEAL STATS #
Overall 42 of 51
Sector (Life Science) 1 of 1
Type (Secondary Buyout) 9 of 11
State (Maryland) 1 of 1
Country (United States) 23 of 26
Year (2022) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-11 Delhivery Logistics

Gurgaon, India

Delhivery Logistics is a supply chain services company focused on digital commerce. Delhivery provides express logistics services in over 600 cities in India and in more than 8,500 pin-codes and operates 12 fulfillment centers for B2C and B2B fulfillment services. Delhivery Logistics was founded in 2011 and is based in Gurgaon, India.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-07 D1

Bogotá, Colombia

D1 is a food retail space that focuses on offering selections of private-label products at affordable prices. D1 is based in Bogotá, Colombia.

Buy -

Seller(S) 2

SELLER

Genstar Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1988
PE ASSETS 49.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Genstar Capital is a private equity firm that seeks investments in life science, healthcare, medical products, industrial technology, software, financial services, packaging, building materials, manufacturing, and business services companies. Genstar looks to invest between $50 and $400 million of equity capital in businesses valued up to $1 billion. Target transaction situations include control-oriented leveraged buyouts of corporate divisions, privately held businesses or public companies, minority investments in privately held businesses or public companies, ownership restructurings/recapitalizations of privately held businesses, growth equity financings, partnerships with other strategic or financial buyers, and take privates. Genstar Capital was formed in 1988 and is based in San Francisco, California.


DEAL STATS #
Overall 59 of 60
Sector (Life Science) 6 of 6
Type (Secondary Buyout) 23 of 23
State (Maryland) 3 of 3
Country (United States) 53 of 54
Year (2022) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-19 BBB Industries

Daphne, Alabama, United States

BBB Industries engages in remanufacturing of starters, alternators, hydraulic and air disc brake calipers, both hydraulic and electronic power steering products and turbochargers for the OEM, personal and commercial vehicle aftermarket industries. BBB Industries was founded in 1987 headquartered in Daphne, Alabama.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-13 Cerity Partners

New York, New York, United States

Cerity Partners is a provider of comprehensive financial management services to a diverse spectrum of High Net Worth (“HNW”) individuals and their families, businesses and their executives, and nonprofit organizations. Clarity Partners is based in New York City.

Buy -
SELLER

Linden Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 3.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Linden LLC is a private equity firm that invests in businesses involved in the healthcare and life science sectors. However, the firm also executes any size private equity transaction between $10 million to $2 billion through the firm's alliance with Madison Dearborn Partners. Linden is not a venture capital investor. The firm specializes in investments in non-core businesses owned by large corporations, as well as traditional management buyouts of independent companies. Linden LLC was formed in 2004 and is based in Chicago, Illinois.


DEAL STATS #
Overall 25 of 27
Sector (Life Science) 5 of 5
Type (Secondary Buyout) 8 of 9
State (Maryland) 3 of 3
Country (United States) 25 of 27
Year (2022) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-05 Smile Doctors

Dallas, Texas, United States

Smile Doctors is an orthodontics-focused dental service organization in the U.S. Smile Doctors services over 100 affiliated practices offering both traditional braces and clear aligners. Smile Doctors focuses exclusively on developing and growing affiliated orthodontic practices. Smile Doctors was founded in 2015 and is based in Dallas, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-21 Aspirion

Columbus, Georgia, United States

Aspirion is a specialty revenue cycle management vendor focused on helping hospitals and health systems process complex healthcare claims. Aspirion’s current focus is on worker's compensation, motor vehicle accident, and veterans affairs cases, which are time- and labor-intensive to process relative to traditional commercial healthcare claims. Aspirion was founded in 2006 and is based in Columbus, Georgia.

Buy -