Investment Summary

Tyree & D Angelo Partners Exit Heartland Veterinary Partners

On December 12, 2019, private equity firm Gryphon Investors and asset manager Athyrium Capital Management invested in consumer services company Heartland Veterinary Partners from Tyree & D Angelo Partners

Investment Highlights
  • This is Gryphon Investors’ 1st and Athyrium Capital Management’s 3rd transaction in the Consumer Services sector.
  • This is Gryphon Investors’ 50th and Athyrium Capital Management’s 37th transaction in the United States.
  • This is Gryphon Investors’ 3rd and Athyrium Capital Management’s 3rd transaction in Illinois.

Investment Summary

Date 2019-12-12
Target Heartland Veterinary Partners
Sector Consumer Services
Investor(s) Gryphon Investors
Athyrium Capital Management
Sellers(s) Tyree & D Angelo Partners
Deal Type Secondary Buyout
Advisor(s) William Blair (Financial)
Winston & Strawn (Legal)

Target

Heartland Veterinary Partners

Chicago, Illinois, United States
Heartland Veterinary Partners is a support organization that is committed to improving the lives of veterinarians. The company purchase veterinary practices and provide operational support to relieve administrative burdens such as payroll, recruiting, HR, marketing and accounts payables. Heartland Veterinary Partners is based in Chicago, Illinois.

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Investor(S) 2

Investor

Gryphon Investors

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1995
PE ASSETS 9.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Gryphon Investors is a private equity firm focused on making $50 to $500 million of equity or equity-linked investments in middle-market companies. Target transaction situations include traditional buyouts, leveraged build-ups, and growth financings. Gryphon will consider both control and shared-control positions. Sectors of interest include business services, consumer, retail, automotive, chemicals, general manufacturing, healthcare, and hotels. Gryphon Investors was formed in 1995 and is based in San Francisco, California.


DEAL STATS #
Overall 50 of 76
Sector: Consumer Services M&A 1 of 1
Type: Secondary Buyout M&A Deals 14 of 25
State: Illinois M&A 3 of 6
Country: United States M&A 50 of 75
Year: 2019 M&A 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-30 ECG Management Consultants

Seattle, Washington, United States

ECG Management Consultants, Inc. is a strategic consulting firm that is major healthcare forward, using knowledge and expertise built over the course of four decades to help clients see clearly where healthcare is going and to navigate toward success. ECG Management Consultants was founded in 1973 and is based in Seattle, Washington.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-23 Ncontracts

Brentwood, Tennessee, United States

Ncontracts provides risk, vendor, and compliance management software to a rapidly expanding customer base of more than 1,300 financial institutions located in all 50 states and U.S. territories. Ncontracts was founded in 2009 and is based in Brentwood, Tennessee.

Buy -
Investor

Athyrium Capital Management

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 2008
PE ASSETS 4.6B 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, New York.


DEAL STATS #
Overall 40 of 50
Sector: Consumer Services M&A 3 of 3
Type: Secondary Buyout M&A Deals 5 of 6
State: Illinois M&A 3 of 3
Country: United States M&A 37 of 45
Year: 2019 M&A 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-16 ArisGlobal

Waltham, Massachusetts, United States

ArisGlobal provides cloud-based life-sciences software that streamlines drug development, safety, regulatory, and medical affairs operations. Its AI-powered LifeSphere® platform helps pharma, biotech, and CROs automate compliance, streamline R&D operations, and accelerate the development of safer, more effective therapies. ArisGlobal was founded in 1987 and is based in Waltham, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-19 Biora Therapeutics

San Diego, California, United States

Biora Therapeutics is a clinical-stage biotechnology company developing oral therapeutic-delivery platforms for needle-free systemic delivery of large molecules and targeted therapy delivery in the gastrointestinal tract. Biora Therapeutics was founded in 2010 and is based in San Diego, California.

Sell -

Seller(S) 1

SELLER

Tyree & D Angelo Partners

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2013
PE ASSETS 1.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Tyree & D'Angelo Partners (TDP) is a private equity firm that focuses on control investments in lower middle-market companies. TDP seeks companies with less then $50 million in annual revenue and EBITDA of $1 to $5 million. Sectors of interest include healthcare, consumer, agriculture, and business services. TDP has a preference for Midwestern US-based companies, but will consider opportunities across the US and Canada. Tyree & D'Angelo Partners was formed in 2013 and is based in Chicago, Illinois.


DEAL STATS #
Overall 2 of 2
Sector: Consumer Services M&A 1 of 1
Type: Secondary Buyout M&A Deals 2 of 2
State: Illinois M&A 2 of 2
Country: United States M&A 2 of 2
Year: 2019 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-01 Star Dental Partners

Plano, Texas, United States

Star Dental Partners is a dental support organization providing affiliated dentists in the Texas and Southeast markets with proven non-clinical business support functions allowing dentists to spend more time and attention to patient care instead of administrative functions. Star Dental Partners is based in Plano, Texas.

Buy -