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  6. Vestar Capital Partners, Crescent Capital Group and Intermediate Capital Group Acquire Press Ganey

M&A Deal Summary

Vestar Capital Partners, Crescent Capital Group and Intermediate Capital Group Acquire Press Ganey

On March 12, 2008, private equity firm Vestar Capital Partners, mezzanine finance firm Crescent Capital Group and mezzanine finance firm Intermediate Capital Group acquired information services company Press Ganey from American Securities

Acquisition Highlights
  • This is Vestar Capital Partners’ 1st, Crescent Capital Group’s 1st and Intermediate Capital Group’s 3rd transaction in the Information Services sector.
  • This is Vestar Capital Partners’ 46th, Crescent Capital Group’s 34th and Intermediate Capital Group’s 7th transaction in the United States.
  • This is Vestar Capital Partners’ 3rd, Crescent Capital Group’s 3rd and Intermediate Capital Group’s 1st transaction in Texas.
Investment Fate
  • Press Ganey went public in 2015.
  • Press Ganey was sold to a financial buyer in 2016 for 2.4B USD.
  • Press Ganey was sold to a consortium of financial buyers in 2019.

M&A Deal Summary
Date 2008-03-12
Target Press Ganey
Sector Information Services
Buyer(s) Vestar Capital Partners
Crescent Capital Group
Intermediate Capital Group
Sellers(s) American Securities
Deal Type Secondary Buyout

Target

Press Ganey

Fort Worth, Texas, United States
Press Ganey is a provider of healthcare performance solutions for hospitals, healthcare and home care providers. Press Ganey utilizes patient and employee surveys to collect vast amounts of proprietary data on behalf of clients to power its industry-leading benchmarking and analytics tools and advisory services. Press Ganey was founded in 1985 and is based in Fort Worth, Texas.

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Buyer(S) 3

Buyer

Vestar Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1988
PE ASSETS 11.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Vestar Capital Partners is a private equity firm that targets management buyouts and growth capital investments across North America and Europe in the consumer, business services, and healthcare sectors. The Firm looks to invest $50 to $150 million in transactions valued up to $1 billion. Specific areas of interest include food, apparel, household goods, retail, consumer services, industrial services, information services, manufacturing, distribution, transportation, financial services, media/communications, digital health media, and medical technology. Vestar Capital Partners was formed in 1988 and is based in New York City.

DEAL STATS #
Overall 59 of 86
Sector (Information Services) 1 of 2
Type (Secondary Buyout) 5 of 14
State (Texas) 3 of 5
Country (United States) 46 of 70
Year (2008) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-02-01 21st Century Oncology

Fort Myers, Florida, United States

21st Century Oncology is a provider of cancer care services across multiple modalities, the largest radiation oncology provider and one of the largest groups of urologists in the U.S. 21st Century Oncology was founded in 1983 and is based in Fort Myers, Florida.

Buy $1.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-04-01 Nybron Flooring International AG

Jona, Switzerland

Nybron Flooring International AG is a producer of wood flooring and the world market leader in pre-finished engineered wood flooring products.

Sell -
Buyer

Crescent Capital Group

Los Angeles, California, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1991
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Crescent Capital is a provider of debt securities to middle-market companies. Crescent looks to issue senior bank loans, high yield bonds, mezzanine debt and distressed debt to fund a variety of needs. The FIrm's direct lending group looks to provide $10 to $30 million to sponsor-backed companies that generate $5 to $35 million of EBITDA. Crescent's mezzanine practice typically provides junior capital to support buyouts, recapitalizations, and refinancings. Crescent Capital was formed in 1991 and was originally known as TCW/Crescent Mezzanine. The Firm has offices in Los Angeles, Boston, New York, and London.

DEAL STATS #
Overall 39 of 67
Sector (Information Services) 1 of 1
Type (Secondary Buyout) 11 of 25
State (Texas) 3 of 6
Country (United States) 34 of 54
Year (2008) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-02-01 21st Century Oncology

Fort Myers, Florida, United States

21st Century Oncology is a provider of cancer care services across multiple modalities, the largest radiation oncology provider and one of the largest groups of urologists in the U.S. 21st Century Oncology was founded in 1983 and is based in Fort Myers, Florida.

Buy $1.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-12-01 Univita Health

Scottsdale, Arizona, United States

Univita Health is creating a unified environment to help people live and age with independence. By providing one place to find and manage resources which support independent aging, Univita makes it easier for individuals to live and age with dignity, in the setting they choose. Univita is accomplishing this by transforming home based care - integrating the complete range of in-home care needs from basic caregiving through complex home health care - and adding the support of the latest technologies.

Buy -
Buyer

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 209 of 293
Sector (Information Services) 3 of 6
Type (Secondary Buyout) 61 of 115
State (Texas) 1 of 2
Country (United States) 7 of 19
Year (2008) 4 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-03-05 Tunstall

Whitley Bridge, United Kingdom

Tunstall is a provider of telecare/telehealth solutions. Tunstall works with social care providers, healthcare services, housing and retirement living providers and charities in 19 countries, improving the lives of more than five million people, including those living with dementia, learning disabilities, physical disabilities and long-term health conditions. Tunstall was founded in 1957 and is based in Whitley Bridge, United Kingdom.

Sell £514M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-04-07 Biffa

High Wycombe, United Kingdom

Biffa is a sustainable waste management company that provides unrivaled end-to-end waste and recycling solutions for thousands of businesses and millions of households each day. Underpinned by its carbon collection network, the company enables the UK circular economy by continuing to build our plastic recycling capacity, investing in energy recovery, and growing the amount of surplus produce redistributing through Company Shop. Biffa is based in High Wycombe, United Kingdom.

Buy £1.7B

Seller(S) 1

SELLER

American Securities

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1994
PE ASSETS 26.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

American Securities is a large private equity firm that typically partners with management when pursuing company acquisitions. American Securities typically targets US-based companies and generally seeks to commit $300 to $700 million per transaction. Areas of interest include consumer products, restaurants, healthcare, industrial, aerospace, defense, agriculture, environmental, paper/packaging, energy, and specialty chemicals. The Firm was originally formed in 1947 as the family office for William Rosenwald, an heir to the Sears Roebuck & Company, and began accepting outside investors in 1994. American Securities is headquartered in New York City.

DEAL STATS #
Overall 13 of 51
Sector (Information Services) 1 of 1
Type (Secondary Buyout) 7 of 20
State (Texas) 2 of 7
Country (United States) 12 of 50
Year (2008) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-07 Fibermark

West Springfield, Massachusetts, United States

Fibermark, Inc. is a coating and finishing paper company specializes in luxury packaging and overlapping technical product categories. Fibermark, Inc. is based in West Springfield, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-11-05 Liberty Tire Recycling

Pittsburgh, Pennsylvania, United States

Liberty Tire Recycling is a premier provider of tire recycling services in North America. Liberty collects and recycles used tires for innovative, beneficial re-use. The recycled rubber produced by Liberty is used as crumb rubber and industrial feedstock for molded products; as tire-derived fuel for industrial kilns, mills, and power plants; and as rubber mulch for landscaping and playgrounds. The company maintains a network of processing plants and comprehensive, nationwide collection services. Liberty Tire Recycling was formed in 2002 and is based in Pittsburgh, Pennsylvania.

Buy $260M
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