M&A Deal Summary

Water Street Healthcare Partners and JLL Partners Acquire Viant Medical

On December 6, 2016, private equity firms Water Street Healthcare Partners and JLL Partners acquired medical products company Viant Medical from Baird Capital, JZ Partners, Monroe Capital and Harvey & Company

Acquisition Highlights
  • This is Water Street Healthcare Partners’ 11th and JLL Partners’ 1st transaction in the Medical Products sector.
  • This is Water Street Healthcare Partners’ 31st and JLL Partners’ 26th transaction in the United States.
  • This is Water Street Healthcare Partners’ 3rd and JLL Partners’ 3rd transaction in Massachusetts.

M&A Deal Summary

Date 2016-12-06
Target Viant Medical
Sector Medical Products
Buyer(s) Water Street Healthcare Partners
JLL Partners
Sellers(s) Baird Capital
JZ Partners
Monroe Capital
Harvey & Company
Deal Type Secondary Buyout

Target

Viant Medical

Foxborough, Massachusetts, United States
Viant Medical is a contract manufacturing organization, specializing in medical device components. The Company offers a broad range of capabilities that support the global medical device original equipment manufacturers’ production of devices for diagnostic, orthopedic, surgical and other applications. Viant was founded in 2007 and is based in Foxborough, Massachusetts.

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Buyer(S) 2

Buyer

Water Street Healthcare Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2005
PE ASSETS 6.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Water Street is a specialist private equity firm that targets investments in healthcare companies. Specific areas of interest within healthcare include diagnostic devices, medical products, pharmaceutical services, specialty distribution, specialty pharmaceuticals, and specialty services. Water Street targets non-core units of larger corporations and private middle-market companies. Transactions are typically valued between $50 and $500 million. Water Street does not invest in biotechnology, traditional healthcare facilities (hospitals, nursing homes) or early-stage companies without positive cash flow. Water Street was formed in 2005 and is based in Chicago, Illinois.


DEAL STATS #
Overall 32 of 50
Sector (Medical Products) 11 of 14
Type (Secondary Buyout) 4 of 4
State (Massachusetts) 3 of 3
Country (United States) 31 of 47
Year (2016) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-24 The Access Group

Berkeley Heights, New Jersey, United States

The Access Group is a provider of marketing and advertising services to pharmaceutical, biotechnology and other health care clients. The Access Group offers pharmaceutical companies specialized expertise and capabilities that define and communicate drug therapies' value proposition to payers; educate the medical community on new drugs; and create and execute strategies that brand and market their products.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-03 EBMS

Billings, Montana, United States

EBMS is a third-party administrator for self-funded health care plans, EBMS architects blueprints for employers' health care management strategies. EBMS' benefits experts reduce costs, improve care, and make it easy for their customers by simplifying a traditionally complex industry. EBMS was founded in 1980 and is based in Billings, Montana.

Buy -
Buyer

JLL Partners

New York, New York, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1988
PE ASSETS 5.8B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

JLL Partners, Inc. is a private equity investment firm that invests alongside management in middle-market companies. JLL prefers control investments in sectors such as healthcare services, medical products, food and consumer products, chemicals, broadcasting, transportation, automotive, industrial manufacturing, and distribution. In addition to traditional buyout transaction, JLL also seeks distressed/turnaround situations. JLL Partners was formed in 1988 and is based in New York City.


DEAL STATS #
Overall 27 of 40
Sector (Medical Products) 1 of 1
Type (Secondary Buyout) 6 of 9
State (Massachusetts) 3 of 3
Country (United States) 26 of 38
Year (2016) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-22 BioClinica

Princeton, New Jersey, United States

Bioclinica is an integrated clinical life science solutions provider, delivering powerful insight into clinical trial development, assuring greater client success in bringing medical therapies to market, for people around the world. Through deep medical, scientific, and technology expertise, the company provides medical imaging and cardiac safety services; clinical adjudication; randomization and trial supply management and optimization; electronic and eSource data capture; site and patient payments; clinical trial management software; and drug safety solutions. Bioclinica’s global team of life science experts serves more than 500 pharmaceutical, biotechnology, and device organizations including the top 20 biopharmaceutical companies and leading CROs through offices in North America, Europe, and Asia. Bioclinica was formed in 1990 and is based in Princeton, New Jersey.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-29 IASIS Healthcare

Franklin, Tennessee, United States

IASIS Healthcare Corp. is an owner and operator of medium-sized acute care hospitals in high-growth urban and suburban markets. Additionally, IASIS owns and operates a Medicaid managed health plan in Phoenix that serves over 108,000 members. IASIS Healthcare was formed in 1998 and is based in Franklin, Tennessee.

Sell -

Seller(S) 4

SELLER

Baird Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 3.1B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Baird Capital Partners (BCP) is the US private equity arm of Baird Private Equity. BCP makes investments in middle-market companies based in the US. BCP targets companies valued between $25 and $125 million and looks to invest between $15 and $35 million of equity per transaction. BCP focuses on three primary areas including business services (transaction processing, process outsourcing, professional services), healthcare (outsourcing services, medical products, contract manufacturing), and manufactured products (industrial/commercial, specialty consumer, distribution). BCP is affiliated with Baird Capital Partners Europe, Baird Capital Partners Asia, Baird Venture Partners, and Granville Baird Capital Partners. Baird Capital Partners is based in Chicago, Illinois.


DEAL STATS #
Overall 38 of 50
Sector (Medical Products) 3 of 3
Type (Secondary Buyout) 9 of 14
State (Massachusetts) 1 of 1
Country (United States) 36 of 44
Year (2016) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-15 R2i

Baltimore, Maryland, United States

R2i is a digital experience agency that creates digital solutions that connect and accelerate customer experiences to drive impact for brands. It has a relentless focus on combining data, insights and technology with creative design to drive engaging and high-impact digital experiences. R2i was founded in 2003 and is based in Baltimore, Maryland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-27 Prescient

London, United Kingdom

Prescient is a provider of product strategy services to help its clients make better clinical and commercial decisions, resulting in enhanced outcomes for patients. Prescient works with many of the leading multinational pharmaceutical companies, as well as a growing number of emerging biotech and specialty pharmaceutical organizations. Prescient was founded in 2007 and is based in London, United Kingdom.

Buy -
SELLER

JZ Partners


Category Private Equity Firm
Founded 1986
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

JZ Partners is a private equity firm focused on acquiring middle-market companies valued up to $200 million. JZ seeks profitable companies with strong management, defensible market positions, and low capital expenditures. Sectors of interest include niche manufacturing, value-added distribution, industrial services, healthcare, education, transportation, and business services. JZ Partners was formed in 1986 and has offices in Chicago and New York City.


DEAL STATS #
Overall 3 of 12
Sector (Medical Products) 1 of 1
Type (Secondary Buyout) 3 of 6
State (Massachusetts) 1 of 1
Country (United States) 3 of 12
Year (2016) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-01 SPL

Houston, Texas, United States

SPL is an independent provider of critical outsourced hydrocarbon measurement, analysis, and reporting services for oil and gas production and transport in the United States. The Company provides a comprehensive suite of gas and liquid laboratory tests and related field services from its network of 8 labs and 14 field service locations across the U.S. and counts leading independent and major exploration and production companies, as well as midstream operators, among its customers. SPL’s test and measurement services enable its customers to evaluate the composition of the hydrocarbons they are producing to fine-tune production from wells, market products downstream, meet regulatory reporting requirements, and ensure accurate payment of royalties to leaseholders. Southern Petroleum Laboratories was founded in 1944 and is based in Houston, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-18 Nielsen-Kellerman

Boothwyn, Pennsylvania, United States

Nielsen-Kellerman designs manufacture and distribute rugged, waterproof environmental and sports performance instruments for active lifestyles and technical applications, including Kestrel Weather & Environmental Meters, Kestrel Ballistics Meters for long-range shooting accuracy, NK Electronics for Rowing and Paddling, and Blue Ocean Rugged Megaphones PA Systems. Nielsen-Kellerman was founded in 1978 and is based in Boothwyn, Pennsylvania.

Sell -
SELLER

Monroe Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Lender
Founded 2004
PE ASSETS 14.1B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Monroe Capital is a provider of senior and junior debt and equity co-investments to middle-market companies in the US and Canada. Investment types include unitranche financings, cash flow and enterprise value based loans, asset based loans, acquisition facilities, mezzanine debt, second lien or last-out loans and equity co-investments. Monroe Capital is a generalist investor and will consider companies in the healthcare, technology, media, retail, consumer sectors. Monroe Capital was formed in 2004 and is based in Chicago, Illinois.


DEAL STATS #
Overall 15 of 53
Sector (Medical Products) 2 of 2
Type (Secondary Buyout) 3 of 13
State (Massachusetts) 2 of 4
Country (United States) 15 of 53
Year (2016) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-12-01 Starpoint Health

Newport Beach, California, United States

Starpoint Health is an operator of multi-specialty ambulatory surgery centers in Southern California. These facilities offer procedures across a variety of specialties including orthopedics, pain management, gastrointestinal, podiatry, and ear, nose, and throat. Starpoint Health was founded in 1989 and is based in Newport Beach, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-12-15 Marana Aerospace Solutions

Marana, Arizona, United States

Marana Aerospace Solutions provides aircraft maintenance, repair, overhaul, and storage services to airlines. Marana Aerospace Solutions was founded in 1979 and is based in Marana, Arizona.

Sell -
DESCRIPTION

Harvey & Company is a principal investment and advisory group. The Firm works with companies and private equity firms on acquisition searches as well as makes investments of its own. Harvey & Company was established in 1998 and is headquartered in Newport Beach, California.


DEAL STATS #
Overall 22 of 35
Sector (Medical Products) 1 of 1
Type (Secondary Buyout) 10 of 12
State (Massachusetts) 2 of 2
Country (United States) 21 of 34
Year (2016) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-31 Cornerstone Foodservice Group

Naperville, Illinois, United States

Cornerstone Foodservice Group is a designer and provider of foodservice equipment for the hospitality sector. The product includes buffet systems, induction cooking systems, mobile cooking stations, tableware, and cookware. Cornerstone Foodservice Group is based in Naperville, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-12-13 Mesker Door

Huntsville, Alabama, United States

Mesker Door, Inc. is a manufacturer of proprietary metal security doors and frames including specialty doors, plus stock inventory. Mesker Door was founded in 1864 and is based in Huntsville, Alabama.

Sell -