M&A Deal Summary

Trimaran Capital Partners, WindRose Health Investors, Halifax Group, TPG and JLL Partners Acquire IASIS Healthcare

On June 22, 2004, private equity firms Trimaran Capital Partners, WindRose Health Investors, Halifax Group, TPG and JLL Partners acquired healthcare services company IASIS Healthcare from LLM Capital Partners, Pharos Capital Group and JLL Partners for 1.4B USD

Acquisition Highlights
  • This is Trimaran Capital Partners’ 1st, WindRose Health Investors’ 3rd, Halifax Group’s 2nd, TPG’s 3rd and JLL Partners’ 3rd transaction in the Healthcare Services sector.
  • This is Trimaran Capital Partners’ , WindRose Health Investors’ , Halifax Group’s , TPG’s 54th and JLL Partners’ 3rd largest (disclosed) transaction.
  • This is Trimaran Capital Partners’ 5th, WindRose Health Investors’ 4th, Halifax Group’s 6th, TPG’s 34th and JLL Partners’ 7th transaction in the United States.
  • This is Trimaran Capital Partners’ 1st, WindRose Health Investors’ 1st, Halifax Group’s 1st, TPG’s 1st and JLL Partners’ 2nd transaction in Tennessee.
Investment Fate
  • IASIS Healthcare merged with another company in 2017.

M&A Deal Summary

Date 2004-06-22
Target IASIS Healthcare
Sector Healthcare Services
Buyer(s) Trimaran Capital Partners
WindRose Health Investors
Halifax Group
TPG
JLL Partners
Sellers(s) LLM Capital Partners
Pharos Capital Group
JLL Partners
Deal Type Secondary Buyout
Deal Value 1.4B USD
Advisor(s) Goldman Sachs (Financial)

Target

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.

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Buyer(S) 5

Buyer

Trimaran Capital Partners

New York, New York, United States

Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 3.1B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Trimaran Capital Partners is a middle-market private equity investor. The Firm seeks long-term capital appreciation by making privately negotiated equity or equity-oriented investments in niche middle-market companies. Trimaran generally looks to invest $25 to $100 million of equity in transactions ranging in value from $100 million to $1 billion. Sectors of interest include business services, financial services, energy, healthcare, manufacturing, and media. Trimaran Capital Partners was formed in 1998 and is based in New York City.


DEAL STATS #
Overall 5 of 10
Sector (Healthcare Services) 1 of 1
Type (Secondary Buyout) 2 of 4
State (Tennessee) 1 of 1
Country (United States) 5 of 10
Year (2004) 2 of 2
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-04-19 Urban Brands

Secaucus, New Jersey, United States

Urban Brands, Inc. is a specialty apparel retailer that focuses on urban customers. Urban Brands operates Ashley Stewart, a 215 store chain that sells plus-sized apparel principally in urban markets throughout the United States.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-01-31 Mesmerize

New York, New York, United States

Mesmerize is an out-of-home advertising company focused on three primary areas: transit, point-of-care, and point-of-sale. Mesmerize, under the BriteVision name, also produces custom coffee sleeves for cafés, convenience stores, and other distribution partners, in addition to the sleeves produced for advertisers. Mesmerize was established in 1999 and is based in New York City.

Buy -
Buyer

WindRose Health Investors

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 2.5B USD
Size Large
Type Sector Focused
DESCRIPTION

MTS Health Investors LLC is a specialist private investment firm focused on opportunities in the services sectors of the healthcare industry. Specific areas of interest include managed care/health insurance, healthcare providers, distributors of medical/products and providers of outsourced services. MTS also invests in low-technology medical product manufacturers. MTS makes equity investments in US based companies valued between $25 and $300 million. Prospective transaction types include buyouts, divestitures, recapitalizations, take-privates, acquisition financings, and growth financings. MTS Health Investors was formed in 2000 and is based in New York City.


DEAL STATS #
Overall 4 of 38
Sector (Healthcare Services) 3 of 19
Type (Secondary Buyout) 1 of 5
State (Tennessee) 1 of 4
Country (United States) 4 of 38
Year (2004) 1 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-11-01 Housecall Medical Resources

Atlanta, Georgia, United States

Housecall Medical Resources, Inc., develops into a multi-service-line home healthcare platform with strong geographic coverage in Tennessee and Florida, particularly in their rural markets. Housecall employed approximately 3,000 full and part time, largely female staff and served primarily elderly patients covered under the Medicare and Medicaid benefits.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-08-05 HMS Healthcare

Greenwood Village, Colorado, United States

HMS Healthcare, Inc. was a holding company that was established solely for the acquisition of Sloans Lake Managed Care ('SLMC') and PPOM LLC, two independent non-risk access preferred provider organizations ('PPOs').

Buy -
Buyer

Halifax Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

The Halifax Group is a private equity firm focused on investing in established, profitable, and growing companies. The Firm prefers completing transactions in partnership with management and typically looks to invest $40 to $80 million per acquisition. Prospective companies generally have revenues of at least $20 million and EBITDA greater than $8 million. Sectors of interest include business services, healthcare services, infrastructure services, and 'wellness' products and services. Halifax prefers opportunities located in North America. The Halifax Group was formed in 1999 and is based in Washington, DC, with additional offices in Dallas, Texas and Raleigh, North Carolina.


DEAL STATS #
Overall 7 of 45
Sector (Healthcare Services) 2 of 7
Type (Secondary Buyout) 2 of 16
State (Tennessee) 1 of 3
Country (United States) 6 of 40
Year (2004) 1 of 1
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-10-01 Agiliti

Eden Prairie, Minnesota, United States

Agiliti is an essential service provider to the U.S. healthcare industry with solutions that help support a more efficient, safe, and sustainable healthcare delivery system. The company serves over 10,000 national, regional, and local acute care and alternate site providers across the U.S. It delivers medical equipment management and service solutions that help healthcare providers reduce costs, increase operating efficiencies, and support optimal patient outcomes. Agiliti was formed in 1939 and is based in Eden Prairie, Minnesota.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-03-01 Preferred Homecare

Phoenix, Arizona, United States

Founders Healthcare LLC provides home healthcare products and services in the Southwest. The company offers respiratory, home infusion, and home medical equipment therapies and services through its branch offices and service centers. Founders Healthcare was formed in 1997 and is based in Phoenix, Arizona.

Buy -
Buyer

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 137.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


DEAL STATS #
Overall 48 of 421
Sector (Healthcare Services) 3 of 23
Type (Secondary Buyout) 5 of 72
State (Tennessee) 1 of 5
Country (United States) 34 of 276
Year (2004) 4 of 10
Size (of disclosed) 54 of 105
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-06-15 Belden & Blake

Houston, Texas, United States

Belden & Blake Corp. is an independent energy company, engages in the exploitation, development, production, operation and acquisition of oil and natural gas properties. The company's operations are focused in the Appalachian Basin in Ohio, Pennsylvania and New York and in the Antrim Shale formation in the Michigan Basin.

Sell $350M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-07-21 Texas Genco Holdings

Houston, Texas, United States

Texas Genco Holdings, Inc., based in Houston, Texas, is an electric power generating company with over 14,000 megawatts of generation capacity. It sells electric generation capacity, energy and ancillary services in one of the nation's largest power markets, the Electric Reliability Council of Texas (ERCOT). Texas Genco has one of the most diversified generation portfolios in Texas, using natural gas, oil, coal, lignite, and uranium fuels. The company owns and operates 60 generating units at 11 electric power-generating facilities and owns a 30.8 percent interest in a nuclear generating plant.

Buy $3.7B
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 7 of 40
Sector (Healthcare Services) 3 of 4
Type (Secondary Buyout) 1 of 9
State (Tennessee) 2 of 2
Country (United States) 7 of 38
Year (2004) 2 of 5
Size (of disclosed) 3 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-01-30 PGT Innovations

North Venice, Florida, United States

PGT Innovations is a manufacturer and supplier of impact-resistant windows and doors through its WinGuard-branded product line. PGT’s impact-resistant products combine aluminum or vinyl heavy-duty frames with laminated glass to provide protection from hurricane-force winds and windborne debris. PGT Innovations was founded in 1980 and is based in North Venice, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-10-25 C.H.I. Overhead Doors

Arthur, Illinois, United States

C.H.I. Overhead Doors is a manufacturer and marketer of overhead garage doors in North America. The Company manufactures a complete portfolio of overhead sectional garage door products for both the residential and commercial markets, as well as rolling steel doors for commercial and industrial applications. C.H.I. Overhead Doors was founded in 1981 and is based in Arthur, Illinois.

Buy $195M

Seller(S) 3

SELLER

LLM Capital Partners

Boston, Massachusetts, United States

Category Growth Capital Firm
Founded 1991
Size Small
Type Sector Agnostic
DESCRIPTION

LLM Capital Partners LLC is a private equity firm that makes growth capital investments in mid-sized companies. The Firm's investment strategy is to provide $10 to $30 million of non-control growth funding to businesses with enterprise values between $15 and $250 million. Broad sectors of interest include healthcare services, business services and niche manufacturing. LLM Capital was formed in 1991 and has offices in Boston, Massachusetts and San Francisco, California.


DEAL STATS #
Overall 5 of 19
Sector (Healthcare Services) 2 of 3
Type (Secondary Buyout) 1 of 5
State (Tennessee) 2 of 2
Country (United States) 5 of 19
Year (2004) 1 of 3
Size (of disclosed) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-05-01 Newfold Digital

Jacksonville, Florida, United States

Newfold Digital is a provider of shared web hosting services to small businesses. Newfield Digital helps customers of all sizes build a digital presence that delivers results. Newfold Digital has extensive product offerings and personalized support with customers to serve their online presence needs. Newfold Digital was founded in 1997 and is based in Jacksonville, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-07-01 Box USA Holdings

Northbrook, Illinois, United States

Box USA was one of the nation’s largest independent full-service converters of corrugated packaging materials. The Company operated 23 converting facilities in 15 states and sold over 10 billion square feet of finished corrugated containers, partitions and sheets annually.

Sell -
SELLER

Pharos Capital Group

Dallas, Texas, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Focused
DESCRIPTION

Pharos Capital Group is a private equity firm that provides later-stage equity funding to companies at or near cash-flow break even. Investment funds are typically used to support growth, acquisitions, management buyouts, or recapitalization. Pharos looks to commit $20 to $50 million per transaction. Target sectors include healthcare, business services, and technology. Pharos prefers US-based opportunities. Pharos Capital Group was formed in 1998 and is based in Dallas, Texas.


DEAL STATS #
Overall 4 of 23
Sector (Healthcare Services) 2 of 8
Type (Secondary Buyout) 1 of 6
State (Tennessee) 2 of 7
Country (United States) 3 of 22
Year (2004) 1 of 2
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-08-01 Psychiatric Solutions

Franklin, Tennessee, United States

Psychiatric Solutions Inc., is a provider of behavioral health care services. PSI operates 34 freestanding psychiatric inpatient facilities with more than 4,000 beds. The company also manages freestanding psychiatric inpatient facilities and psychiatric inpatient units within general acute care hospitals owned by others.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-06-29 Egenera

Marlborough, Massachusetts, United States

Egenera, Inc. provides virtualization technology that optimizes the use of network, compute and storage resources to enable the next-generation utility datacenter Egenera was established in 2000 and is based in Marlborough, Massachusetts.

Buy -
SELLER

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 5 of 20
Sector (Healthcare Services) 2 of 4
Type (Secondary Buyout) 1 of 5
State (Tennessee) 2 of 3
Country (United States) 5 of 19
Year (2004) 1 of 1
Size (of disclosed) 3 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-01-30 PGT Innovations

North Venice, Florida, United States

PGT Innovations is a manufacturer and supplier of impact-resistant windows and doors through its WinGuard-branded product line. PGT’s impact-resistant products combine aluminum or vinyl heavy-duty frames with laminated glass to provide protection from hurricane-force winds and windborne debris. PGT Innovations was founded in 1980 and is based in North Venice, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-10-25 C.H.I. Overhead Doors

Arthur, Illinois, United States

C.H.I. Overhead Doors is a manufacturer and marketer of overhead garage doors in North America. The Company manufactures a complete portfolio of overhead sectional garage door products for both the residential and commercial markets, as well as rolling steel doors for commercial and industrial applications. C.H.I. Overhead Doors was founded in 1981 and is based in Arthur, Illinois.

Buy $195M