Water Street Healthcare Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Water Street Healthcare Partners has acquired 6 companies. It has also invested in 5 others.

Water Street Healthcare Partners’ most common sectors for investment are medical products (28%) and healthcare services (21%). The Firm’s most common investment types include growth capital (24%) and buyout (lbo, mbo, mbi) (21%). In total, Water Street Healthcare Partners has invested in 15 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 2012 when it acquired Breg for $158M.

In the last 3 years, Water Street Healthcare Partners has exited 5 companies. The Firm’s most common exit type is trade sale (62%). Water Street Healthcare Partners’ largest (disclosed) exit occurred in 2005 when it sold Medex for $925M.

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M&A Summary

  • M&A Total Activity68
    • M&A Buy Activity42
    • M&A Sell Activity26
  • Total Sectors Invested 9
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 35

Water Street Healthcare Partners

333 West Wacker Drive, Suite 2800,
Chicago, Illinois 60606
United States
(312) 506-2900
www.waterstreet.com
info@waterstreet.com

Water Street Healthcare Partners (WSHP) 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. WSHP targets non-core units of larger corporations and private middle-market companies. Transactions are typically valued between $50 and $500 million. WSHP does not invest in biotechnology, traditional healthcare facilities (hospitals, nursing homes) or early-stage companies without positive cash flow. Water Street Healthcare Partners was formed in 2005 and is based in Chicago, Illinois.


Investment Criteria

Sectors of Interest: Business Services, Distribution, Healthcare Services, Life Science, Medical Products

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Going Private, Growth Capital, Recapitalization, PIPE, Secondary Buyout, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 10 100
Enterprise Value 50 500
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (2.8/yr) # 28 3 3 4 2 2 42
vol $850M $850M
Sell (1.4/yr) # 19 2 1 2 1 1 26
vol $2.2B $460M $903M $850M $4.4B
  68

Most Recent M&A

Company Date Value Type
Key Surgical LLC 2020-10-06 850M USD Add-on Acquisition
Minneapolis, Minnesota · www.keysurgical.com
Solvias AG 2020-06-11 - Growth Capital
Kaiseraugst, Switzerland · www.solvias.com
Safeguard Medical LLC 2020-02-05 - Consolidation
Harrisburg, North Carolina · www.safeguardmedical.com
Thread 2019-08-27 - Buyout (LBO, MBO, MBI)
Tustin, California · www.threadresearch.com
Pathnostics 2019-02-27 - Growth Capital
Irvine, California · www.pathnostics.com
Temptime Corp. 2019-01-28 - Add-on Acquisition
Morris Plains, New Jersey · www.temptimecorp.com
Cato Research LLC 2018-11-28 - Growth Capital
Durham, North Carolina · www.cato.com
Premise Health Holding Corp. 2018-06-28 - Secondary Buyout
Brentwood, Tennessee · www.premisehealth.com
The Patient Experience Project 2018-04-24 - Growth Capital
Saratoga Springs, New York · www.the-pep.com
Triplefin LLC 2018-04-18 - Divestiture
Cincinnati, Ohio · www.triplefin.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Safeguard Medical LLC 2020-02-05 Water-Jel Technologies LLC 2020-05-05 1
Harrisburg, North Carolina · www.safeguardmedical.com Carlstadt, New Jersey · www.waterjel.com
CareCentrix, Inc. 2011-09-20 Turn-Key Health 2020-05-04 1
Hartford, Connecticut · www.carecentrix.com Philadelphia, Pennsylvania · www.turn-keyhealth.com
Viant 2016-12-06 Meraqi Medical 2019-09-11 4
Foxborough, Massachusetts · www.viantmedical.com Fremont, California · www.meraqi.com
Viant 2016-12-06 Integer Holdings Corp. - Advanced Surgical & Orthopedics Business 2018-05-03 3
Foxborough, Massachusetts · www.viantmedical.com Frisco, Texas
The Access Group 2016-10-24 DesignMyNight.com 2017-12-07 1
Berkeley Heights, New Jersey · www.theaccessgp.com London, United Kingdom · www.designmynight.com
Viant 2016-12-06 Coastal Life Technologies, Inc. 2017-07-13 2
Foxborough, Massachusetts · www.viantmedical.com San Antonio, Texas · www.cltsa.com
Viant 2016-12-06 Vention Medical, Inc. - Device Manufacturing Business 2017-02-20 1
Foxborough, Massachusetts · www.viantmedical.com Salem, New Hampshire
Breg, Inc. 2012-05-24 United Orthopedic Group, Inc. 2014-10-15 1
Carlsbad, California · www.breg.com Carlsbad, California · www.unitedorthogroup.com

M&A by Sector

Sector Current # Value All-time # Value
Medical Products 4 (19%) 158M (100%) 12 (28%) 355M (42%)
Healthcare Services 3 (14%) - 9 (21%) 297M (35%)
Life Science 4 (19%) - 9 (21%) 75M (9%)
Information Technology 2 (10%) - 4 (9%) 123M (14%)
Business Services 4 (19%) - 4 (9%) -
Marketing 2 (10%) - 2 (5%) -
Digital Media 1 (5%) - 1 (2%) -
Distribution - - 1 (2%) -
Retail 1 (5%) - 1 (2%) -
Total 21 $158M 43 $850M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 19 (90%) 158M (100%) 41 (95%) 850M (100%)
  California 5 (24%) 158M (100%) 9 (21%) 158M (19%)
  New Jersey 3 (14%) - 5 (12%) -
  Pennsylvania 1 (5%) - 5 (12%) 273M (32%)
  North Carolina 2 (10%) - 4 (9%) 75M (9%)
  Ohio 1 (5%) - 3 (7%) 75M (9%)
  Massachusetts 1 (5%) - 3 (7%) -
  Connecticut 1 (5%) - 2 (5%) 147M (17%)
  Illinois 1 (5%) - 2 (5%) -
  Florida - - 2 (5%) -
  Wisconsin 1 (5%) - 1 (2%) -
  New York 1 (5%) - 1 (2%) -
  Montana 1 (5%) - 1 (2%) -
  Michigan 1 (5%) - 1 (2%) -
  Georgia - - 1 (2%) 122M (14%)
  Virginia - - 1 (2%) -
Germany 1 (5%) - 1 (2%) -
Switzerland 1 (5%) - 1 (2%) -
Domestic 19 (90%) 158M (100%) 41 (95%) 850M (100%)
Cross-border 2 (10%) - 2 (5%) -
Total 21 $158M 43 $850M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 8 (38%) - 10 (23%) -
Buyout (LBO, MBO, MBI) 4 (19%) - 9 (21%) 75M (9%)
Divestiture 3 (14%) 158M (100%) 8 (19%) 577M (68%)
Stake Purchase - - 6 (14%) -
Secondary Buyout 2 (10%) - 4 (9%) -
Going Private 1 (5%) - 2 (5%) 123M (14%)
Consolidation 1 (5%) - 2 (5%) 75M (9%)
PIPE 1 (5%) - 1 (2%) -
Recapitalization 1 (5%) - 1 (2%) -
Total 21 $158M 43 $850M

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 11 (42%) 3.5B (79%)
Secondary Sale 6 (23%) -
Trade Sale 5 (19%) -
Merger 2 (8%) -
Divestiture 1 (4%) 903M (21%)
Recapitalization 1 (4%) -
Total 26 $4.4B

Deal Values

buy # Total
$100M to $1B 5 $700M
< $100M 2 $150M
TOTAL $850M
Largest Breg, Inc.
$158M (2012-05-24)
sell # Total
$100M to $1B 7 $4.3B
< $100M 2 $78M
TOTAL $4.4B
Largest Medex, Inc.
$925M (2005-03-21)

M&A Connections

Deals %
Acquired from
PE Firm(s)
47%
7 47%
Strategic(s)
53%
8 53%
Exited to
PE Firm(s)
34%
10 34%
Strategic(s)
66%
19 66%

Investor Summary

Size

Large

PE Assets

3.0B USD

Established

2005

Specialist/Generalist

Specialist

Leadership

Tim Dugan

Managing Partner

Chris Sweeney

Partner

Jim Connelly

Partner

Kevin Swan

Partner

Ned Villers

Partner

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