In a bit of a slower week for middle-market M&A, private equity investors embraced a tried-and-true industry: healthcare. Women’s health, pain management and clinical research were all niches that saw dealmaking activity this week, reflecting the continued strength of healthcare M&A in a challenging environment. Elsewhere, two law firms active in middle-market M&A advisory, Allen & Overy and Shearman & Sterling, have agreed to merge. Explore the latest deals in healthcare and beyond, below.
Platform Investments
The Sterling Group Launches Auto Service Platform. The Sterling Group, a middle-market private equity firm, has announced the launch of Premier Tier & Service, a new auto service solutions platform. The company is part of the Sterling Group Foundation Fund portfolio, and will focus on strategic acquisitions in the tire and auto retail service space across the country, according to a press release.
Amulet Capital Acquires Alliance Clinical Network. Middle-market private equity firm Amulet Capital partners has acquired Alliance Clinical Network, a clinical site platform that currently owns and operates six clinical research sites. The company focuses on Phase II and Phase III general medicine trials servicing dermatology, gastroenterology, neurology, pain, vaccines and women’s health. Amulet partner Nick Amigone said the firm sees “tremendous opportunity to grow and expand the platform.”
Boyne Capital, Breakwater North Form Clean Energy Platform. Lower middle-market private equity firm Boyne Capital Partners and private investment firm Breakwater North have announced the formation of clean energy and critical infrastructure services company Integral Energy Services (IES). The platform was formed through the merger of Sonic Systems, International Wind and Amperion. IES services OEMs, utilities and asset owners across nuclear, wind, battery storage and solar power.
Add-Ons
Crestview’s OneMagnify Strengthens Marketing Business with Analytics Acquisition. OneMagnify, a data-driven marketing company part of the Crestview Partners portfolio, has acquired data analytics and predictive modeling company Splash Analytics. The investment follows OneMagnify’s acquisition of artificial intelligence and data science company RXA in May. OneMagnify services enterprise across industrial and consumer end-markets, the press release noted.
Iron Path’s Capitol Pain Institute Expands with Acquisitions. Capitol Pain Institute, an interventional pan management platform owned by Iron Path Capital, has announced its acquisition of Balcones Pain Consultants and Water Leaf Surgery Center. The investment adds three clinics and an ambulatory surgical center to the Capitol Pain Institute pain management platform. The acquisitions support the company’s geographic expansion in the Southwest.
Amulet capital’s US Fertility Combines with Ovation. US Fertility, a partnership of fertility practices and portfolio company of middle-market private equity firm Amulet Capital, has announced its merger with Ovation Fertility, creating a leading fertility platform. Combined, the platform operates more than 90 locations and 28 laboratories. US Fertility will continue to operate as a management services organization, and Ovation will continue operating as a laboratory management service organization.
Exits
HCI Sells Majority Stake in Metals Business to Primat. HCI Equity Partners, a middle-market private equity firm, has announced that Italy-based Primat Group has acquired a majority stake in HCI portfolio company Curtis Metal Finishing Group. Curtis provides engineered products and services for metal fasteners, targeting the automotive, construction, aerospace and other industries. Primat is an applicator of coatings for fasteners with a focus on the automotive industry. Its investment in Curtis expands its geographic footprint into North America. HCI will retain its investment in Curtis, a press release noted.
Fundraising
Asian Development Bank Invests $25 Million in Middle-Market PE. The Asian Development Bank is investing $25 million in private equity fund Exacta Asia Investment III LP, which will focus on investing in middle-market companies across Southeast Asia, according to Philstar reports. Singapore-based Exacta manages the fund and targets healthcare, financial services, education, manufacturing, business services and consumer across the region. “ADB’s investment in the private equity sphere not only mobilizes private capital but also contributes to the adoption of environmental, social and governance best practices,” stated ADB director general for private sector operations Suzanne Gaboury.
Insights
Building Industry Partners Links with Building Talent Foundation. Building Industry Partners, a private equity firm focused on the middle-market U.S. building industry, has announced a partnership with Building Talent Foundation, a non-profit working to address the residential construction talent shortage and create jobs in the industry. Together, the entities aim to attract and develop talent through local talent development initiatives, supporting research around human capital management, and more.
Allen & Overy, Shearman & Sterling Merge. Two law firms active in M&A advisory, Allen & Overy and Shearman & Sterling, have reached an agreement to merge. The combined law firm will be named Allen Overy Shearman Sterling, or A&O Shearman for short. Combined, the firm will have about 3,900 lawyers and about 800 partners across 49 offices. “The combined firm will be perfectly positioned to capitalize on global macro trends including energy transition, technology, and private capital,” the announcement stated.
ACG Orange County Honors Middle-Market Companies at Awards Showcase. ACG Orange County has held its 2023 Awards Showcase, honoring middle-market companies in the region. The ACG chapter held its annual Business Awards this month, awarding the most accomplished middle-market companies in Orange County and the Inland Empire from a list of 120 nominees and 30 finalists. Winners include Profit Recovery Partners, Harvest Landscape Enterprises, MP Biomedicals and others.
