American Securities has acquired NAPA Management Services Corporation, nationally known as North American Partners in Anesthesia (NAPA). Leonard Green & Partners and NAPA’s management team co-invested with American Securities on this investment. NAPA was acquired from Moelis Capital Partners which purchased the company in April 2011.
NAPA is a provider of outsourced anesthesia and perioperative (refers to the three phases of surgery -preoperative, intraoperative, and postoperative) management services to hospitals, ambulatory surgery centers, and physician offices. The company also provides pain management services to chronic pain management offices. NAPA, led by its CEO Dr. John Di Capua, has nearly 800 anesthesiologists and more than 700 nurse anesthetists and operates in 12 states. The company was founded in 1986 and is based on Long Island in Melville, NY (www.napaanesthesia.com).
“Hospitals and other healthcare providers are increasingly focused on partnering with service providers of scale to drive quality patient outcomes and efficiency,” said Marc Saiontz, Managing Director at American Securities. “The company’s clinically focused management team and organizational scale position NAPA for a strong future with numerous growth possibilities. We look forward to supporting John and the rest of NAPA’s team in the next stage of their corporate evolution.”
American Securities invests in businesses with $200 million to $2 billion of revenue and $50 million to $200 million of EBITDA. Sectors of interest include industrial manufacturing, specialty chemicals, aerospace and defense, energy, business services, healthcare, media, restaurants, and consumer products. The firm has more than $15 billion of capital under management and has offices in New York and Shanghai (www.american-securities.com).
Leonard Green invests in middle-market companies in the retail, distribution, healthcare, aerospace/defense, and consumer/business services sectors. The firm was founded in 1989 and manages approximately $15 billion of equity capital. Leonard Green is headquartered in Los Angeles (www.leonardgreen.com).
Moelis Capital Partners, based in New York, was founded in 2007 in connection with the formation of investment bank Moelis & Company. The firm manages $870 million of committed capital and specializes in traditional private equity investments in the middle market (www.moeliscapital.com).
Deutsche Bank (www.db.com), Ares Capital (www.arescapitalcorp.com), and Crescent Mezzanine (www.crescentcap.com) provided financing to support the acquisition. Moelis & Company and Harris Williams acted as financial advisors to NAPA.
© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 4-21-16