medical distribution

Silver Oak Sells NDC to Court Square

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Silver Oak Services Partners has completed the sale of NDC, a healthcare products distributor it purchased in February 2010, to Court Square Capital Partners.

NDC is a distributor of branded and private label medical supplies to the healthcare industry. NDC operates as a master distributor, purchasing medical supplies directly from manufacturers and providing a broad product line to local, regional, and national distributors who handle the last mile of delivery to health care providers. NDC serves more than 1,400 distributors and nearly 400 healthcare manufacturers. The company has over 180 employees and operates two warehouses in La Vergne, TN and Sparks, NV. NDC is headquartered in Nashville (www.ndc-inc.com).

During Silver Oak’s ownership, NDC completed two add-on acquisitions with the buys in April 2012 of Motion 1 – a buying group of distributors serving the physical therapy and rehabilitation market; and in April 2015 with the acquisition of Main Street Vaccines – a provider to physicians of group contracts with vaccine manufacturers.

“We are extremely proud of our partnership with the NDC management team,” said Greg Barr, Managing Partner at Silver Oak.  “They have done an outstanding job of driving significant top and bottom line growth over the last six years. With a strong management team and proven value proposition in the market, the company is well positioned for continued growth.”

Silver Oak Services Partners makes control investments of $10 million to $30 million in companies with revenues from $15 million to $150 million and EBITDAs from $3 million to $20 million. As the firm name implies, sectors of interest include business, healthcare, and consumer services.  Silver Oak was founded in 2005 and is based in the Chicago suburb of Evanston (www.silveroaksp.com).

“Silver Oak has been an excellent partner. With their active support and guidance, we experienced significant growth while enhancing the value we bring to our business partners,” said Mark Seitz, CEO of NDC.

Court Square Capital Partners, the buyer of NDC, invests in middle market companies that are active in the business services, general industrials, healthcare, and technology/telecommunications sectors. Court Square currently manages approximately $5 billion of capital and is based in New York (www.courtsquare.com).

William Blair (www.williamblair.com) was the financial advisor to NDC and Silver Oak and Locke Lord (www.lockelord.com) provided legal counsel.

© 2016 PEPD • Private Equity’s Leading News Magazine • 2-4-16

Graham Partners Acquires HemaSource

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Graham Partners has acquired HemaSource Holdings, a disposable medical products distributor.

HemaSource is a distributor of disposable medical products and other medical items used in the blood therapies markets. The company is headquartered in Salt Lake City and serves all 50 states, Puerto Rico, and Canada through its network of distribution centers located in the US (www.hemasource.com).

According to Graham Partners, HemaSource is positioned for growth as a result of increased global demand for plasma-derived products, a recurring revenue stream, and longstanding customer relationships. Additionally, the plasma and plasma-based products industry, which HemaSource serves, is $17 billion in size and has grown 8% per annum over the last four years.

“Graham was attracted to HemaSource’s underlying growth potential driven by an increasing demand for plasma protein therapeutics,” said Josh Wilson, Managing Principal at Graham Partners. “HemaSource has achieved high customer satisfaction due to its compelling software offering and its ongoing effort to co-develop niche products with its largest customers. We look forward to partnering with the company’s strong management team and deploying our operational resources in order to accelerate growth and further drive best practices across all functional areas of the company.”

Graham Partners seeks to acquire companies with EBITDA between $5 million and $50 million, and will invest in smaller companies as add-on acquisitions to existing portfolio companies. The firm is sponsored by the Graham Group, an industrial and investment concern with interests in plastics, packaging, machinery, building products and outsourced manufacturing. Graham Partners was founded in 1988 and is headquartered in Philadelphia (www.grahampartners.net).

“The knowledge and resources Graham Partners brought to the table during the transaction process convinced us they are the right fit as a partner to support HemaSource’s future growth potential,” said Todd Tracey, CEO of HemaSource.

2014 PEPD • Private Equity’s Leading News Magazine • 7-29-14

Comvest Backs Universal Marine Medical Supply

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Comvest Partners, through its lending platform, Comvest Capital, has provided a $21.5 million term loan facility with additional $10.0 million of availability to Universal Marine Medical Supply International (Universal). The Comvest credit facility was utilized to recapitalize the previous buyout of the founding shareholder and for further acquisition and growth capital.

Universal is a supplier of medical and pharmaceutical supplies to cruise ships, oil rigs, super yachts, merchant vessels, tankers, and freighters. The company was founded in 1976 by Jules Nasso and is based in Manhattan and Staten Island, NY, with operational hubs in Florida, the UK and Greece (www.universalmarinemedical.com).

“We are very excited about our partnership with Comvest.” said Drew Schaefer, Chairman and co-CEO of Universal. “The facility allows us maximum flexibility to address our growing international organization.”

The Comvest Group provides debt and equity to middle-market companies. For debt investments the firm will invest from $2 million to $20 million per transaction in companies with $10 million to $200 million of revenue that have positive or negative EBITDA. For equity investments the firm will invest from $10 million to $50 million per transaction in companies with $15 million to $500 million of revenue that have positive or negative EBITDA. Since 2000, Comvest has invested more than $1.7 billion of capital in over 120 public and private companies worldwide. The firm is based in West Palm Beach (www.comvest.com).

“Universal is a well positioned business serving the specialized needs of the maritime industry,” said Greg Reynolds, Managing Director, Comvest Partners. “We are pleased to partner with Universal’s experienced and talented management team to accelerate the growth of their business”.

Universal was advised on this transaction by New York based investment bank The Seaport Group (www.theseaportgroup.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 12-6-13