Archives

Home / Cube Posts

Integrated Prescription Management Receives Growth Investment

Fresno, CA – August 20, 2018 – Integrated Prescription Management (“IPM” or the “Company”) announced it has received a growth investment from Court Square Capital Partners (“Court Square”), a leading middle market private equity firm. IPM is a full-service pharmacy benefit manager (“PBM”), exclusively focused on middle market commercial clients throughout the United States.

“This is a significant milestone for our Company,” said W. Troy Collins, founder and CEO of IPM. “Our mission is to improve the lives and health outcomes for our members and clients, and with the support of Court Square we will be able to accelerate our investments in capabilities, services, and infrastructure to better serve our community of members.”

IPM has been recognized eight times on the Inc. 5000 fastest growing private company list and has grown its national presence through offices in California, Texas, and Georgia. The Company is one of the few independent, national PBMs that can service clients of all sizes, including self-insured employers, TPAs, government entities, and health plans. The executive team of IPM will continue to lead the Company.

Integrated Prescription Management was advised by Covington Associates LLC and by Foley Hoag LLP.

About Integrated Prescription Management
Founded in 2009 and based in Fresno, CA, Integrated Prescription Management is a full-service pharmacy benefit manager committed to acting as a catalyst of healthy outcomes for its members and the community through collaboration, data integration, and investment in progressive healthcare solutions. IPM is committed to providing members and clients with the tools they need to create positive change and a lifetime of healthy habits, through treatment adherence initiatives, finding affordable long term medication options, and encouraging members to become advocates for their own health. Learn more at www.rxipm.com.

Court Square & HGGC to Merge Market Research Leaders Research Now & SSI

PALO ALTO AND NEW YORK; October 12, 2017—HGGC and Court Square Capital (“Court Square”) today announced the signing of a definitive agreement to merge Court Square-owned Research Now, a global leader in market research data with Survey Sampling International (“SSI”), an HGGC-owned provider of data solutions and technology for consumer and business-to-business research. The combined company will continue to be owned by HGGC and Court Square with management having a significant stake in the business. Terms of the private transaction were not disclosed.

The combined capabilities of Research Now and SSI–including first-party data, technology platforms, and partnerships with major brands, publishers and ad tech providers–will position the integrated organization to expand the core business and compete in new markets such as audience activation, analytics, path to purchase and measurement.

Based in Shelton, Connecticut, and founded in 1977, SSI is a leading provider of data solutions and technology for consumer and business-to-business survey research. SSI reaches participants in 90 plus sample countries via internet, telephone, mobile/wireless, and mixed-access offerings. SSI staff operates from 40 offices and serves more than 3,500 customers worldwide. Since HGGC acquired SSI in 2014, the company has grown core revenue by more than 40 percent, significantly expanded its B2B business segment, and completed a number of strategic acquisitions to drive growth.

Research Now is a global leader in digital research data for better insights and business decisions. Founded in 1999, and headquartered in Plano, Texas, the company is a pioneer in originating online data sampling and created the first B2B panel. Research Now provides research data solutions that enable better decisions and better results for its 3,000 market research, consulting, media, and corporate clients through access to over 11 million deeply-profiled business professionals and consumers in more than 40 countries. Research Now has locations across the Americas, Europe, the Middle East, and Asia-Pacific. Court Square acquired Research Now in 2015.

“Together, we can advance the state-of-the-art in automated research, delivery and solutions as well as in research-enriched data integration to give our customers increased competitive advantage,” said Gary Laben, CEO of Research Now.

“The combination will also enable accelerated investments in the development of new markets and data solutions that should ultimately help our customers grow their businesses more successfully,” said Chris Fanning, president and CEO of SSI.

“Under our ownership, SSI has extended its reach and product capabilities tremendously, including expanding by 4x its revenues derived from strategic B2B services to clients,” said Steve Young, Co-Founder and Managing Director of HGGC. “This merger is a natural next step to create an organization that can meet the growing demands of global customers of all sizes.”

“The Research Now management team has done an excellent job of positioning the company for the next phase of growth,” said John Civantos, Managing Partner at Court Square. “We look forward to partnering with HGGC and working towards a successful merger of two great companies.”

The transaction is expected to close by the end of the year, and remains subject to the receipt of required regulatory approvals and the satisfaction of other customary closing conditions.

Goldman Sachs & Co. LLC and Morgan, Lewis & Bockius served as advisors to Court Square on the merger and Harris Williams & Co. and Kirkland & Ellis advised HGGC.

About Court Square

Court Square is a middle market private equity firm with one of the most experienced investment teams in the industry. Since 1979, the team has completed over 215 investments, including several landmark transactions, and has developed numerous businesses into leaders in their respective markets. Court Square invests in companies that have compelling growth potential within the business services, general industrial, healthcare, and technology and telecommunications sectors. The firm has $4.4 billion of assets under management and is based in New York, N.Y.

About HGGC

HGGC is a leading middle-market private equity firm with $4.3 billion in cumulative capital commitments. Based in Palo Alto, Calif., HGGC is distinguished by its “Advantaged Investing” model that enables the firm to source and acquire scalable businesses at attractive multiples through partnerships with management teams, founders and sponsors who reinvest alongside HGGC, creating a strong alignment of interests. Over its history, HGGC has completed more than 75 platform investments, add-on acquisitions, recapitalizations and liquidity events with an aggregate transaction value of more than $16 billion.

Court Square to Invest in Terra Millennium

October 14, 2016 – WSJ Pro Private Equity – Court Square Capital Partners said it agreed to invest in industrial services business Terra Millennium Corp.

Court Square said the investment, the terms of which weren’t disclosed, will allow Terra Millennium “to accelerate key growth opportunities,” according to a news release.

Terra Millennium provides services to the power-generation, refining, petrochemical, mining, solar, mineral processing and steel industries in the U.S. and Canada. Founded in 1987, the Richmond, Calif., company employs more than 1,800 people. Wells Fargo Securities advised Terra Millennium on the transaction.

Court Square, which was spun out from Citigroup Inc. in 2006, manages more than $5 billion in capital commitments.

The New York firm, which targets North American companies with enterprise values of $150 million to $1.5 billion, is focused on four sectors: business services; general industrial; healthcare; and technology and telecommunications.

Source: WSJ Pro Private Equity

National Seating & Mobility Enters Acquisition Agreement with Court Square

August 15, 2016 – Mobility Management – National Seating & Mobility (NSM) has announced it’s “entered into a definitive purchase agreement” to be acquired by Court Square Capital Partners, a private equity firm based in New York City.

NSM is currently owned by Wellspring Capital Management, which acquired the complex rehab technology providership in December 2012.
“This is an exciting time for NSM, and we’re very pleased that Court Square is investing in our company,” NSM CEO Bill Mixon said in an Aug. 10 statement. “Court Square has a track record of growing businesses and is eager to help NSM strengthen its commitment to the lives of the people who need mobility. We thank Wellspring for its support and many contributions to our success over the past three and a half years.”

NSM will celebrate its 25th anniversary next year.

In talking with Mobility Management after the announcement, Mixon said Court Square has “a great reputation in the marketplace” and is “supportive of our mission.”
In recent years, NSM has continued to expand by adding branch offices of its own as well as acquiring existing complex rehab technology businesses. Mixon indicated he expected growth to continue under the new ownership structure.

NSM said the acquisition was expected to be completed in the next 60 days.

Source: Mobility Management, Laurie Watanabe

Site: https://mobilitymgmt.com/Articles/2016/08/15/nsm-court-square.aspx

Court Square acquires Silver Oak’s NDC stake

February 3, 2016 – The PE HUB Network – Silver Oak Services Partners has sold its stake in NDC to Court Square Capital Partners. No financial terms were disclosed. Nashville-based NDC is a healthcare supply chain company and distributor of consumable medical supplies. William Blair and Locke Lord LLP provided financial advice on the transaction.

PRESS RELEASE

Evanston, IL, February 3, 2016 – Silver Oak Services Partners, LLC, a leading lower-middle market private equity firm focused exclusively on business, healthcare and consumer services companies, announced today that it has completed the sale of its equity interest in NDC to New York-based private equity firm Court Square Capital Partners.

Headquartered in Nashville, TN, NDC (“the Company”) is a leading healthcare supply chain company and distributor of consumable medical supplies. The Company operates as one of the largest master distributors in healthcare, purchasing supplies directly from manufacturers and providing a broad product line to distributors who handle the last mile delivery direct to health care providers. The Company serves as a vital partner delivering supply chain efficiency to manufacturers, GPOs and national, regional and local distributors. NDC has over 180 employees and operates distribution centers in Tennessee and Nevada.

Silver Oak made its original investment in NDC in February 2010. During Silver Oak’s ownership, NDC completed two acquisitions, strengthened its management team, expanded its product portfolio, upgraded its technology platform and launched new service offerings.

“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.”
Mark Seitz, CEO of NDC, noted, “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. We look forward to building upon this success with our new partners.”

William Blair and Locke Lord LLP acted as financial advisor and legal counsel to the sellers, respectively.

About Silver Oak Services Partners
Founded in 2005, Silver Oak Services Partners is a lower-middle market private equity firm focused on partnering with exceptional management teams to build industry leading business, consumer and healthcare service companies. Silver Oak utilizes a proactive, research-led investment process to identify attractive services sectors and seek out the best potential management teams and investment opportunities. We bring extensive services industry expertise and relationships to our investments and work closely with our management teams to drive long-term value creation. Silver Oak’s principals have a long history of services private equity investing and have demonstrated an ability to navigate through varying economic and market conditions. Silver Oak seeks to make control investments in leading service businesses with $15 to $150 million in revenue. For more information, visit www.silveroaksp.com

About Court Square Capital Partners
Court Square is one of the most experienced teams in the private equity industry. Since 1979, the team has made over 210 investments, including several landmark transactions, and has developed numerous businesses into leaders in their respective markets. Based in New York, N.Y., Court Square invests in companies that have compelling growth potential. The firm manages approximately $5 billion in aggregate capital commitments while focusing on the following four sectors: business services, general industrials, healthcare and technology/telecommunications.

Source: The PE HUB Network, Iris Dorbian

Site: https://www.pehub.com/2016/02/court-square-acquires-silver-oaks-ndc-stake

Research Now Acquisition Complete

March 18, 2015 – Marketwired – Research Now Group, Inc. (“Research Now”) announced today that Court Square Capital Partners (“Court Square”), a leading private equity firm, has completed its previously announced acquisition of the company. Court Square acquired Research Now through the purchase of interests from the existing group of shareholders and the refinancing of existing debt. Financial terms of the transaction were not disclosed.

“Court Square’s history of investing in winning companies makes them an ideal partner to help us achieve our bold vision,” said Kurt Knapton, President and CEO of Research Now. “With our 15-year track record of industry-leading growth, we have established ourselves as the global standard for quality data collection and client satisfaction. We look forward to building on that momentum with new products and technology offerings that address market opportunities.”

Research Now, headquartered in Plano, Texas, is the leading digital data collection provider powering analytics and insights. Over the past decade, Research Now has been the fastest growing company in its sector. Its global, permission-based access to millions of deeply profiled consumers and business decision-makers provides online, mobile and behavioral data for over 3,000 market research, consulting, media and corporate clients. This actionable data drives key business decisions and processes such as: strategy, competitive intelligence, new product development, brand positioning and digital ad effectiveness.

About Court Square Capital Partners
Court Square is one of the most experienced teams in the private equity industry. Since 1979, the team has made over 200 investments, including several landmark transactions, and has developed numerous businesses into leaders in their respective markets. Based in New York, N.Y., Court Square invests in companies that have compelling growth potential. The firm manages over $5 billion in aggregate capital commitments while focusing on the following four sectors: business services, general industrial, healthcare and technology/telecommunications. For more information on Court Square, please visit www.courtsquare.com.

About Research Now Group, Inc.
Research Now Group, Inc., headquartered in Plano, Texas, is the global leader in digital data collection to power analytics and insights. It enables data-driven decision making for clients who listen to and interact with the world’s consumers and business professionals through Research Now’s online panels, as well as mobile, digital and social media technologies. The company operates in 38 countries, from 24 offices across the globe, and is recognized as the market research industry’s leader in quality, scale and customer satisfaction. For more information, go to www.researchnow.com.

Source: Research Now Group, Inc.
Site: https://www.marketwired.com/press-release/research-now-acquisition-complete-2001769.htm

Lightower Fiber Networks to Merge with Fibertech Networks

BOXBOROUGH, MA and ROCHESTER, NY – April 27, 2015 – Lightower Fiber Networks, a leading provider of custom, high-capacity network services that ensure optimal application and business performance, and Fibertech Networks, a leading provider of fiber-optic based network services throughout mid-size cities in the Eastern and Central regions of the United States, today announced that they have entered into a definitive agreement to merge. The agreement is an all-cash transaction valued at $1.9 billion, which will be funded through a combination of equity and debt. Lightower’s existing financial backers, Berkshire Partners, Pamlico Capital and ABRY Partners, will each provide additional equity to support the transaction. The combined company will be led by current Lightower CEO, Rob Shanahan. The merger is pending regulatory approvals and is expected to close in the third quarter of 2015.

“The combination of Lightower and Fibertech is a win for customers by enabling us to serve more locations, across a wider area, and with more service options – all with the same superior level of reliability and customer support,” stated Rob Shanahan, CEO of Lightower. “Lightower and Fibertech have built distinct networks in their respective regions that will be very complementary when merged. In addition, we plan to continue to invest capital in these regions for additional network expansion.”

The combined company will own and operate a high-performance, fiber-based network throughout the Northeast, Mid-Atlantic and Midwest. The company will offer customers over 30,000 route miles of fiber network providing access to nearly 5,000 wireless towers and almost 13,000 on-net service locations, including commercial buildings, data centers, financial exchanges, content hubs and other critical communications facilities.

“This merger between our two high growth companies is a very positive development for both organizations, both customer bases and both sets of employees,” said John Purcell, CEO of Fibertech. “Bringing together these two talented teams under an integrated leadership group will be a great cultural fit, while also broadening opportunities and career growth for employees.”
“We are excited about Lightower and Fibertech coming together. Both companies operate outstanding networks with distinct and complementary footprints, making this a natural fit,” explained Randy Peeler, Managing Director of Berkshire. “We have invested in the telecommunications infrastructure space for nearly 20 years and believe that the combined company, with its incredibly robust network, is well positioned for continued growth serving customers with an ever-increasing need for high-performance bandwidth.”

More Areas Served, More Locations, More Routes, More Services, More Customer Options

Lightower and Fibertech have very complementary networks and geographic footprints. The combination of the two accelerates the growth strategies employed by both companies to provide best-in-class, fiber-based networking solutions to enterprise, carrier and government customers. The combined company will provide customers with access to more services in more locations across a broader geographic area while also offering additional and diverse routes between locations. The combined network will also dramatically increase the number of data centers, financial exchanges, interconnection facilities, and wireless towers that are served with fiber-based access.

Lightower and Fibertech both currently offer fiber-based service portfolios comprised of Ethernet, dark fiber, wavelengths, Internet access, private networks and colocation services. Both companies also offer industry-specific solutions for financial services, health care, government, education, media, content providers, wireless and wireline carriers, and also cloud and data center connectivity.

Additional terms of the deal were not disclosed.

Current Lightower Fiber Networks investors include Berkshire Partners, Pamlico Capital, and ABRY Partners. Current Fibertech Networks investors include Court Square Capital Partners.
Financing commitments in support of the transaction have been provided by J.P. Morgan and Highbridge Principal Strategies, LLC. Ropes & Gray, LLP is providing legal counsel to Berkshire Partners and Lightower.

Court Square is being advised by Evercore Partners, Inc. and TD Securities in the transaction, with Dechert LLP providing legal counsel.

In March 2015, Lightower also announced its acquisition of ColocationZone – an enterprise-class data center provider in Chicago.

About Lightower Fiber Networks
Lightower Fiber Networks is a leading, all-fiber provider of custom, high-capacity network services that ensure optimal application and business performance. Serving enterprise, government, carrier and data center customers, our comprehensive suite of fiber-based solutions is delivered across a robust, dense and highly-reliable network. The company offers over 20,000 route miles of network, providing access to over 8,500 service locations throughout the Northeast, Mid-Atlantic and Chicago Metro with connectivity to critical international landing sites. Lightower Fiber Networks is headquartered in Boxborough, MA. For more information, visit www.lightower.com or call 1.888.LT.FIBER.

About Fibertech Networks
Headquartered in Rochester, N.Y., Fibertech Networks is a leading provider of fiber-optic based network services in 30 mid-size service areas across the Eastern and Central U.S., and is led by Court Square Capital Partners of New York, N.Y. The company currently owns and operates a fiber optic network of more than 12,000 route miles, which contains more than 7,000 on-net locations with over 4,000 cell sites with its fiber-only network infrastructure. With this network, Fibertech serves wireline and wireless carriers, data centers, large enterprises, and facilities in the higher education, health care, and government verticals. For more information, visit www.fibertech.com.

About Berkshire Partners LLC
Berkshire Partners, the Boston-based investment firm, has invested in over 100 middle market companies since 1986 through eight investment funds with aggregate capital commitments of over $11 billion. Berkshire has developed specific industry experience in several areas, including communications, consumer products and retail, business services, industrial manufacturing and transportation. Within communications, the firm has particular expertise in infrastructure investments including Crown Castle International (NYSE:CCI) and The Telx Group. Berkshire has a strong history of partnering with management teams to grow the companies in which it invests, with the goal of consistently achieving superior investment returns. The firm seeks to invest $50 million to $500 million of equity capital in each portfolio company. For additional information, visit www.berkshirepartners.com or call 617-227-0050.

About Court Square Capital Partners
Court Square is one of the most experienced teams in the private equity industry. Since 1979, the team has made over 200 investments, including several landmark transactions, and has developed numerous businesses into leaders in their respective markets. Based in New York, N.Y., Court Square invests in companies that have compelling growth potential. The firm manages over $5 billion in aggregate capital commitments while focusing on the following four sectors: business services, general industrial, healthcare and technology / telecommunications. For more information on Court Square, please visit www.courtsquare.com.

Source: Lightower Networks

Site: https://www.lightower.com/company/news/press-releases/lightower-fiber-networks-to-merge-with-fibertech-networks/#.VrPzwbIrJD8

Cardinal Health to Buy Harvard Drug Group for $1.12 Billion

June 5, 2015 – Bloomberg – Cardinal Health Inc. said it will buy the Harvard Drug Group from Court Square Capital Partners for $1.12 billion to increase its distribution of generic drugs.

Cardinal Health will fund the acquisition with cash and new debt, the Dublin, Ohio-based company said Friday in a statement. The purchase will add more than 15 cents to earnings per share from continuing operations in fiscal-year 2016, it said.

Harvard Drug Group, a Livonia, Michigan-based distributor of generic drugs and over-the-counter remedies, had revenue of about $450 million last year, according to the statement. The purchase will also bolster Cardinal Health’s telesales capabilities and add specialized packaging options desired by hospitals.

“We view the transaction as ‘right down the middle’ given the obvious strategic rationale and attractive financial considerations,” said Ross Muken, an analyst with Evercore-ISI. “This should prove to be a welcome surprise.”

Cardinal Health agreed in March to buy Johnson & Johnson’s Cordis business for about $1.94 billion, bulking up the medical distributor’s device-making capabilities. It plans to issue $1.5 billion in new debt to fund the Cordis and Harvard Drug Group purchases.

Deal Timeline
Cardinal Health fell 1.5 percent to $86.34 at 9:37 a.m. in New York. The drug distributor’s shares have advanced 24 percent in the past 12 months, as of Thursday’s close, giving the company a market value of $29 billion.

Court Square Capital Partners, a New York-based private-equity firm, bought Harvard Drug Group in 2010 for an undisclosed price. Cardinal Health’s purchase is expected to be completed in the year ending in June 2016, the company said.

The law firm Jones Day advised Cardinal Health on the deal, while Harvard Drug Group was advised by Dechert LLP. Credit Suisse Group AG served as Harvard Drug Group’s financial adviser.

Source: Bloomberg, David Risser
Site: https://www.bloomberg.com/news/articles/2015-06-05/cardinal-health-to-buy-harvard-drug-group-for-1-1-billion

Pentair to buy Erico Global for $1.8 Billion

Activist investor Trian has urged U.K.-based Pentair to strike deals

August 17, 2015 – The Wall Street Journal – Pentair PLC has agreed to buy Erico Global Co. of the U.S. for $1.8 billion in cash, including the repayment of debt, after coming under pressure from activist investor Trian Fund Management LP to strike deals.

The U.K.-based industrial manufacturing company said the deal, its largest since merging with Tyco International PLC’s former pipe-and-valve unit in 2012, will expand its presence in the commercial and industrial sectors.

Pentair’s valve and controls business has been hurt recently by weakness in the energy sector. Chief Executive Randall Hogan said in an interview Monday that the addition of Erico’s engineered electrical and fastening products will reduce the company’s exposure to oil-price fluctuations.

Shares in Pentair were up 1.4% at $62.52 each on the New York Stock Exchange on Monday afternoon.

“We have similar cultures and serve similar industries with complementary products, which will create a broader and stronger offering for our end users,” Mr. Hogan said.

Earlier this year, Trian revealed a 7% stake in Pentair, which makes pumps and valves used in things as diverse as oil refineries and backyard pools, asking the company to consider buying up rivals in an effort to consolidate the fragmented market for the specialized parts.

Trian had been impressed by Mr. Hogan’s prior deal making and ability to integrate acquisitions into Pentair, and believed he could continue to grow the company through larger purchases, people familiar with the matter had said.

The New York investment fund declined to comment on Monday’s deal.

Mr. Hogan said Pentair has considered acquiring Erico for a decade, and talks became serious about six months ago amid a change in leadership at Erico. Mr. Hogan said the transaction “stretches our balance sheet,” but he added that Pentair will continue to look for deals.

Pentair has an advantage over some U.S. rivals because its operations in Ireland, where it is incorporated, and the U.K. give it a lower corporate tax rate. The desire to decrease taxes has spurred a spate of deals during the past year, as companies look for ways to boost profits in a slow-growth economy.

In recent years, Pentair has been focused on integrating the Tyco business. The company exceeded the cost savings it expected to pull out of the combination but has fallen short of the earnings goals it set.

Pentair said it expects the deal for Erico, slated to close by the end of the year, to add more than 40 cents to its adjusted per-share earnings next year.

Source: The Wall Street Journal, Chelsea Dulaney

Site: https://www.wsj.com/articles/pentair-to-buy-erico-global-for-1-8-billion-1439811351

AHEAD Announces Partnership with Court Square Capital Partners

November 3, 2015 – Today is a big day for AHEAD. We have decided to engage in a partnership with Court Square Capital Partners – a premier, long-term private equity investor. The first question you may ask is “Why?”. My simple answer is opportunity.

AHEAD has experienced rapid growth since the company was founded in 2007. This growth has been a result of our passion and desire to continually invest in innovative solutions that drive outcomes for our clients. Given these investments, we find ourselves in a very unique position. We are able to help clients build multi-year strategies that bridge the gap between where they are today and how they take advantage of key advances in technology. In addition, we have built the expertise to help clients take action and deploy those strategies. This approach has enabled us to grow at a faster rate in the last two years than the prior six.

Our opportunity with this partnership is to continue to invest, grow, and better serve our clients. Over the coming years, you will see us continue to aggressively develop new solutions in Enterprise Service Management, Cloud Infrastructure, Mobility, and several new areas. These areas are rapidly coming together to provide a more holistic and impactful platform for the delivery of next generation services and applications. This is our collective opportunity.

I am very excited about our new partnership and the possibilities it will provide. Stay tuned as we continue to accelerate forward!

Thank you,
Dan Adamany

About Court Square
Court Square is one of the most experienced teams in the private equity industry. Since 1979, the team has made over 200 investments, including several landmark transactions, and has developed numerous businesses into leaders in their respective markets. Based in New York, N.Y., Court Square invests in companies that have compelling growth potential. The firm manages approximately $5 billion in aggregate capital commitments while focusing on the following four sectors: business services, general industrials, healthcare and technology/telecommunications. For more information on Court Square, please visit www.courtsquare.com

Source: AHEAD
Site: https://blog.thinkahead.com/ahead-announces-partnership-with-court-square-capital-partners