Galen Partners Mergers and Acquisitions Summary

Growth Capital Firm Profile

Galen Partners’ most common sectors for investment arehealthcare services (25%) and life science (21%) . The Firm’s most common investment types include venture (45%) and buyout (lbo, mbo, mbi) (32%). In total, Galen Partners has invested in 14 US states and 2 different countries.

In the last 3 years, Galen Partners has exited 1 company. The Firm’s most common exit type is trade sale (85%). Galen Partners’ largest (disclosed) exit occurred in 2020 when it sold InTouch Health for $600M.

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M&A Summary

  • M&A Total Activity55
    • M&A Buy Activity29
    • M&A Sell Activity26
  • Total Sectors Invested 9
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 41
  • M&A Advisors 2

Galen Partners

680 Washington Boulevard, 10th Floor,
Stamford, Connecticut 06901
United States
(203) 653-6400
www.galen.com
info@galen.com

Galen Partners is a private equity firm that targets investments in the healthcare industry. Areas within healthcare that Galen will consider include medical devices & technology, specialty pharmaceuticals, and information technology/services. Galen typically invests between $10 and $30 million per transaction in companies with a proprietary product or service that have attained revenues above $10 million. Prospective transactions include growth equity investments, complete buyouts, family business or other recapitalizations, going-private transactions, roll-overs of a portion of existing equity, and management buyouts. Galen Partners was formed in 1990 and is based in Stamford, Connecticut.


Investment Criteria

Sectors of Interest: Consumer Products, Healthcare Services, Information Technology, Life Science, Medical Products

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Recapitalization, PIPE, Secondary Buyout, Stake Purchase, Venture

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

Transaction Criteria Min Max
Target Revenue 10 100
Target EBITDA - 9
Investment Size 10 30
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (0.0/yr) # 29 - - - - - 29
Sell (0.6/yr) # 23 2 1 - - - 26
vol $2.2B $475M $2.7B
  55

Most Recent M&A

Company Date Value Type
lifeIMAGE, Inc. 2022-09-15 - Add-on Acquisition
Newton, Massachusetts · www.lifeimage.com
Sharecare, Inc. 2021-06-29 - PIPE
Atlanta, Georgia · www.sharecare.com
Cardiva Medical, Inc. 2021-01-20 475M USD Add-on Acquisition
Sunnyvale, California · www.cardivamedical.com
Evolve Treatment Centers 2020-01-22 - Buyout (LBO, MBO, MBI)
El Segundo, California · www.evolvetreatment.com
InTouch Health, Inc. 2020-01-12 600M USD Add-on Acquisition
Santa Barbara, California · www.intouch-health.com
SMP Pharmacy Solutions LLC 2018-07-19 - Recapitalization
Miami, Florida · www.smppharmacy.com
Ajinomoto Cambrooke, Inc. 2017-11-09 64M USD Add-on Acquisition
Ayer, Massachusetts · www.cambrooke.com
Consensys Imaging Service, Inc. 2017-09-28 - Add-on Acquisition
Cary, Illinois · www.consensysimaging.com
CDx Diagnostics, Inc. 2017-07-11 - Recapitalization
Suffern, New York · www.cdxdiagnostics.com
Tactile Systems Technology, Inc. 2016-07-27 - IPO
Minneapolis, Minnesota · www.tactilesystems.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Healthcare Services 1 (20%) - 7 (24%) -
Life Science 1 (20%) - 6 (21%) -
Medical Products 1 (20%) - 5 (17%) -
Business Services - - 4 (14%) -
Consumer Services 2 (40%) - 2 (7%) -
Information Technology - - 2 (7%) -
Insurance - - 1 (3%) -
Internet Software and Services - - 1 (3%) -
Software - - 1 (3%) -
Total 5 - 29 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 4 (80%) - 28 (97%) -
  California 2 (40%) - 6 (21%) -
  Pennsylvania - - 3 (10%) -
  New Jersey - - 3 (10%) -
  Massachusetts - - 3 (10%) -
  Georgia - - 3 (10%) -
  Illinois - - 2 (7%) -
  New York 1 (20%) - 1 (3%) -
  Florida 1 (20%) - 1 (3%) -
  Virginia - - 1 (3%) -
  Texas - - 1 (3%) -
  Tennessee - - 1 (3%) -
  Minnesota - - 1 (3%) -
  Indiana - - 1 (3%) -
  Colorado - - 1 (3%) -
Switzerland 1 (20%) - 1 (3%) -
Domestic 4 (80%) - 28 (97%) -
Cross-border 1 (20%) - 1 (3%) -
Total 5 - 29 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 1 (20%) - 13 (45%) -
Buyout (LBO, MBO, MBI) 1 (20%) - 9 (31%) -
Growth Capital 1 (20%) - 3 (10%) -
Recapitalization 2 (40%) - 2 (7%) -
PIPE - - 1 (3%) -
Stake Purchase - - 1 (3%) -
Total 5 - 29 -

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 14 (54%) 2.3B (85%)
Trade Sale 8 (31%) 406M (15%)
Secondary Sale 2 (8%) -
IPO 1 (4%) -
SPAC 1 (4%) -
Total 26 $2.7B

Top M&A Advisors

Legal Deals
Mintz Levin Cohn Ferris Glovsky and Popeo PC
 1
Cooley LLP
 1

Deal Values

sell # Total
$100M to $1B 8 $2.5B
< $100M 3 $174M
TOTAL $2.7B
Largest InTouch Health, Inc.
$600M (2020-01-12)

M&A Connections

Deals
Exited to
Investor(s)
12%
3 (12%)
Strategic(s)
85%
22 (85%)

Investor Summary

Investor Type

Growth Capital Firm

Size

Large

PE Assets

1.0B USD

Established

1990

Specialist/Generalist

Specialist

Leadership

John Wilkerson

Founder & Senior Advisor

Bruce Wesson

Founding Partner & Senior Advisor

Stacey Bauer

CFO

David Jahns

Managing Director

Zubeen Shroff

Managing Director

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