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Central Ohio companies were active last month in transactions involving health care tech.

Dublin, Ohio-based health care services company Cardinal Health Inc. led a series C round to invest in a cutting-edge health care tech company called Vineti Inc. Vineti is a young San Francisco-based company that is using software technology to help create a safer process for cancer patient’s undergoing gene and cell therapy.

Columbus-based Avation Medical received VC funding last month from Arboretum Ventures, a healthcare focused VC firm based out of Ann Arbor, Michigan. Avation Medical is pioneering new platforms for wearable nerve stimulation systems to empower patients to be in control of their therapies.

The largest transaction in health care tech took place between Agiliti Inc., a Minneapolis-based national provider of healthcare technology management and service solutions, and Mobile Instrument Service & Repair Inc. Mobile Instrument, headquartered in Central Ohio, is the third largest provider, based on revenue, of surgical equipment repair services in the U.S. It was reported that Agiliti paid 11x Mobile Instrument’s 2019 adjusted EBITDA to complete the acquisition.

Deal of the Month

Our deal of the month goes to the Columbus-based restaurant chain, Condado’s Tacos. Last month, Condado CEO, Joe Kahn, announced a partnership with New York-based private equity firm Beekman Group LLC to take the restaurant chain nationwide. Beekman Group manages more than $800 million of capital with a number of national restaurant holdings in its portfolio.

Since 2014, Condado has grown to 15 restaurants across four states. The chain’s annual growth plan includes six to eight new restaurants a year with seven already planned for 2020. Condado is just the latest restaurant group to attract private equity investment joining the likes of Piada Italian Street Food, Jeni’s Splendid Ice Creams and City Barbeque.

 

Selected Ohio mergers & acquisitions

Local companies in bold. Source: PitchBook and Copper Run research

CLO/ANN

TARGET/ISSUER NAME

BUYER/INVESTOR NAME

SELLER NAME

Feb. 3

CEEK Enterprises

Two Labs (Excellere Partners)

 

Feb. 3

Morris, Smith & Feyh

Walker & Dunlop

 

Feb. 4

Hondros Education Group

McKissock (Constitution Capital Partners and Gridiron Capital)

 

Feb. 5

Vineti

Canaan Partners, Cardinal Health, Casdin Capital, Gilead Sciences, Hive Ventures, Lifeforce Ventures, Novartis Pharma, Section 32, Threshold Ventures

 

Feb. 10

Mulch Manufacturing

National Storm Recovery

 

Feb. 10

GS Acquisition Holdings

Vertiv*

 

Feb. 11

CT Power

The W.W. Williams Company (One Equity Partners)

 

Feb. 14

American Freight

Franchise Group

The Jordan Company

Feb. 19

Avation Medical

Arboretum Ventures

 

Feb. 19

Mobile Instrument

Agiliti Health

 

Feb. 20

Pura Scents

Break Trail Ventures, James Harden, Jeff Danley, Jeff Levin, Kickstart Seed Fund, Manoel Amorim, Service Provider Capital

 

Feb. 20

Rental Stop Ohio

Leppo

Highlift Equipment

Feb. 24

Condado Tacos

The Beekman Group

 

Feb. 25

Pacejet

3Gtms

Athenian Venture Partners and Plymouth Growth Partners

Feb. 25

READY Robotics

Canaan Partners, Drive Capital, Emerald Development Managers, Eniac Ventures, Greenhawk Capital, Micron Ventures, RRE Ventures

 

*This merger made Vertiv a public company, with a proforma value of $5.3B (8.9x 2020 proforma adjusted EBITDA of $595 million).

 

Michael Shaw is a partner and managing director at Copper Run Capital, where he assists with both sell side and buy side assignments and business development. Shaw has experience evaluating the strategic and financial implications of M&A from smaller privately held companies up to $1 billion-plus market capitalization companies.