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
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CLO/ANN |
TARGET/ISSUER NAME |
BUYER/INVESTOR NAME |
SELLER NAME |
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Feb. 3 |
CEEK Enterprises |
Two Labs (Excellere Partners) |
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Feb. 3 |
Morris, Smith & Feyh |
Walker & Dunlop |
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Feb. 4 |
Hondros Education Group |
McKissock (Constitution Capital Partners and Gridiron Capital) |
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Feb. 5 |
Vineti |
Canaan Partners, Cardinal Health, Casdin Capital, Gilead Sciences, Hive Ventures, Lifeforce Ventures, Novartis Pharma, Section 32, Threshold Ventures |
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Feb. 10 |
Mulch Manufacturing |
National Storm Recovery |
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Feb. 10 |
GS Acquisition Holdings |
Vertiv* |
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Feb. 11 |
CT Power |
The W.W. Williams Company (One Equity Partners) |
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Feb. 14 |
American Freight |
Franchise Group |
The Jordan Company |
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Feb. 19 |
Avation Medical |
Arboretum Ventures |
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Feb. 19 |
Mobile Instrument |
Agiliti Health |
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Feb. 20 |
Pura Scents |
Break Trail Ventures, James Harden, Jeff Danley, Jeff Levin, Kickstart Seed Fund, Manoel Amorim, Service Provider Capital |
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Feb. 20 |
Rental Stop Ohio |
Leppo |
Highlift Equipment |
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Feb. 24 |
Condado Tacos |
The Beekman Group |
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Feb. 25 |
Pacejet |
3Gtms |
Athenian Venture Partners and Plymouth Growth Partners |
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Feb. 25 |
READY Robotics |
Canaan Partners, Drive Capital, Emerald Development Managers, Eniac Ventures, Greenhawk Capital, Micron Ventures, RRE Ventures |
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*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.
