Buyer: Linden Capital Partners
Seller: Solara Medical Supplies
Sector: Medical Supply
Keywords: Medical Supply, Diabetes, DME
CHICAGO (June 13, 2018)—Linden Capital Partners has acquired Solara Medical Supplies, a direct-to-patient distributor of diabetes therapy products including continuous glucose monitors and insulin pumps.
Solara Medical was founded in 2002 by Tod Robinson and is headquartered in Chula Vista, Califorina, with additional offices in Michigan, Texas and Alabama (solaramedicalsupplies.com).
“We chose to partner with Linden due to their exclusive focus on healthcare investing, their subsector expertise in distribution, diabetes and DME, and their unique human capital resources,” said Robinson, who will continue to work with Solara in an operational role, as a member of the board of directors, and as an investor.
With the transaction now closed, Ron Labrum, a Linden operating partner, has been named chairman of Solara, and Keith Crawford, an advisor to Linden, has been named as the company’s new CEO. Crawford was previously the senior vice president of operations and chief strategy officer at Medical Specialties Distributors (MSD) which was sold by New Mountain Capital to McKesson Corporation for $800 million on June 1, 2018. “Tod Robinson, and his team have built an extraordinary business. I look forward to working with Tod and carrying on the company’s strong employee culture and commitment to providing exceptional service to patients, manufacturers and payors,” Crawford said.
Linden Capital Partners is focused exclusively on leveraged buyouts in the health care and life science industries with a specific interest in medical products, specialty distribution, pharmaceutical and services segments of health care. Linden’s strategy is based on three elements: health care and life science industry specialization; integrated financial and operating expertise; and strategic relationships with large corporations. In May 2018, Linden closed its fourth private equity fund, Linden Capital Partners IV LP, at the hard cap of $1.5 billion. Fund IV was oversubscribed and exceeded its target of $1.25 billion. The firm is based in Chicago (lindenllc.com).
Debt financing of $105 million was provided by Twin Brook Capital Partners, the sole lead arranger and administrative agent, Monroe Capital and Solar Capital.
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