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The first installment of our new predictive index shows that dealmakers expect overall M&A to increase, with health care outperforming the overall market READ MORE 

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Barbara Bradley Baekgaard, founder of Vera Bradley (Nasdaq: VRA), is the latest in a series of entrepreneurs highlighted at ACG New York Women of Leadership events. Photo credit: Robert Blumenfeld

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Healthcare:
Satori Capital Invests in Longhorn Health Solutions

The Austin, Texas-based target will focus on organic growth in the near term, but eventually look to acquire as a means of expanding in other states.

Private equity firm Satori Capital has invested in Longhorn Health Solutions Inc., a provider of consumable medical supplies, equipment and pharmaceutical prescriptions.

Terms of the deal were not disclosed, but Satori generally makes investments that hover between $25 million and $75 million, according to the firm’s managing partner and co-founder Sunny Vanderbeck (pictured).

For Satori, the deal marks the firm’s first venture into the healthcare sector.

“We haven’t made any investments in healthcare,” Vanderbeck says. “But what we saw here was a great services company in healthcare.”

Longhorn brings disposable medical products—incontinence supplies, diabetes strips and specialty foods—to the homes of Medicaid, Medicare, and privately insured patients. The company distributes the supplies in vans dispatched from its ten warehouses located across Texas: Austin, Houston, Beaumont, San Antonio, El Paso, Fort Worth, Corpus Christi, Harlingen, Lubbock and Waco. It recently launched a pharmacy division so that it can deliver medication as well.

Despite the target’s large presence in Texas, there is still a large part of the market share left to be acquired.

Under Satori’s ownership, Longhorn will focus on organic growth in the near term, Vanderbeck adds, but that add-on acquisitions will serve as a way for the company to eventually grow in other states.

Longhorn founder and CEO Britt Peterson will continue to lead the Austin, Texas-based company.

Prior to Satori, Vanderbeck co-founded and served as chief executive of Data Return, a provider of managed services and utility computing. Before that, he worked at Microsoft Corp. (Nasdaq: MSFT).

Fred McCallister of investment bank Allegiance Capital Corp. ran the sale process for Longhorn, Munsch Hardt Kopf & Harr, P.C. handled legal matters. David McLean and Larry Makel of Patton Boggs LLP acted as legal counsel to Satori.

The Brookside Group provided debt financing for the transaction.

 

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