Baar-Zug, Switzerland, and New York, 6 July 2016
Partners Group, the global private markets investment manager, and Avista Capital Partners ("Avista"), a leading US private equity firm, have sold their interest in Strategic Partners, Inc. ("Strategic Partners"), the leading US provider of medical scrubs and other uniforms, to investment firm New Mountain Capital on behalf of their clients and investors. The financial terms of the transaction have not been disclosed.
Founded in 1995 and headquartered in Chatsworth, California, Strategic Partners is the US industry leader in the supply of high-quality medical apparel, medical footwear and school uniforms. In August 2012, Partners Group and Avista invested alongside management to acquire the company on behalf of their clients. Over the last several years, Strategic Partners has embarked on numerous value creation initiatives, including the development and launch of innovative new products and clothing lines, the optimization of the company's supply chain, and the further broadening of its client base.
Michael Singer, CEO and Founder of Strategic Partners, says: "Our active partnership with Partners Group and Avista has created significant value and allowed us to further innovate and expand our product offering. Today, Strategic Partners is very well-positioned to continue its growth trajectory. We look forward to the next phase of growth under the ownership of New Mountain Capital, and remain dedicated to creating high-quality, industry-leading products that enhance the working environment of healthcare professionals."
David Layton, Partner and Co-Head of Private Equity at Partners Group, states: "It has been a pleasure working with Strategic Partners' management team and we are proud of the growth the company has achieved since our investment in 2012. Through its development of state-of-the-art products and technologies, and its focus on providing uncompromising quality at competitive prices, Strategic Partners has further enhanced its value proposition and cemented its position as the clear market leader in its field."
David Burgstahler, Co-Managing Partner and President of Avista, adds: "We are delighted that Avista and Partners Group were able to leverage our deep industry and financial expertise to support the company's recent growth through operational and strategic initiatives, which capitalized on long-term industry trends. The company is well-positioned to compete in an expanding marketplace, and we wish them continued success."
Robert W. Baird & Co and Ropes & Gray are acting as advisors to Strategic Partners.