According to reports, Partners Group Holding AG bought medical-apparel company Careismatic Brands for $1.3 Billion, and this includes their debt as well, earlier this month.
While the terms of the transaction were not disclosed, the Swiss company bought Careismatic Brands from a private equity shop called New Mountain Capital.
Partners Group now plans to boost Careismatic’s growth by launching new products and digitizing sales and marketing divisions.
Partners Groups, which has over $6 billion in assets, has been eyeing deals in the niche fields in the healthcare industry.
Their recent acquisitions in this field include EyeCare Partners and Wedgewood Pharmacy.
“The medical and nursing community, in particular, have been under a tremendous amount of strain, and this is a company that has been able to service this market well and has been able to help nurses feel good about how they come to work,” Partners Group Co-Chief Executive Officer David Layton said. “They have very interesting product lines, such as adaptive clothing and anti-microbial laundry solutions that have become increasingly important during Covid.”
Partners Group:
Partners Group is based in Zug, Switzerland. It primarily focuses on upper-middle market transactions that are valued at $500 million to $2.5 billion.
It was founded in 1996 and today has over 1,500 employees across 20 offices globally, including a regional headquarters in Denver.
To date, the firm’s private equity business manages over $45 billion and has invested in over 240 companies so far.
Careismatic Brands:
Charismatic Brands is based in Chatsworth, California. They manufacture as well as sell medical, corporate, and school uniforms in 70 countries across the world. They currently sell over 15 popular brands, which includes, Cherokee Uniforms, Dickies Medical, Infinity, Scrubstar, and others. In addition to manufacturing and selling, they also provide corporate identity uniforms, adaptive clothing, antimicrobial laundry additives, and accessories.
