JAB Investors’ NVA buys SAGE Vet for some $1.25b, AKKR scores 12x return on Seequent, CVC buys ExamWorks for $4b-plus

AKKR makes a killing with  Seequent and Chicago Pacific Founders sell most of SAGE Veterinary.

It’s Wednesday, and lots of deals are gettin’ done, people.

CVC Capital Partners said yesterday that it had agreed to acquire a majority stake in ExamWorks — a provider of independent medical examinations that PE Hub wrote was evaluating a sale last month.

In line with expectations at that time, the deal is valued between $4 billion and $4.5 billion, PE Hub sources confirmed. That’s off of EBITDA in the $300 million to $340 million range, sources said.

Existing investors Leonard, Green & Partners and GIC will retain minority stakes.

Of note: CVC is doing the deal on its own. The firm was previously exploring partnering with Carlyle Group on a transaction for ExamWorks, sources said. Although it’s unclear why Carlyle dropped, the firm is already an investor in both MedRisk, which manages the physical therapy claims process and coordinates care for injured workers, as well as Sedgwick, the largest multi line claims management firm. Would doing another workers’ comp-related deal lend to concentration issues?

CVC and Carlyle of course know one another well. CVC bought a majority stake in Medrisk not too long ago, joining Carlyle. CVC was the runner up in the last process, and gained even more conviction in the asset’s growth profile in recent years, PE Hub recently wrote.

Makin’ money: Accel-KKR has generated a 12x return on Seequent less than three years after backing the developer of 3D geological modeling and visual data software, a source familiar with deal’s terms told PE Hub.

The firm on Monday announced the completion of Seequent’s sale to Bentley Systems for $900 million in cash and 3.1 million shares of BSY, valued at approximately $200 million.
Accel-KKR’s growth equity investment in Seequent dates to September 2018 and it has since inked two add-ons.

Read Milana’s full report on PE Hub.

Pets!: Chicago Pacific Founders is selling SAGE Veterinary Centers at a valuation of at least $1.25 billion — or at least 25x — according to sources familiar with the transaction.

The buyer of the specialty vet hospital network is National Veterinary Associates, which competed against other PE-backed strategics and pure play sponsors in a Jefferies-run sale process, the sources said.

NVA, which is owned by JAB Investors, will combine SAGE with NVA Compassion-First, its specialty and emergency veterinary business, a Tuesday announcement said.

JAB, which invests on behalf of Germany’s billionaire Reimann family, is continuing its big push in vet care. It bought industry giant NVA from Ares Management and OMERS Private Equity two years ago at a $5 billion valuation, four months after it unexpectedly outbid financial sponsors to take home the win for Quad-C Management’s Compassion First.

The latter deal was valued at $1.22 billion, topping sponsors’ bids by more than $100 million, PE Hub previously wrote.

Another similar, slightly bigger player in the late stages of its process is Ethos Veterinary Care, a portfolio company of BBH Capital Partners.

Read my full report on PE Hub.

That’s it! Have a great week ahead, everybody, and as always, write to me at springle@buyoutsinsider.com with any tips, comments or just to say hello!