New York-based private equity firm Kinderhook Industries is selling Robertson Piper Software Group and subsidiary Opis-ISM LLC to Lagniappe Health, a portfolio of Calvert Street Capital Partners. Kinderhook said in a statement the deal represents a return on invested capital of 1.6x. Specifics were not publicized.
New York, NY – Kinderhook Industries, LLC announced today the sale of Robertson Piper Software Group, Inc. (“RPSG”) and its main subsidiary Opus-ISM LLC (“Opus”), to strategic buyer Lagniappe Health (“Lagniappe”), a portfolio company of Calvert Street Capital Partners. RPSG has been a portfolio company of Kinderhook Industries (“Kinderhook”) since 2009. The sale represents a return on invested capital of over 1.6x  for Kinderhook.
Based in Pine Brook, New Jersey, Opus-ISM (www.opus-ism.com) is a leading national provider of pharmacy management systems, POS software and related solutions and services to all types of pharmacies including: retail, managed and long-term care, HMO, outpatient hospital, nursing homes/facilities and other institutions. Opus-ISM has been in business for over 35 years and currently provides services to over 1,100 customer locations.
“We are pleased to sell Opus to a strategic buyer that can continue the company’s long tradition of providing outstanding products and services to the pharmacy market,” said Doug Robertson, CEO, President and a Founder of RPSG.
“The sale of Opus demonstrates Kinderhook’s investment strategy of partnering with strong management teams and building successful companies that attract strategic buyers,” said Chris Michalik, Managing Director at Kinderhook.
Kirkland & Ellis LLP served as legal counsel to RPSG. Raymond James & Associates and New Century Capital Partners served as financial advisors to RPSG. Willkie Farr & Gallagher LLP served as legal counsel to Lagniappe.
About Kinderhook Industries
Founded in 2003, Kinderhook Industries is a private equity firm with $770 million of committed capital and an investment philosophy based on combining senior management and operating experience in a variety of industries with the financial and investment know-how of private equity professionals. Kinderhook primarily makes control investments in companies with transaction values of $25-$100 million in which the firm can achieve significant financial, operational and growth improvements. The firm targets orphaned non-core subsidiaries of corporate parents, existing small capitalization public companies lacking institutional support and management-led recapitalizations of entrepreneur-owned companies. By providing access to capital, strategic advice and an extensive network of relationships, Kinderhook Industries has a history of successfully building privately held firms in partnership with management. For more information please visit: www.kinderhook.com