LOS ANGELES, March 8, 2021 — Platinum Equity announced today the acquisition of NDC, a healthcare supply chain company and distributor of consumable healthcare supplies, from an affiliate of Court Square Capital Partners.
Headquartered in Nashville, Tenn., NDC is one of the largest master distributors in healthcare and serves as an essential intermediary between medical supply manufacturers and a highly-fragmented base of regional and specialty distributor customers.
“NDC has built an impressive national distribution platform with substantial opportunity for growth,” said Platinum Equity Managing Director Jason Price. “The company has strong leadership, a service-oriented culture and a unique value proposition that makes the delivery of medical supplies more efficient. Our plan is to continue building scale organically and through additional partnerships or M&A activity to grow the company’s footprint and expand its base of customers and suppliers.”
NDC’s platform provides access to an inventory of approximately 53,000 different products from more than 400 manufacturers serving the primary care, acute care, dental, physical therapy, long-term care, home care and other specialty end markets.
“We are proud to have partnered with Mark Seitz and the NDC management team over the past five years to grow its diverse customer base, product lines and end markets,” said Jeff Abramoff, Partner at Court Square. “The success of this transaction is a result of the differentiated position NDC has in the healthcare supply chain and outstanding work from the NDC management team.”
NDC President and CEO Mark Seitz, who has been with the company for 16 years, will continue to lead the business under Platinum Equity’s ownership.
“This exciting and transformational partnership with Platinum Equity better positions our company to meet the demands of our dynamic industry,” said Mr. Seitz. “NDC’s culture is the foundation for our success and we will continue to serve you as your trusted supply chain partner to deliver efficiency to healthcare.”
Latham and Watkins served as legal advisor to Platinum Equity on the acquisition of NDC. BMO Harris Bank provided financing for the transaction.
William Blair & Company, Cantor Fitzgerald & Co. and Robert W. Baird & Co. served as financial advisors to Court Square and Dechert served as its legal advisor on the transaction.
About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $23 billion of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners V, a $10 billion global buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 25 years Platinum Equity has completed more than 300 acquisitions.
About Court Square
Court Square is a middle market private equity firm with one of the most experienced investment teams in the industry. Since 1979, the team has completed over 235 investments, including several landmark transactions, and has developed numerous businesses into leaders in their respective markets. Court Square invests in companies that have compelling growth potential within the business services, general industrial, healthcare, and technology and telecommunications sectors. The firm has $7.0 billion of assets under management and is based in New York, N.Y. For more information on Court Square, please visit www.courtsquare.com.
Founded in 1953, NDC provides complete supply chain solutions to distributors, manufacturers, GPOs and providers. With strategically located distribution centers across the United States, NDC serves the full continuum of healthcare, specializing in medical, dental, physical therapy, LTC, homecare and specialty end markets. As a leading provider of both upstream and downstream services to the largest distributor network in North America, NDC offers custom solutions for master distribution, last-mile delivery and vaccine buying groups. Learn more at www.ndc-inc.com.
Dan Whelan, Platinum Equity
Natalie Martin, NDC