Clearlake Capital explores sale of Team Technologies for more than $1bn

Private equity firm Clearlake Capital Group is exploring a sale of medical products manufacturer Team Technologies Inc for more than $1bn, including debt, according to people familiar with the matter.

Clearlake Capital is working with an investment bank on a sale process for Team Technologies, which has annual earnings before interest, taxes, depreciation and amortization of about $75m, said the sources, who requested anonymity because the matter is confidential.

A Clearlake Capital spokesperson declined to comment.

Team Technologies is a manufacturer of medical supplies and dental supplies including specialty toothbrushes, dosing applicators, isolation gowns and other personal protective equipment used in the healthcare industry. Founded in 1988, the company is based in Morristown, Tennessee, with more than a dozen manufacturing facilities across the country.

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Clearlake Capital acquired a majority stake in Team Technologies in partnership with its management in 2018. Since then, Team Technologies has been on an acquisition spree, snapping up smaller healthcare specialty manufacturers. It acquired Chino, California-based Precision Die Cutting in May 2021 and iiMED Medical Solutions, which is headquartered in Amherst, New York, in January this year.

Clearlake Capital has $72bn of assets under management spread across industrials, consumer products and technology sectors. Founded in 2006 by José Feliciano and Behdad Eghbali, Clearlake is based in Santa Monica, California. Last month, Clearlake Capital, together with Los Angeles Dodgers part-owner Todd Boehly, acquired ownership of English soccer club Chelsea from Russian billionaire Roman Abramovich.

Source: MarketScreener

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