Lincare
IPO 1992; later acquired by the Linde Group in 2012
"Summit added value where we asked them to – but let us run the business. They were great partners when looking at acquisitions, and provided sound counsel on financing and regulatory issues."
Revenue growth in just two years, leading to IPO
Completed IPO in 1992
Acquired by Linde Group
Revenue growth in just two years, leading to IPO
Completed IPO in 1992
Acquired by Linde Group
Originally a part of Union Carbide, Lincare—a provider of home medical care—became an independent company in 1990. The market for home respiratory services and equipment was fragmented, and Lincare’s management believed that there was significant potential for expansion through internal growth and acquisition. Under the leadership of founding CEO Jim Kelly, the team sought financial partners to fund not just current operations, but also future growth.
How Summit Partners Helped
- Funded buyout from Union Carbide and provided financing for future acquisitions
- Recruited healthcare entrepreneur Chester Black and former IBM CEO Frank Cary to the board of directors
- Participated in diligence meetings, and provided additional financing to support acquisition strategy
- Assisted in the selection of underwriters for IPO
Lincare completed its initial public offering in 1992, raising $50 million in a difficult market. Summit exited the investment in 1994, and over the next 18 years, Lincare became one of the largest respiratory therapy provider in the United States, serving more than 800,000 patients in 48 states. In 2012, Lincare was acquired by The Linde Group for $4.6 billion.
The Portfolio Company Executive quoted herein did not receive compensation for any statements regarding Summit Partners. However, since Lincare is a former portfolio company of Summit, this individual did receive general compensation in connection with his employment by the company. In addition, this individual was an investor in a Summit fund and may have conflicts arising from his past role with Lincare due to the company’s relationship with Summit.
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