Case Study:


“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.”

Jim Kelly, Founding CEO

Clearwater, FL

James Kelly

Founded in:
invested in:

IPO 1992

Acquired by the Linde Group 2012

Summit Team:
Martin J. Mannion
Case Study:


1.7x revenue growth in 2 years leading to IPO

IPO in 1992

Later acquired by Linde Group in 2012

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 CEO Jim Kelly, the team sought financial partners to fund not just current operations, but also future growth.

How Summit 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 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. Founding CEO Jim Kelly continues to work with Summit, and today serves on the board of CareCentrix.