Goodwin Advises Webster Equity Partners on Definitive Agreement To Acquire Lifecore Biomedical for Up to $663.7 Million

The Private Equity, Life Sciences, and Healthcare teams advised Webster Equity Partners on its definitive agreement to acquire Lifecore Biomedical (“Lifecore”), a fully integrated injectables contract development and manufacturing organization, for $663.7 million, assuming full achievement of certain performance milestones.

Under the terms of the agreement, an entity affiliated with Webster Equity Partners will acquire all outstanding Lifecore common stock for $6.28 per share in cash at closing plus one nontradable contingent value right (CVR) per share. Holders of Lifecore Series A preferred stock will receive the applicable conversion amount in cash at closing plus CVRs based on the shares of common stock into which their preferred stock is convertible. The CVRs provide for up to $160 million in aggregate cash payments contingent upon Lifecore achieving specified performance milestones.

Webster Equity Partners is a leading middle-market private equity firm focused exclusively on investing in healthcare services companies. The firm partners with exceptional management teams to drive growth and value creation through strategic guidance, operational support, governance, industry relationships, and disciplined long-term capital deployment. Webster is based in Waltham, Massachusetts.

The Goodwin team was led by Joshua Zachariah, Richard E. Schwartz, Peter Hanoian, and Cory Lewis, and included Daisy Beckner, Kaitlyn Buffaloe, Kelvin Tsz Ho Chan, Timbre Griffin, Madison Porter, Aylar Banafshe, Christopher W. Steinroeder, Ruby Wong, Natalie Romero, Nicole J. Aiken-Shaban, Steven S. Tjoe, Rebecca Kennedy, Austin T. Marich, Malhar Naik, Lydia Marik, Edward Holzwanger, Stephen G. Charkoudian, Martha Schreck, Jordan Elizabeth Kijewski, Jacqueline Klosek, Jonathan Ng, Raphael Kohler, David Patton, Erika Pey, Jacob R. Osborn, Gozde Guckaya, Sofia Anna Polishchuk, Nathan Brodeur, Adam Bellack, Jennifer L. Ford, Ai Tajima, Edward Bota Newton, Virginia Wong, John Goheen, Kevin Walsh, Andrew Jensen, Tucker DeVoe, and Meg Keown.

For more information on the deal, please read the press release.