Linden LLC

Linden Agrees to Sell Specialty Networks to Cardinal Health

January 31, 2024 | For Immediate Release

Chicago, IL (January 31, 2024) – Linden Capital Partners (“Linden”), a Chicago-based private equity firm focused exclusively on the healthcare sector, announced today an agreement to sell Specialty Networks, LLC (“Specialty Networks”) to Cardinal Health, Inc. (NYSE: CAH) for $1.2 billion in cash. The acquisition is subject to customary closing conditions. Specialty Networks, a portfolio company of Linden, is an integrated, multi-specialty platform with GPOs (Group Purchasing Organizations), life sciences solutions, and research solutions in gastroenterology, urology, and rheumatology.

Shailendra Sharma, CEO of Specialty Networks, said, “Linden has been an excellent partner to Specialty Networks since they acquired the business approximately three years ago. With their investment and support, we successfully executed our value creation plan and drove significant growth in the business. We look forward to our partnership with Cardinal Health. Our mission will remain the same: to help independent specialty providers deliver the right care, at the right time, for every patient, while creating clinical and economic value for our member practices and industry partners.”

David Coury, Founder and Executive Chairman of the Board of Directors of Specialty Networks, added, “We are extremely proud of the entire Specialty Networks organization and the value we deliver to our patients, members, and partners.  We are excited about the capabilities that a new partnership with Cardinal Health will bring to Specialty Networks.”

During Linden’s ownership, Specialty Networks expanded from focusing exclusively on urology into two new therapeutic areas (gastroenterology and rheumatology) and launched SoNaR (Specialty Networks Registry), a prostate cancer registry, whose curated real-world data enables the Company’s provider networks to improve care and creates a privacy-compliant data asset that can advance life sciences research.

“I want to congratulate David, Shailendra and the entire Specialty Networks team on an exceptional job executing the value creation plan, including expanding into new therapeutic areas, growing the organization with talented leaders, further tech-enabling the business, and driving growth,” said Michael Watts, Linden Partner and Board Director of Specialty Networks. “The sale of Specialty Networks represents a successful outcome for Linden and provides liquidity to our investors amidst a difficult macro environment.”

Nautic Partners, the prior owner of Specialty Networks, is a minority co-investor through a rollover investment. Robert W. Baird & Co. served as financial advisor to Specialty Networks and Kirkland & Ellis LLP served as legal counsel to Specialty Networks. Katten Muchin Rosenman LLP advised both Specialty Networks and management. Goldman Sachs served as financial advisor to Cardinal Health and Ropes & Gray LLP served as legal counsel.

About Specialty Networks, LLC

Specialty Networks (SN) is an integrated, multi-specialty organization with GPOs, life sciences solutions, and research solutions in urology, gastroenterology, and rheumatology. SN solutions include AI-enabled population health management, patient engagement, clinical research, and workflow automation technologies to achieve center of excellence status in standards of care, clinical research, practice operations, and value-based care. SN leverages the power of its network, represented by over 11,000 providers, to help independent physician practices, industry, wholesalers/distributors, payers, and policymakers improve patient outcomes. Learn more about Specialty Networks at

About Linden Capital Partners

Linden Capital Partners is a Chicago-based private equity firm focused exclusively on the healthcare industry. Founded in 2004, Linden is one of the country’s largest dedicated healthcare private equity firms. Linden’s strategy is based upon three elements: (i) healthcare specialization, (ii) integrated private equity and operating expertise, and (iii) its differentiated human capital program. Linden invests in middle market platforms in the medical products, specialty distribution, pharmaceutical, and services segments of healthcare. Since its founding, Linden has invested in over 40 healthcare companies encompassing over 250+ total transactions. The firm manages approximately $8 billion of regulatory assets under management. For more information, please visit