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The Healthcare Investor

Insights on Issues & Trends that Impact Investments in Healthcare & Life Science Businesses

Healthcare & Life Sciences Private Equity Deal Tracker: Enhanced Healthcare Partners Invests in Eventus WholeHealth

Posted in Healthcare Services Investing

Eventus WholeHealth has announced it has secured an investment from Enhanced Healthcare Partners.

Eventus, based in Charlotte, N.C., is an on-site, primary care and ancillary service provider of integrated whole-health care for residents and patients of post-acute care facilities.

Enhanced Healthcare Partners, based in New York, is a healthcare-focused private equity firm. Founded in 2005, the firm seeks to invest $10 million to $50 million or more in the life of a company.

Eventus indicated that the funding would be used to support the company’s strategic growth initiatives, which will include merger and acquisition opportunities.

Terms of the transaction were not disclosed.

WindRose Closes Healthcare PE Fund at $705 Million

Posted in Healthcare Services Investing

WindRose Health Investors has announced it has closed its fifth fund with $705 million.

WindRose, formerly MTS Health Investors, is a New York-based private equity (PE) firm which invests in services sectors of healthcare. The firm pursues investments in businesses ranging from $25 million to $300 million in enterprise value. Transaction structures include buyouts, recapitalizations, corporate carve-outs and growth equity investments.

The new fund, WindRose Health Investors V, will continue WindRose’s focus on healthcare. WindRose indicated that the fund was oversubscribed and closed at its fundraising cap.

Forbes Identifies 10 Biggest Healthcare PE Deals of 2018

Posted in Uncategorized

In an end-of-the-year round-up, Forbes lists the 10 biggest private equity deals in healthcare in 2018.

The article notes that 2018 was a banner year for healthcare PE, with 715 deals closed as of mid-December for a combined value of nearly $104, citing PitchBook data. That’s up from the 709 deals worth about $89 billion in 2017.

The three biggest deals of 2018 were 1) KKR’s acquisition of Envision Healthcare; 2) Veritas Capital’s acquisition of athenahealth; and 3) Apollo Global Management’s acquisition of LifePoint Health.

View the complete top 10 list.

Women in Private Equity to Know: Diane Daych

Posted in Healthcare Services Investing

McGuireWoods has long been an avid supporter of the advancement of professional women. As part of our initiative seeking to expand the leadership of women in private equity, we are profiling women leaders in private equity throughout 2018. We are hopeful that this series will serve to inspire other women to pursue their careers in private equity in a way that best challenges and motivates them, which these impressive women have all done. This month, as our final profile of the year, we are pleased to feature Diane M. Daych of Granite Growth Health Partners. Access her profile by clicking here.

To recommend a woman for a future interview, email Amber Walsh at awalsh@mcguirewoods.com.

 

Healthcare & Life Sciences Private Equity Deal Tracker: GI Partners and TA Associates to Acquire Allscripts’ Stake in Netsmart Technologies

Posted in Healthcare Services Investing

GI Partners and TA Associates have announced that they will acquire the stake held in Netsmart Technologies by healthcare IT company Allscripts Healthcare Solutions.

Netsmart, based in Overland, Kan., is a provider of software and technology solutions designed for the health and human services and post-acute sectors.

GI Partners, based in San Francisco, is a middle-market private equity firm active in several sectors, including healthcare.

TA Associates, based in Boston, invests in healthcare and several other sectors.

GI Partners acquired an initial stake in Netsmart in 2016. This new acquisition will make GI Partners the majority owner of Netsmart.

The transaction is expected to be completed this month. Financial terms were not disclosed.

Blackstone Forms Life Sciences Investment Platform With Closing of Clarus Acquisition

Posted in Life Sciences Investing, Uncategorized

The Blackstone Group has announced the closing of its acquisition of Clarus. The business will now operate as Blackstone Life Sciences.

Blackstone indicated that its new private investment platform will invest across the lifecycle of companies and products within life sciences sectors.

Historical funds will retain the Clarus name.

Blackstone had previously announced its acquisition of Clarus, a global life sciences investment firm based in Cambridge, Mass., and South San Francisco, in October.

Founded in 1985, Blackstone targets investments in established and growth-oriented businesses. It’s based in New York and publicly traded under the ticker symbol BX.

Why Private Equity Has Eyes On Vision Care

Posted in Healthcare Services Investing

Key members of our McGuireWoods Healthcare Private Equity team — Holly Buckley, Thomas Zahn, Timothy Fry and Amanda Roenius — recently published an in-depth look at the recent growth of private equity interest in the ophthalmology space with Law360. The sector has been heating up over the last several years, and our colleagues examined the reasons why, key issues and ongoing opportunities for investors.

Read this Law360 column by clicking here.

Healthcare & Life Sciences Private Equity Deal Tracker: Audax and LLR Partners Complete Sale of Numotion

Posted in Healthcare Services Investing

Audax Private Equity and LLR Partners have completed the sale of Numotion to AEA Investors and Numotion management, according to a news release.

Numotion, based in Brentwood, Tenn., is a provider of configured, medically necessary mobility products and services. Numotion serves more than 250,000 customers across 140 locations with more than 2,500 employees.

Terms of the transaction were not disclosed.

Audax, with private equity offices in Boston and San Francisco, was founded in 1999. It targets investments in middle-market companies in many sectors, including healthcare.

LLR Partners, based in Philadelphia and founded in 1999, is a middle-market private equity firm that invests in several industries, including healthcare.

AEA Investors, with U.S. offices in New York and Stamford, Conn., includes a middle-market private equity team established in 1968 that seeks to make controlling investments of more than $100 million in businesses headquartered in North America and Europe.

Veritas Capital and Evergreen Coast Capital to Acquire athenahealth for $5.7 Billion

Posted in Healthcare Services Investing

athenahealth, Veritas Capital and Evergreen Coast Capital have announced that an affiliate of Veritas and Evergreen will acquire athenahealth for approximately $5.7 billion in cash.

Following completion of the acquisition, Veritas and Evergreen are expected to combine athenahealth with Virence Health, the GE Healthcare value-based care assets that Veritas acquired earlier this year. The combined company is expected to operate under the athenahealth brand and be headquartered in Watertown, Mass.

The transaction is expected to close in the first quarter of 2019.

athenahealth, based in Watertown, is a provider of cloud-based services for medical practices and health systems.

Veritas, based in New York, is private equity firm with over $9.5 billion of assets under management. The firm invests in several sector, including healthcare.

Evergreen, based in Melo Park, Calif., is the private equity subsidiary of hedge fund Elliott Management Corp. Elliott, based in New York, had approximately $35 billion in assets under management as of July 1, 2018.

Women in Private Equity to Know: Ya Tung

Posted in Healthcare Services Investing

McGuireWoods has long been an avid supporter of the advancement of professional women. As part of our initiative seeking to expand the leadership of women in private equity, we are profiling women leaders in private equity throughout 2018. We are hopeful that this series will serve to inspire other women to pursue their careers in private equity in a way that best challenges and motivates them, which these impressive women have all done. This month, we are pleased to feature Ya Tung of GCM Grosvenor. Access her profile by clicking here.

To recommend a woman for a future interview, email Amber Walsh at awalsh@mcguirewoods.com.

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