Bain Capital Private Equity has announced it will acquire PartsSource from Great Hill Partners.

PartsSource, based in Aurora, Ohio, is an online marketplace for medical equipment maintenance parts and services. Founded in 2001, the company states that it supports 3,000 member hospitals and more than 15,000 clinical sites.

Bain Capital Private Equity, based in Boston, focuses on making control and minority equity investments and prefers to make more substantial investments from a dollars perspective. Founded in 1984, the firm invests in healthcare and several other industries, targeting companies with revenue of at least $100 million. Within healthcare, Bain Capital Private Equity targets companies in the provider services, hospital/major facilities, life sciences/pharmaceutical and non-reimbursement industries.

Great Hill Partners, based in Boston, seeks to invest in middle market companies in several sectors, including healthcare technology. Founded in 1998, the firm typically invests $25 million to $200 million in equity in each investment, targeting companies with an enterprise value of $25 million to $500 million.

Terms of the transaction were not disclosed, although the Wall Street Journal reported that the deal values the company at about $1.25 billion.

HealthEdge Investment Partners has announced it has invested in Today’s Dental Network

Today’s Dental Network (TDN) is a multi-specialty concierge dental practice network and support organization supporting clinical practices offering general dentistry, periodontics, orthodontics, oral surgery and a dental lab for permanent and removable fixtures through 17 locations serving Southwest Florida.

HealthEdge Investment Partners, based in Tampa, Fla., makes control and minority equity investments exclusively in healthcare industry. Founded in 2005, the firm has wide flexibility on investment size as it pursues companies with between $5 million and $75 million in revenue. Within healthcare, HealthEdge targets the provider services, pharmaceutical and non-reimbursement industries.

Participating in the investment was independent sponsor Synergistic Capital Partners.

Terms were not disclosed.

Avesi Partners has announced it has closed its initial fund, Avesi Partners I, with $875 million of capital commitments.

The fund was oversubscribed and closed above its original target of $650 million.

Avesi, based in Stamford, Conn., is a private equity firm focused on healthcare services, healthcare technology and business services. Founded in 2021, the firm is targeting lower middle market companies with about $10 million to $30 million of EBITDA.

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 continuing our  series of profiling women leaders in private equity. 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. We are pleased to feature Samantha Gordon Webb of Revelstoke Capital Partners. Access her profile.

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

By Amber Walsh and Penny Zacharias

The impact that the COVID-19 pandemic is leaving behind is still coming to light. As the long-term and short-term impacts become more evident, it’s clear that working women represent one of the demographic groups more adversely affected by the pandemic in ways that include employment, leadership, and funding.

Consider just the following statistics:

  • By January 2021, the U.S. female workforce participation dropped below 56% — the lowest level since 1987. (PIIE)
  • It is estimated that there are 1.8 million fewer women in the labor force than before the pandemic. (NPR) One in four women are considering leaving the workforce or downshifting their careers versus one in five men. (McKinsey & Co.)
  • In 2020, venture capital funding to female founders declined 31% from 2019 while funding for all-male teams dropped by 16%. Female founders had been experiencing faster increases in deals and value compared to their male counterparts in 2019. (PitchBook)
  • Female-founded companies raised $3.31 billion in 2020, or 2.2% of the year’s total sum. This is compared to $3.5 billion and 2.6% in 2019. In other words, an already paltry percentage declined. (Fortune)

Unfortunately, we’ve witnessed similar trends extending to women in private equity. Many women who were working in private equity — including those in leadership positions or moving up the ranks — have left the industry.  And the pipeline of female talent pursuing careers in private equity has slowed.

So, the COVID-19 pandemic has caused us to lose some ground in the advancement of women in private equity and other professional women.  But we are hopeful that downward trend will be reversed. For the past few years, we have published multiple series in which we profile women leaders in private equity. These interviews are one of the ways we demonstrate our support for the advancement of professional women and hope to help expand the leadership of women in private equity.  This work — and similar work being undertaken by other advocates — has taken on even greater importance following the events of the past year. COVID-19 has stalled and rolled back women’s economic gains of recent decades. It is imperative that those working within private equity and in support of the industry not just acknowledge these effects but take deliberate action to reverse them. Growing the number of women in private equity and providing leadership opportunities for such women is not only the right thing to do, but research shows that this benefits the firms that employ women and the companies in which they invest.

At McGuireWoods, we will continue to shine a spotlight on women in private equity. We hope that drawing more attention to the inequalities will help overcome these professional obstacles and reverse some of the troubling trends that the COVID-19 pandemic has created for working women generally. If you are interested in participating in one of our series or would like to recommend a female equity investor for profile, please email Amber Walsh at awalsh@mcguirewoods.com.

New Enterprise Associates (NEA) has led an investment in AllyAlign Health, according to a news release.

AllyAlign, based in Glen Allen, Va., is a Medicare Advantage insurance company focused on senior housing communities. Founded in 2014, the firm reports that it currently operates in 22 states.

New Enterprise Associates, based in Menlo Park, Calif., specializes in investments in venture growth equity at all stages. Founded in 1977, the firm has wide flexibility on investment size, primarily targeting healthcare and technology companies.

Joining NEA in the investment round were Oak HC/FT, Town Hall Ventures and existing investors Heritage Group and Ziegler.

Axios reported that the funding round approached $300 million.

Havencrest Capital Management has announced it has invested in Paradigm Health.

Paradigm Health, founded in 2013 and based in Indianapolis, Ind., is a provider of hospice and palliative care in Indiana.

Havencrest, based in Dallas, is a lower middle market private equity investment firm focused exclusively on the healthcare industry. The firm prefers to partner with founder-owned healthcare companies with EBITDA between $2 million and $10 million and revenue of at least $10 million. Within healthcare, Havencrest targets sub-sectors of behavioral health, healthcare services, medical products, pharma services, post-acute care and technology-enabled services.

Terms of the investment were not disclosed.

York Private Equity has completed a strategic growth investment in AMC Health, according to a news release.

AMC Health, based in New York and founded in 2002, is a provider of telehealth and remote patient monitoring services.

York Private Equity is the private investing arm of York Capital Management. Based in New York, the group primarily targets investments in middle market businesses in healthcare and many other sectors. Founded in 2008, York Private Equity pursues a wide range of transaction structures. The firm has completed more than 50 investments with aggregate transaction value of more than $4 billion.

Terms of the investment were not disclosed.

The Vistria Group has announced the closing of its fourth fund, Vistria Fund IV, with $2.68 billion of capital commitments.

The fund was oversubscribed, closing at its hard cap and surpassing its target of $1.5 billion.

Vistria stated that it now manages more than $6.5 billion in institutional capital across its funds and co-investment vehicles.

The Vistria Group, based in Chicago, focuses on making investments in middle market companies in healthcare and a few other industries. Founded in 2013, the firm pursues control and minority equity investments and prefers to make more substantial investments from a dollars perspective in companies with at least $100 million in revenue.

CVC Capital Partners has announced it signed an agreement to acquire a majority interest in ExamWorks.

ExamWorks, based in Atlanta, is a provider of independent medical examinations, peer reviews, document management and related services.

CVC, with U.S. offices in New York and San Francisco, is a global private equity and investment advisory firm. Founded in 1981, CVC states that its private equity platform manages about $87 billion of assets and comprises four strategies: Europe/Americas, Asia, strategic opportunities and growth partners.

The current owners of ExamWorks, Leonard Green & Partners and GIC, will retain significant equity stakes in the business alongside CVC and the ExamWorks senior management team.

Terms of the acquisition were not disclosed.