The Healthcare Investor Law Blog | McGuireWoods Attorneys

Tailwind Capital Closes Third Fund With $1.8 Billion

By Amber Walsh on September 25, 2018 Posted in Healthcare Services Investing

Tailwind Capital has announced it has closed its third fund, Tailwind Capital Partners III, at $1.8 billion of commitments.

Tailwind indicated the funding will be used to continue the firm’s existing investment strategy.

Based in New York, Tailwind is a middle-market private equity firm focused on growth-oriented investments within healthcare and a few other sectors. The firm primarily targets companies with enterprise values up to $250 million. Current healthcare companies in its portfolio include Abode Healthcare (which was an investment from the new fund), Cumberland Consulting Group, Edenbridge Pharmaceuticals and National HME.

Healthcare & Life Sciences Private Equity Deal Tracker: Blue Ox Leads $52 Million Investment in Epic Sciences

By Geoff Cockrell on September 17, 2018 Posted in Healthcare Services Investing

Blue Ox Healthcare Partners has announced it led a $52 million series E investment in Epic Sciences.

Epic Sciences, based in San Diego, is a developer of diagnostics designed to advance the treatment and management of cancer, including a predictive test the company says determines how cancer cells will respond to a therapy.

Blue Ox, based in New York, is private equity investment firm focused on providing capital to growth stage healthcare companies. Founded in 2009, the firm focuses on businesses in the middle market, specifically targeting those companies with commercial products and solutions in healthcare services, healthcare IT, and medical and life sciences technologies.

Participants in the financing round also included new investors Deerfield Management and Varian and existing investors Altos Capital Partners, Genomic Health, Domain Associates, VI Ventures, Alexandria Venture Investments and Sabby Management, according to a news release.

Proceeds are expected to be used to accelerate Epic’s clinical studies and execution of its growth plan.

Investor Interest in Oncology Continues with General Atlantic’s Majority Stake in Startup

By Amber Walsh on September 13, 2018 Posted in Healthcare Services Investing

General Atlantic has invested $200 million in a startup focused on supporting the entire continuum of cancer care treatment, according to a press release and Wall Street Journal report.

The startup — OneOncology — is a combination of cancer-treatment practices Tennessee Oncology, West Cancer Center (also based in Tennessee) and New York Cancer & Blood Specialists. Healthcare technology and services company Flatiron Health, which focuses on oncology, will power OneOncology’s technology and data platform.

General Atlantic’s investment makes it the majority owner of the new company. General Atlantic, based in New York, is a private equity firm targeting investments in healthcare and other sectors.

Such significant private equity investments have remained stead in oncology, with other notable deals including Vestar Capital Partners’ 2008 acquisition of 21st Century Oncology, Welsh Carson’s 2004 acquisition of U.S. Oncology and, more recently, Pharos Capital’s 2018 acquisition of Horizon Oncology and subsequent launch of Verdi Oncology.

Healthcare & Life Sciences Private Equity Deal Tracker: Roundtable Healthcare Partners and Portfolio Company Acquire Bovie Medical’s Electrosurgical Business

By Geoff Cockrell on September 4, 2018 Posted in Healthcare Services Investing

RoundTable Healthcare Partners has announced its portfolio company, Symmetry Surgical, completed the acquisition of Bovie Medical’s electrosurgical business.

The business of Bovie, based in Clearwater, Fla., develops and manufactures generators, electrodes, cauteries and accessories used in doctors’ offices, surgery centers and hospitals.

RoundTable is an operating-oriented firm focused exclusively on the healthcare industry. The company, based in Lake Forest, Ill., targets middle-market investments in medical devices, medical products and disposables, specialty pharmaceuticals, medication delivery systems, specialty distribution and complementary outsourced services.

Symmetry, based in Antioch, Tenn., is a marketer of reusable, reposable and single-use surgical instrumentation and specialty devices.

The acquisition of Bovie complements Symmetry’s existing Olsen energy portfolio and expands its line of single-use surgical products, according to a news release.

Note: Learn more about RoundTable and other leading PE firms that invest in healthcare here.

Women in Private Equity to Know: Katie Noggle

By Amber Walsh on August 30, 2018 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 Katie Noggle of Align Capital 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: DW Healthcare Partners Invests in California Psychcare

By Amber Walsh on August 20, 2018 Posted in Healthcare Services Investing

DW Healthcare Partners has announced it invested in California Psychcare (CPC).

CPC, based in Van Nuys, Calif., is a provider of behavioral services for children and adults with an autism spectrum disorder and other developmental disabilities in the California. Following the investment, CPC will be rebranding to 360 Behavioral Health.

DW Healthcare Partners, with its U.S. office in Park City, Utah, is a PE firm focused exclusively on healthcare. Founded in 2002, DW prefers to make shareholder liquidity, management buyout and growth capital investments in mid-to-late-stage companies.

Terms of the transaction were not disclosed.

Learn more about DW Healthcare Partners and other leading PE firms that invest in healthcare here.

Healthcare & Life Sciences Private Equity Deal Tracker: Revelstoke Invests in DataLink Fund Solutions

By Geoff Cockrell on August 7, 2018 Posted in Healthcare Services Investing

Revelstoke Capital Partners has announced it completed a growth investment in DataLink Fund Solutions.

DataLink, based in Temple Terrace, Fla., is a provider of integrated population health management applications.

Revelstoke, based in Denver, focuses on healthcare and related business services sectors. The firm seeks to make investments of $10-$250 million per transaction in companies with EBITDA of at least $5 million and a three-year operating/profitable financial history.

McGuireWoods advised Revelstoke on the investment.

Women in Private Equity to Know: Gretchen Perkins

By Amber Walsh on August 1, 2018 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 Gretchen Perkins of Huron Capital. 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: CyberMDX Raises $10 Million

By Amber Walsh on July 20, 2018 Posted in Healthcare Services Investing

CyberMDX has announced it has raised $10 million in series A financing. The funding round was led by Pitango Venture Capital.

CyberMDX, based in New York, is a provider of medical cybersecurity.

Pitango Venture Capital, based in Israel and with U.S. offices in New York and Palo Alto, Calif., seeks investments in technology ventures.

The financing will be used to support CyberMDX’s growth and expansion, according to the company.

Healthcare & Life Sciences Private Equity Deal Tracker: Veritas Capital Acquires GE Healthcare Businesses for $1 Billion

By Geoff Cockrell on July 11, 2018 Posted in Healthcare Services Investing

Veritas Capital announced that one of its affiliates has completed the acquisition of GE Healthcare’s enterprise financial management, ambulatory care management and workforce management assets for $1.05 billion in cash.

The businesses will be jointly operated as a standalone company.

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.

GE Healthcare is the healthcare business of GE.

News of the acquisition follows the announcement of the agreement between Veritas and GE in April 2018.