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The Healthcare Investor

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

GI Partners Closes Fifth Fund With $3.9 Billion

Posted in Healthcare Services Investing

GI Partners has announced the closing of its fifth fund, Fund VI.

The oversubscribed fund reached $3.9 billion in total commitments, surpassing the target of $3.25 billion.

The firm indicated it would use Fund VI capital for control-oriented investments in North American companies across four sectors: healthcare, IT infrastructure, services and software.

GI Partners, based in San Francisco and founded in 2001, has raised more than $28 billion in capital.

Women in PE to Know: Melissa Mounce

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 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 Melissa Mounce of GTCR. Access her profile.

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

Healthcare & Life Sciences Private Equity Deal Tracker: Onex Partners to Acquire Newport Healthcare

Posted in Healthcare Services Investing

Onex Corp. has announced that Onex Partners V will acquire Newport Healthcare.

Newport, based in Newport, R.I., is a provider of healing centers for teens and young adults struggling with primary mental health issues. Founded in 2008, the company’s offerings include residential treatment centers, partial hospitalization programs and intensive outpatient programs.

Onex Partners is the private equity platform of Onex, which is based in Toronto, Canada. Onex Partners focuses on investing in mid- to large-cap companies in the United States, Canada and Western Europe that require $200 million or more of initial equity capital.

Terms of the acquisition were not disclosed.

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Healthcare & Life Sciences Private Equity Deal Tracker: Northlane Capital Partners Invests in The Difference Card

Posted in Healthcare Services Investing

Northlane Capital Partners (NCP) has announced it has invested in EBS d/b/a The Difference Card.

The Difference Card, based in White Plains, N.Y., is a provider of healthcare cost containment solutions. Founded in 2001, the company generally targets small and mid-sized businesses and serves nearly 800 U.S. employers.

NCP, based in Bethesda, Md., is a middle market private equity firm focused on healthcare and business services. Founded in 2003, the firm seeks investments in North American companies with EBITDA of $5 million to $30 million.

Terms of the investment were not disclosed.

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Healthcare & Life Sciences Private Equity Deal Tracker: Warburg Pincus Invests in GHX

Posted in Healthcare Services Investing

Warburg Pincus will make a minority investment in Global Healthcare Exchange (GHX), according to a news release.

GHX, based in Louisville, Colo., is a healthcare business and data automation company. Founded in 2000, the company operates a trading network that connects those who buy, sell and use products needed to deliver patient care.

Warburg Pincus, based in New York, is a global private equity firm focused on growth investing. Founded in 1966, the firm takes a long-term perspective and invests in businesses at all stages of development within healthcare and several other sectors.

Terms of the investment were not disclosed.

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Healthcare & Life Sciences Private Equity Deal Tracker: Blackstone, Carlyle and Hellman & Friedman to Acquire Medline

Posted in Healthcare Services Investing

A partnership comprised of funds managed The Blackstone Group, The Carlyle Group and Hellman & Friedman will make a majority investment in Medline Industries, according to a news release.

Medline, based in Northfield, Ill., is a manufacturer and distributor of healthcare supplies. The company reported 2020 revenue of $17.5 billion.

The Blackstone Group, based in New York, targets investments in established and growth-oriented businesses. Founded in 1985, the firm has more than $200 billion private equity assets under management.

The Carlyle Group, with its U.S. headquarters in Washington, D.C., is a global investment firm that deploys private capital across three business segments: global private equity, global credit and investment solutions. Founded in 1987, the firm targets companies in healthcare and many other industries.

Hellman & Friedman, based in San Francisco, is a private equity firm focused on making large-scale equity investments. Founded in 1984, the firm targets investments in healthcare and several other industries.

Singapore’s sovereign wealth fund — GIC — is also part of the investing partnership.

Medline will continue to be led by the Mills family, who will remain the largest single shareholder.

Terms of the acquisition were not disclosed.

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Healthcare & Life Sciences Private Equity Deal Tracker: Grant Avenue Acquires QHR Health

Posted in Healthcare Services Investing

Grant Avenue Capital has announced it acquired a majority interest in QHR Health from Quorum Health Corp.

QHR Health, based in Brentwood, Tenn., provides solutions to independent hospitals and health systems. Founded in 1977, these solutions and services include management advisory services, revenue cycle management, supply chain optimization, outsourced IT services and strategic consulting.

Grant Avenue Capital, based in New York, is a healthcare-focused, middle market private equity firm. Founded in 2017, the firm generally targets companies with approximately $5 million to $25 million of EBITDA and pursues control buyouts, buy-and-builds, corporate carve-outs, joint-control partnership investments and special situations.

Quorum Health Corp. is an operator of general acute care hospitals and outpatient services. QHR Health will continue to provide Quorum Health with supply chain support and select consulting services.

Terms of the acquisition were not disclosed.

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Frazier Healthcare Partners Closes $1.4 Billion Growth Buyout Fund

Posted in Healthcare Services Investing

Frazier Healthcare Partners has announced it has closed its 10th private equity fund focused exclusively on the healthcare middle market.

The oversubscribed fund — Frazier Healthcare Growth Buyout Fund X — hit its hard cap of $1.4 billion in capital commitments.

With the addition of new fund, Frazier Healthcare Partners has now raised more than $6.2 billion total capital.

Frazier Healthcare Partners, based in Seattle, is a provider of private equity capital to healthcare companies. The firm, founded in 1991, prefers to make more substantial investments from a dollars perspective and pursues a wide range of investment types, including company creation and venture capital to buyouts of profitable lower-middle market companies.

Women in PE to Know: Christie McFall

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 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 Christie McFall of Great Range Capital. Access her profile.

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

Healthcare & Life Sciences Private Equity Deal Tracker: The Vistria Group Invests in Medalogix and Muse Healthcare

Posted in Healthcare Services Investing

The Vistria Group has announced the recapitalization and a growth investment in Medalogix and Muse Healthcare.

Medalogix, based in Nashville, Tenn., is a data science company focused exclusively on home health and hospice.

Muse Healthcare, based in Shoreview, Minn., is a data science company that provides analytics designed to support hospice patient transitions.

Medalogix and Muse Healthcare will consolidate under the Medalogix brand. In addition, three home health and hospice entities are coming on board as minority equity investors: LHC Group, Amedisys Home Health and Hospice and Encompass Health Corp. Combined, the minority investors provide home health or hospice care across 45 states.

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.

Terms of the investments were not disclosed.

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