The Healthcare Investor

Linden Capital Partners has announced it has made a majority investment in Vital Care.

Vital Care, based in Meridian, Miss., is a pharmacy franchise business for home infusion services. Founded in 1986, the company has more than 60 franchised pharmacies across two dozen states.

Linden Capital Partners, based in Chicago, is a private equity firm focused exclusively on the healthcare industry. Founded in 2004, the firm pursues acquisition opportunities across the healthcare industry, including services, products and distribution companies, and prefers to make more substantial investments from a dollars perspective.

Terms of the investment were not disclosed.

Havencrest Capital Management has announced it has acquired ThermoTek.

ThermoTek, based in Flower Mound, Texas, provides a broad range of temperature management solutions to the medical and industrial end markets, specifically cold compression devices used in post-orthopedic surgery rehabilitation and cooling units used in industrial applications.

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 acquisition were not disclosed.

Accel-KKR has made a majority equity investment in Surgical Information Systems (SIS), according to a news release.

SIS, based in Alpharetta, Ga., provides business office management, clinical documentation and patient communications tools for ambulatory surgery centers and anesthesia information management systems and perioperative solutions to hospitals and outpatient surgery departments.

Accel-KKR, based in Menlo Park, Calif., is a technology-focused private equity firm. Founded in 2000, the firm focuses on middle market companies and provides a broad range of capital solutions, including buyout capital, minority-growth investments and credit alternatives.

Terms of the investment were not disclosed.

Sweetwater Private Equity has announced it has closed its debut multi-client fund, Sweetwater Secondaries Fund II.

The fund closed on its hard cap of $350 million of total capital commitments. It will focus exclusively on buyer-led secondary opportunities.

Sweetwater Private Equity, based in Encinitas, Calif., describes itself as a boutique private equity manager that invests in companies alongside private equity and venture capital firms. The firm focuses on venture capital, growth equity and small buyout opportunities, with an emphasis in healthcare and a few other sectors.

Ascension Saint Thomas and Results Physiotherapy announced they have signed a letter of intent to integrate outpatient rehabilitation operations and clinicians across Middle Tennessee.

When the partnership is finalized, the combined partnership will operate 55 locations offering physical, speech and occupational therapies.

Ascension, based in St. Louis, Mo., is of the largest non-profit and Catholic health systems in the United States. In Tennessee, Ascension Saint Thomas operates nine hospital campuses and a network of affiliated joint ventures, medical practices, clinics and rehabilitation facilities that cover a 68-county area.

Results Physiotherapy, based in Nashville, Tenn., is one of the largest physical therapy companies in the United States, operating a network of over 165 clinics across nine states.

The transaction is tentatively scheduled to close winter 2020.