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The Healthcare Investor

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

Up-and-Coming Women in PE to Know: Lauren Morera

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 Lauren Morera of Audax Private Equity. Access her profile.

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

OrbiMed Raises $3.5 Billion Across Three Funds

Posted in Life Sciences Investing

OrbiMed has announced it has raised $3.5 billion in commitments for its latest private investment funds.

The investments are broken down as follows:

  • $1.5 billion for OrbiMed Private Investments VIII, which invests primarily in North America and Europe with a focus on biotechnology, medical device and diagnostics companies
  • $800 million for OrbiMed Asia Partners IV, which invests primarily in China and India with a focus on biotechnology, pharmaceuticals, medical devices, diagnostics and healthcare services
  • $1.2 billion for OrbiMed Royalty & Credit Opportunities III, which invests globally with a focus on healthcare companies and institutions

OrbiMed, headquartered in New York, is a life sciences investment firm with about $18 billion in assets under management.

Healthcare & Life Sciences Private Equity Deal Tracker: NovaQuest Invests in Pro-ficiency

Posted in Healthcare Services Investing

NovaQuest Private Equity has announced it has completed a strategic growth equity investment in Pro-ficiency.

Pro-ficiency, based in Durham, N.C., is a provider of tech-enabled training and compliance solutions for clinical trials. The company provides a suite of services, including virtual training simulations, training and compliance monitoring tools, and real-time data and predictive analytics.

NovaQuest Private Equity is the private equity group of NovaQuest Capital Management. Based in Raleigh, N.C., and formed in 2000, NovaQuest Capital Management provides strategic capital to life science and healthcare companies.

Terms of the investment were not disclosed.

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Healthcare & Life Sciences Private Equity Deal Tracker: RoundTable Healthcare Acquires DDS Lab

Posted in Healthcare Services Investing

RoundTable Healthcare Partners has announced it acquired DDS Lab.

DDS Lab, based in Tampa, Fla., is a national dental laboratory that sells custom dental prosthetic appliances to dental service organizations, mid-size group practices and independent dentists. Established in 2005, the company states that it supports more than 11,000 dentists.

RoundTable Healthcare Partners, based in Lake Forest, Ill., is an operating-oriented private equity firm focused exclusively on the healthcare industry. Founded in 2001, the firm targets middle market investments in medical devices, medical products and disposables; specialty pharmaceuticals; medication delivery systems; specialty distribution; and complementary outsourced services.

Terms of the investment were not disclosed.

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Healthcare & Life Sciences Private Equity Deal Tracker: ICV Partners Invests in Total Access Urgent Care

Posted in Healthcare Services Investing

ICV Partners has announced it has made a majority investment in Total Access Urgent Care in partnership with the company’s management.

Total Access Urgent Care, based in St. Louis, Mo., is a provider of urgent care and emergency department services. Founded in 2008, the company operates 26 locations and serves patients in the Midwest region.

ICV Partners, based in New York, is a private equity firm focused on lower middle market companies in healthcare and a few other sectors. Founded in 1998, ICV targets companies with revenues between $25 million and $300 million, EBITDA between $10 million and $40 million, and EBITDA margins of 10% or greater.

Terms of the investment were not disclosed.

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Up-and-Coming Women in PE to Know: Pooja Goel

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 Pooja Goel of Virgo Investment Group. Access her profile.

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

Peloton Equity Closes Fund With $152 Million

Posted in Healthcare Services Investing

Peloton Equity has announced it has closed its second fund, Peloton Equity II, with about $152 million in limited partner and general partner commitments.

Peloton, based in Greenwich, Conn., is a healthcare-focused private equity firm focused exclusively on growth capital investments across a wide range of healthcare sectors. The firm targets companies with $20 million to $200 million in revenue at investment.

Peloton has thus far completed three investments out of the new fund: ClearSky Health, a provider of inpatient rehabilitation and related post-acute care services to patients in need of intensive care following an acute event; AeroSafe Global, a provider of cold chain packaging and logistics solutions to the pharmaceutical, biopharmaceutical, specialty pharmacy and medical device industries; and Friday Health Plans, a provider of consumer-oriented health plans to individuals and small groups in Colorado, Nevada, New Mexico and Texas.

The firm announced that commitments to Peloton Equity II came from a diverse set of investors, including healthcare organizations, financial institutions, fund of funds, family offices and individuals.

Healthcare & Life Sciences Private Equity Deal Tracker: Cornell Capital and Trilantic Acquire trustaff and CardioSolution

Posted in Healthcare Services Investing

Cornell Capital and Trilantic North America have acquired trustaff Management and CardioSolution, according to a news release.

As part of the transaction, the firms will also acquire Stella.ai in a plan to combine the companies to create a healthcare staffing platform with a technology-driven approach.

trustaff, based in Cincinnati, Ohio, is a provider of travel nurse and allied healthcare staffing services.

CardioSolution, based in Cincinnati, Ohio, provides interventional cardiology service lines to hospitals nationwide. The company offers solutions including assessment, return-on-investment forecasting, staffing, outreach/marketing and service line management.

Stella, based in New York, is an artificial intelligence-driven online marketplace for employers and job seekers.

Cornell Capital, based in New York, is private investment firm founded in 2013 that focuses on investments in the consumer, industrial/business services and financial services sectors.

Trilantic North America, based in New York, is a private investment firm founded in 2009 that has a primary investment focus in the business services, consumer and energy sectors.

Terms of the acquisitions were not disclosed.

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Up-and-Coming Women in PE to Know: Nicole Byers

Posted in Healthcare Services Investing

McGuireWoods is continuing its effort to profile up-and-coming women leaders in private equity. For this profile, we are pleased to feature Nicole Byers of Housatonic Partners. Access her profile.

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

Healthcare & Life Sciences Private Equity Deal Tracker: Health Enterprise Partners Invests in Aware Recovery Care

Posted in Healthcare Services Investing

Health Enterprise Partners (HEP) has announced it has completed an investment in Aware Recovery Care.

Aware Recovery Care, based in Wallingford, Conn., is a provider of in-home mental health and substance use disorder services in Connecticut, New Hampshire, Maine, Florida and Massachusetts. The company provides what it describes as the “full continuum of home-based care,” including withdrawal management, medication-assisted treatment and management, individual therapy, family therapy and coordinated medical and behavioral healthcare.

Health Enterprise Partners, based in New York, seeks control and minority equity investments in lower middle market healthcare information technology and services companies. Founded in 2006, the firm has wide flexibility on investment size and targets companies with between $10 million and $50 million in revenue.

Aware Recovery Care represents HEP’s ninth platform investment in its third fund.

Terms of the transaction were not disclosed.

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