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The Healthcare Investor

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

Women in PE to Know: Gillian Francis and Angela Zenon

Posted in Healthcare Services Investing

Angela Zenon

Gillian Francis

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 Gillian Francis and Angela Zenon of 3antas Capital Partners. Access their profile by clicking here.

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

Heritage Group Raises More Than $300 Million for Third Healthcare Fund

Posted in Healthcare Services Investing

Heritage Group has announced the closing of its oversubscribed third fund with more than $300 million.

Heritage Group, based in Nashville, Tenn., makes control and minority equity investments exclusively in the healthcare industry. Founded in 1986, the firm has flexibility on investment size, including interest in pre-EBITDA businesses, as it pursues provider services companies generating revenue.

The firm indicated that the new fund would be focused on investing in solution-oriented, high-growth healthcare services and technology businesses.

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Healthcare & Life Sciences Private Equity Deal Tracker: Linden and Audax Invest in StatLab Medical Products

Posted in Healthcare Services Investing

Linden Capital Partners and Audax Private Equity have invested in StatLab Medical Products, according to a news release.

StatLab, based in McKinney, Texas, is a manufacturer and distributor of consumables, reagents and equipment used by anatomic pathology, molecular diagnostics and other laboratories. Founded in 1976, the company provides more than 5,000 diagnostic products and equipment.

Linden, 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.

Audax, with private equity offices in Boston, New York and San Francisco, focuses on investments in middle market companies and has a wide flexibility on investment size. Founded in 1999, the firm targets companies within healthcare and several other industries, specifically those generating between $10 million and $50 million in annual EBITDA.

Terms of the investment were not disclosed.

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Healthcare & Life Sciences Private Equity Deal Tracker: Varsity Healthcare Partners Invests in Peak Dental Services

Posted in Healthcare Services Investing

Varsity Healthcare Partners (VHP) has announced it has completed a growth investment in Peak Dental Services.

Peak Dental Services, based in Colorado Springs, Colo., is a dental services organization with 35 locations throughout Colorado supporting a network of over 65 dentists. It was founded in 2008 by dentist Dr. Douglas Peak and his son A.J. Peak, a former McKinsey and Co. consultant.

VHP, with offices in Los Angeles and Stamford, Conn., is a lower middle market private equity firm focused on healthcare services. Founded in 2014, VHP aims to commit equity investments ranging from $20 million to $60 million.

Terms of the investment were not disclosed.

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Healthcare & Life Sciences Private Equity Deal Tracker: Frazier Healthcare Partners Acquires Stake in CSafe Global From THL

Posted in Life Sciences Investing

Frazier Healthcare Partners has acquired a 50% stake in CSafe Global from Thomas H. Lee Partners (THL), according to a news release.

CSafe Global, based in Dayton, Ohio, is a provider of cold chain shipping solutions to global pharmaceutical and life sciences companies.

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.

THL, based in Boston, is a private equity firm investing in middle market growth companies in three sectors, including healthcare. Founded in 1974, the firm typically targets companies with enterprise values between $250 million and $2.5 billion.

Terms of the acquisition were not disclosed.

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Healthcare & Life Sciences Private Equity Deal Tracker: H.I.G. Capital Acquires Crothall Laundry Services

Posted in Healthcare Services Investing

H.I.G. Capital has announced it has completed its acquisition of Crothall Laundry Services.

Crothall Laundry Services is a provider of outsourced laundry and linen management services to the healthcare and hospitality markets. Founded in 1991, the company is formerly a Compass Group subsidiary.

H.I.G. Capital, based in Miami, pursues a wide range of investments in healthcare and many other industries. Founded in 1993, the firm has flexibility on investment size, including interest in pre-EBITDA businesses. Within healthcare, the firm targets companies in the provider services, hospital/major facilities and life sciences/pharmaceutical industries.

Terms of the transaction were not disclosed.

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Healthcare & Life Sciences Private Equity Deal Tracker: Martis Capital Sells Altruista Health to HealthEdge Software

Posted in Healthcare Services Investing

Martis Capital has announced it completed the sale of Altruista Health to HealthEdge Software, a portfolio company of the Blackstone Group.

Altruista, based in Reston, Va., is a provider of care management and population health management solutions designed to support value-based and person-centered care models.

HealthEdge, based in Powell, Ohio, is the developer of HealthRules Payor, a financial, administrative and clinical platform for health insurers.

Martis Capital, with offices in San Francisco and Washington, D.C., is a private equity firm focused exclusively on the healthcare industry. Founded in 2012, the firm targets growth-oriented healthcare companies in the middle market.

The Blackstone Group, based in New York, targets investments in established and growth-oriented businesses. Founded in 1985, Blackstone’s asset management businesses has nearly $584 billion in assets under management.

Terms of the transaction were not disclosed.

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Healthcare & Life Sciences Private Equity Deal Tracker: Thoma Bravo Invests in Zipari

Posted in Healthcare Services Investing

Thoma Bravo has completed a strategic growth investment in Zipari, according to a news release.

Zipari, based in Brooklyn, N.Y., is a healthcare technology company that develops products designed to help health insurance carriers engage with consumers.

Thoma Bravo, with offices in Chicago and San Francisco, is a private equity investment firm focused on investing in software and technology businesses, including healthcare information technology companies.

Terms of the transaction were not disclosed.

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Healthcare & Life Sciences Private Equity Deal Tracker: Linden Capital Partners Makes Majority Investment in Specialty Networks

Posted in Healthcare Services Investing

Linden Capital Partners has announced it has made a majority investment in Specialty Networks.

Specialty Networks, based in Rocky River, Ohio, is comprised of UroGPO, a urology-specific group purchasing organization and provider of educational programs for providers; PPS Analytics, a clinical and business intelligence company serving providers and industry partners; Specialty Networks Consulting and UroMSO. The company, founded in 2018, provides services and solutions to independent urology organizations.

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.

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BPEA Raises More Than $200 Million for New Fund

Posted in Healthcare Services Investing

BPEA has announced it has closed its BPEA V fund with $218 million, exceeding its $200 million target.

The new fund includes commitments from existing and new investors, including pension funds, foundations, endowments and single and multi-family offices.

BPEA will use its new fund to invest in small buyout and growth equity opportunities in the Untied States in healthcare and a few other industries.

The announcement concerning BPEA V comes less than a week after BPEA announced it had closed its BPEA Strategic Healthcare fund with $352 million.

BPEA, based in Boston, is a private equity firm focused on small and lower middle market buyout and growth investing as well as customized investment solutions. The firm focuses on profitable U.S. businesses with enterprise values generally below $100 million and EBITDA between $1 million and $10 million, as well as fund managers that target similar opportunities with fund sizes generally below $300 million.

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