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 Lucy King, vice president of Orangewood Partners. Access her profile.

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

Incline Equity Partners has acquired VMG Health from Northlane Capital Partners (NCP), according to a news release

VMG, founded in 1995 and based in Dallas, is a valuation and transaction advisory firm focused on healthcare.

Incline, based in Pittsburgh, Pennsylvania, is a private equity firm that invests across the middle market in distribution, business services and manufacturing companies. Founded in 2011, Incline generally pursues buyouts, corporate divestitures and minority recapitalizations in U.S. and Canadian companies with enterprise values of $25 million to $750 million.

NCP, based in Bethesda, Maryland, is a private equity firm focused on lower middle market healthcare and business services. Founded in 2003, the firm seeks to make equity investments of $25 million to $150 million in North American companies with EBITDA of $5 million to $30 million.

Terms of the transaction were not disclosed.

An affiliate of Peak Rock Capital will acquire HuFriedyGroup, according to a news release.

The transaction is valued at $787.5 million, according to industry reports.

HuFriedyGroup is the dental segment of STERIS. Founded in 1908 and based in Chicago, HuFriedyGroup is a manufacturer of instruments, infection prevention products, instrument management systems and conscious sedation products for the dental industry. Its brands include Hu-Friedy, Crosstex, Omnia, and Accutron.

Peak Rock, based in Austin, Texas, is middle market private equity firm that makes equity and debt investments. The firm targets companies in healthcare and a few other industries operating in North America and Europe. Founded in 2012, Peak Rock seeks to invest $30 million to $500 million in companies with enterprise values of $50 million to $1.5 billion.

Serent Capital has made a growth investment in Traumasoft, according to a news release.

Traumasoft, founded in 2006 and based in Portage, Michigan, is a provider of cloud-based software for private emergency medical services (EMS) agencies and healthcare organizations.

Serent Capital, with offices in San Francisco and Austin, Texas, is a lower middle market private equity firm focused on investing in high-growth service and technology businesses. Founded in 2008, the firm typically commits $20 million to $200 million in equity in an investment in companies generating revenue from $5 million to $100 million.

Terms of the investment were not disclosed.

Behrman Capital has announced the acquisition of Vista Apex.

Vista Apex, founded in 1997 and based in Racine, Wisconsin, is a manufacturer of consumable dental products for preventative oral hygiene, endodontics and restorative dentistry.

Behrman, founded in 1991 and based in New York, seeks to make control investments in middle market North American companies. The firm focuses on investing in healthcare and a few other sectors.

Terms of the acquisition were not disclosed.

Vista Equity Partners will acquire Model N (NYSE: MODN) for approximately $1.25 billion, according to a news release.

Model N, founded in 1999 and based in San Mateo, Calif., is a provider of revenue optimization and compliance software for the life sciences and technology industries.

Vista Equity Partners, founded in 2000 and based in Austin, Texas, focuses its PE strategy on investing in enterprise software companies.

Under the terms of the agreement, Vista will acquire all the outstanding shares of Model N common stock for $30 per share. The acquisition is expected to close in mid-2024.

PPM deals are one of the hottest trends in the transaction environment with healthcare professionals.

On this episode of The Corner Series, McGuireWoods’ Geoff Cockrell is joined by fellow partner and chair of the firm’s Healthcare Department, Holly Buckley, along with Justin Chamblee, president of the Coker Group, a healthcare consulting firm that advises leading healthcare organizations on financial, transactional and operational solutions.

Tune in to hear Geoff, Holly and Justin discuss physician compensation in the PPM context, including provider compensation in structuring PPM transactions, provider compensation models, regulatory constraints, such as the Stark Law and the Anti-Kickback Statute, and retention and recruitment in the market.

SK Capital Partners has announced the closing of its latest fund with $2.95 billion in commitments.

The new fund, SK Capital Partners VI, was oversubscribed.

SK Capital Partners, based in New York, is a private equity firm focused on the life sciences and a few other sectors. The firm typically pursues control buyouts, recapitalizations and growth equity investments.

KKR has acquired SunFireMatrix, according to a news release.

SunFire, founded in 2016 and based in Carlisle, Mass., is a software and services company providing solutions for the Medicare insurance market.

The private equity platform of Kohlberg Kravis Roberts (KKR) & Co., which is based in New York, considers investments in all industries, including healthcare. Founded in 1976, the firm prefers to invest in a range of debt and public equity investing and may co-invest, seeking a controlling ownership of a company or a strategic minority position.

Funds managed by Stone Point Capital, SunFire’s previous majority owner, will continue to be a significant minority shareholder.

Terms of the acquisition were not disclosed.

Trinity Hunt Partners has announced a majority investment in Coker Group.

Coker, founded in 1987 and based in Alpharetta, Ga., is a healthcare advisory firm serving hospitals, private and health system-affiliated physician groups, private equity-backed platforms, and ancillary healthcare entities.

Trinity Hunt, based in Dallas, is a growth-oriented private equity firm that targets small-cap companies in healthcare and a few other industries. Founded in 1993, the firm typically invests between $15 million and $50 million in companies with between $4 million to $25 million of EBITDA.

Trinity Hunt indicated that Coker represents the foundational investment for the firm’s new healthcare advisory services platform. 

Terms of the investment were not disclosed.