Linden Capital Partners has announced it will sell Specialty Networks to Cardinal Health for $1.2 billion in cash.

Specialty Networks, founded in 2018 and based in Cleveland, is an integrated, multi-specialty organization with group purchasing organizations, life sciences and research solutions in urology, gastroenterology and rheumatology.

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.

Cardinal Health (NYSE: CAH) is a distributor of pharmaceuticals, a global manufacturer and distributor of medical and laboratory products, and a provider of performance and data solutions for healthcare facilities.

The acquisition is subject to customary closing conditions.

Windjammer Capital Investors has announced it has closed its latest fund at $1.3 billion in commitments.

The new fund, Windjammer Capital Fund VI, exceeded its $1 billion initial target.

Windjammer, based in Newport Beach, Calif., and Waltham, Mass., is a private equity firm focused on the middle market. Founded in 1990, the firm prefers to make control equity investments of $50 million to $200 million in niche manufacturing, business services and value-added distribution. In December 2023, the firm acquired Bio X Cell, a producer of monoclonal antibodies for use in both in vivo and in vitro pre-clinical research applications.

Peloton Equity has announced it led a growth investment in OnPoint Healthcare Partners. Joining Peloton in the investment was Fort Maitland Capital.

OnPoint, founded in 2020 and based in Dallas, is a healthcare technology company offering solutions intended to help address physician burnout and optimize financial and operational efficiency of provider organizations.

Peloton, founded in 2014 and 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.

Fort Maitland, founded in 2022 and based in Winter Park, Fla., is a private equity firm focused on investing in healthcare companies and Central Florida-based real estate.

Terms of the investment were not disclosed.

The consolidation wave of private equity-backed platforms has moved through different sectors at different times. One of the most recent sectors to see increased interest from private equity is cardiology.

This episode of The Corner Series introduces the “Executive Corner,” where McGuireWoods’ Geoff Cockrell is joined by Tim Attebery, CEO of Cardiovascular Associates of America. Tune in to hear Geoff and Tim explore the drivers of private equity interest in cardiology, antitrust scrutiny of private equity-backed provider services platforms, the opportunities present in value-based contracting in cardiology, and what’s likely to transform the sector.

HealthEdge Investment Partners recently announced an investment in Radsource.

Radsource, based in Brentwood, Tenn., is a provider of subspecialty orthopedic and neurological MRI interpretations. Founded in 2001, the company is also known for its medical imaging technology solution, ProtonPACS, which it launched through a partnership with Intelerad.

HealthEdge, based in Tampa, Fla., makes control and minority equity investments exclusively in healthcare industry. Founded in 2005, the firm has wide flexibility on investment size as it pursues companies with between $5 million and $75 million in revenue. Within healthcare, HealthEdge targets the provider services, pharmaceutical and non-reimbursement industries.

Terms of the investment were not disclosed.

The healthcare sector is witnessing a trend toward consolidation, but it’s not just big hospital mergers making headlines. Private equity is playing a pivotal role in driving smaller consolidations within healthcare provider services.

In this episode of The Corner Series, McGuireWoods’ Geoff Cockrell talks to McGuireWoods antitrust partner Holden Brooks about the role of private equity in the evolving landscape of antitrust enforcement. They cover antitrust regulators’ intensifying scrutiny of PE-backed healthcare transactions, challenges for investors in this changing landscape, and anticipated developments in antitrust enforcement in 2024, including new regulations and guidelines.

Vesey Street Capital Partners (VSCP) has announced the completion of a majority recapitalization of Inceptua Group.

Inceptua, founded in 1997 and with its U.S. office in Princeton, N.J., is provider of clinical trial supplies and related services.

VSCP, based in New York, is private equity firm that specializes in buyouts of lower middle market healthcare services businesses. Founded in 2014, the firm targets companies with between $5 million and $30 million in EBITDA.

Terms of the investment were not disclosed.

HCAP Partners has announced an investment in Apprio.

Apprio, founded in 1998 and based in Washington, D.C., provides healthcare technology solutions and services with a focus on automized solutions to hospitals and health systems.

HCAP Partners, based in San Diego, is a private equity firm that provides growth capital to lower middle market companies throughout California and the Western United States. Founded in 2000, the firm seeks to invest $2 million to $15 million in businesses generating between $10 million and $100 million in revenues in healthcare and a few other industries.

Terms of the investment were not disclosed.

Renovus Capital Partners has announced it has invested in Behavioral Framework.

Behavioral Framework, founded in 2017 and based in Rockville, Md., is a provider of applied behavior analysis therapy for children diagnosed with autism spectrum disorder. Behavioral Framework serves children and families across Maryland, Virginia and Washington DC.

Renovus, based in Philadelphia, is a lower middle market private equity firm that invests in a few sectors, including healthcare services. Founded in 2010, the firm invests across a range of healthcare companies, including those in life sciences commercialization, IT, revenue cycle management and behavioral health.

Terms of the investment were not disclosed.

RoundTable Healthcare Partners has announced it has invested in EHOB. 

EHOB, founded in 1985 and based in Indianapolis, specializes in the development of pressure injury prevention and patient positioning solutions.

RoundTable, 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.