Comvest Partners has announced it has closed its latest fund at $881 million.

The new fund, Comvest Investment Partners VI, is the firm’s sixth flagship private equity fund.

Comvest, based in West Palm Beach, Fla., is a middle-market private equity and credit investing firm. Its private equity strategy is to pursue control investments in multiple industries, including healthcare services. The firm seeks to make $50 million to $150 million-plus investment per transaction in companies with revenue between $50 million and $1 billion.

Unemployment trends have significant ramifications for labor market dynamics and the macroeconomy. Understanding the implications of the macroeconomy helps business leaders make more informed investment decisions.

In this episode of The Corner Series, McGuireWoods’ Geoff Cockrell welcomes guests Tim Fry, a healthcare partner at McGuirewoods, and Alex Chausovsky, director of analytics and consulting at Bundy Group, a boutique industry-focused investment bank.

Tune in to hear Geoff, Tim and Alex cover the macroeconomic aspects impacting private equity investing in healthcare. Their discussion touches on unemployment trends, including the low unemployment rate in healthcare; inflation and interest rates affecting borrowing costs and investment decisions; and labor market dynamics.

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GTCR announced it has closed its acquisition of Cloudbreak Health from UpHealth for a purchase price of $180 million.

Cloudbreak, based in Columbus, Ohio, is a video-focused language interpretation service provider that helps patients with limited English proficiency communicate with caregivers in healthcare settings.

GTCR, based in Chicago, pursues a wide range of investments in several industries, including healthcare. Founded in 1980, the firm prefers to make more substantial investments from a dollars perspective.

GTCR had announced it would acquire Cloudbreak in November 2023.

Arsenal Capital Partners will acquire Fortrea’s enabling services segment and patient access businesses, according to a news release.

Fortea (Nasdaq: FTRE), a global clinical research organization based in Research Triangle Park, N.C., is divesting its Endpoint Clinical and Fortrea Patient Access businesses in a transaction value at up to $345 million, according to news reports. Endpoint is an interactive response technology systems and solutions provider that supports the life sciences industry, while Fortrea Patient Access provides patient support and pharmacy hub services. 

Arsenal, based in New York, is a private equity firm specializing in investments in middle market healthcare and specialty industrials companies. Founded in 2000, the firm seeks control investments in companies with the capacity to use $50 million to $300 million of equity, including add-on acquisitions.

Linden Capital Partners has announced the acquisition of Alcresta Therapeutics.

Alcresta, founded in 2011 and based in Newton, Mass., develops and commercializes enzyme-based products designed to address challenges faced by people living with gastrointestinal disorders and rare diseases.

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.

Terms of the acquisition were not disclosed.

Frazier Healthcare Partners has announced it has acquired RevSpring from GTCR.

RevSpring, founded in 1981 and based in Nashville, is a provider of communication and payment solutions servicing healthcare and financial services companies.

Frazier, 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.

GTCR, based in Chicago, pursues a wide range of investments in several industries, including healthcare. Founded in 1980, the firm prefers to make more substantial investments from a dollars perspective.

Investors joining Frazier in the acquisition included NEA and 22C Capital.

Terms of the acquisition were not disclosed.

“We believe in partnering with people that have that passion, that really want to put the business and the patient over themselves. That’s really the secret sauce of microcap investing.” – Gordon Maner

On this episode of The Corner Series, McGuireWoods’ Geoff Cockrell welcomes healthcare investor Gordon Maner. Gordon is the CEO of AMB Wealth, a financial services firm that specializes in asset management and healthcare investment banking. He also is the founding partner of Frontline Healthcare Partners, a private investment firm focused exclusively on investing in lower middle market, distributed healthcare businesses.

Tune in to hear Geoff and Gordon’s discussion about investing in healthcare, including the microcap side of healthcare; growing areas, such as behavioral health; overlooked sectors that provide good investment opportunities; and creating a world-class board.

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WindRose Health Investors has announced its acquisition of CardioOne. 

CardioOne, founded in 2023 and based in Houston, is a management services partner and technology platform designed for independent cardiology practices.

WindRose, based in New York, pursues control equity investments in healthcare companies. Founded in 2000, the firm invests in a broad range of industry segments, including outsourced services to payors and health systems, technology-enabled services, healthcare providers and value-added distribution.

Terms of the acquisition were not disclosed.

Avista Capital Partners has announced the closing of its latest fund with $1.5 billion in commitments.

The fund, Avista Healthcare Partners VI, was oversubscribed, exceeding its $1.25 billion target. The new fund will focus on investing in high-growth middle market product and technology healthcare companies in North America and Europe.

Avista, based in New York, makes control buyout investments in middle market healthcare companies. Founded in 2005, the firm focuses on the following healthcare subsectors: pharmaceuticals, medical devices, outsourced pharmaceutical services, distribution and consumer-driven healthcare.

As the market recovers, multiple trends are taking shape in the healthcare provider services industry that will affect investors in 2024.

On this episode of The Corner Series, McGuireWoods’ Geoff Cockrell welcomes Bart Walker and Matt Searles. Bart is a fellow McGuireWoods partner and co-chair of the Healthcare & Life Sciences Industry Team. Matt is the managing partner at Merritt Healthcare Advisors, a healthcare services-focused investment bank.

Tune in to hear Bart and Matt share their perspectives on private equity investing in the healthcare services space and their forecast for 2024. They also discuss impediments to closing and active areas in healthcare investing.

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