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The Healthcare Investor

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

Healthcare & Life Sciences Private Equity Deal Tracker: Havencrest Capital Management Acquires ThermoTek

Posted in Healthcare Services Investing

Havencrest Capital Management has announced it has acquired ThermoTek.

ThermoTek, based in Flower Mound, Texas, provides a broad range of temperature management solutions to the medical and industrial end markets, specifically cold compression devices used in post-orthopedic surgery rehabilitation and cooling units used in industrial applications.

Havencrest, based in Dallas, is a lower middle market private equity investment firm focused exclusively on the healthcare industry. The firm prefers to partner with founder-owned healthcare companies with EBITDA between $2 million and $10 million and revenue of at least $10 million. Within healthcare, Havencrest targets sub-sectors of behavioral health, healthcare services, medical products, pharma services, post-acute care and technology-enabled services.

Terms of the acquisition were not disclosed.

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Women in PE to Know: Katie Kornel

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 Katie Kornel of Linden Capital Partners. Access her profile by clicking here.

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

Healthcare & Life Sciences Private Equity Deal Tracker: Accel-KKR Invests in Surgical Information Systems

Posted in Healthcare Services Investing

Accel-KKR has made a majority equity investment in Surgical Information Systems (SIS), according to a news release.

SIS, based in Alpharetta, Ga., provides business office management, clinical documentation and patient communications tools for ambulatory surgery centers and anesthesia information management systems and perioperative solutions to hospitals and outpatient surgery departments.

Accel-KKR, based in Menlo Park, Calif., is a technology-focused private equity firm. Founded in 2000, the firm focuses on middle market companies and provides a broad range of capital solutions, including buyout capital, minority-growth investments and credit alternatives.

Terms of the investment were not disclosed.

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Healthcare & Life Sciences Private Equity Deal Tracker: JLL Partners Acquires MedeAnalytics

Posted in Healthcare Services Investing

JLL Partners has announced it has acquired MedeAnalytics.

MedeAnalytics, based in Richardson, Texas, is a cloud-based enterprise analytics solutions provider for health systems and health plans. The company states it supports more than 2,000 healthcare organizations across the United States and internationally.

JLL Partners, based in New York, is a middle market private equity firm. Founded in 1988, the firm is a control investor that targets companies in healthcare and a few other sectors.

Terms of the acquisition were not disclosed.

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Sweetwater Private Equity Closes Fund at $350 Million

Posted in Healthcare Services Investing

Sweetwater Private Equity has announced it has closed its debut multi-client fund, Sweetwater Secondaries Fund II.

The fund closed on its hard cap of $350 million of total capital commitments. It will focus exclusively on buyer-led secondary opportunities.

Sweetwater Private Equity, based in Encinitas, Calif., describes itself as a boutique private equity manager that invests in companies alongside private equity and venture capital firms. The firm focuses on venture capital, growth equity and small buyout opportunities, with an emphasis in healthcare and a few other sectors.

Healthcare & Life Sciences Private Equity Deal Tracker: Enhanced Healthcare Partners Invests in NeuroPsychiatric Hospitals

Posted in Healthcare Services Investing

Enhanced Healthcare Partners has announced an investment in NeuroPsychiatric Hospitals.

NeuroPsychiatric Hospitals (NPH), based in South Bend, Ind., is a provider of integrated healthcare for patients with acute psychiatric disorders and complex medical and neurological disorders. Founded in 2006, NPH currently operates four facilities in the Midwest and has plans to open hospitals in Arizona and Texas.

Enhanced Healthcare Partners, with offices in New York and Salt Lake City, Utah, is a healthcare-focused private equity firm focused on making minority and majority investments in founder- and entrepreneur-led lower middle market companies. Founded in 2005, the firm seeks to invest $10 to $50 million or more in companies with between $50-$250 million in enterprise value.

Terms of the investment were not disclosed.

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Ascension Saint Thomas Partners With Results Physiotherapy to Grow Rehab Network

Posted in Healthcare Services Investing

Ascension Saint Thomas and Results Physiotherapy announced they have signed a letter of intent to integrate outpatient rehabilitation operations and clinicians across Middle Tennessee.

When the partnership is finalized, the combined partnership will operate 55 locations offering physical, speech and occupational therapies.

Ascension, based in St. Louis, Mo., is of the largest non-profit and Catholic health systems in the United States. In Tennessee, Ascension Saint Thomas operates nine hospital campuses and a network of affiliated joint ventures, medical practices, clinics and rehabilitation facilities that cover a 68-county area.

Results Physiotherapy, based in Nashville, Tenn., is one of the largest physical therapy companies in the United States, operating a network of over 165 clinics across nine states.

The transaction is tentatively scheduled to close winter 2020.

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Longitude Capital Closes New Healthcare Fund With $585 Million

Posted in Healthcare Services Investing

Longitude Capital has announced it has closed its fourth fund with $585 million in capital commitments.

The new fund — Longitude Venture Partners IV — will invest in biotechnology, medical technology and health solutions companies.

Longitude Capital, with offices in Menlo Park, Calif., Greenwich, Conn., and Boston, is a healthcare venture capital firm. Founded in 2006, the firm invests in privately held and publicly traded companies through a variety of investment approaches. These include traditional venture capital investing and special situations, such as spin-outs, equity-linked transactions and private investments in public equities.

Up-and-Coming Women in PE to Know: Kaitlynn Akins

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 Kaitlynn Akins of Valesco Industries. 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: Thomas H. Lee Partners and Frazier Healthcare Partners Acquire Adare Pharmaceuticals

Posted in Healthcare Services Investing

Thomas H. Lee Partners and Frazier Healthcare Partners have acquired Adare Pharmaceuticals from TPG Capital, according to a news release.

Adare Pharmaceuticals, which will be rebranded Adare Pharma Solutions, is a Lawrenceville, N.J.-based specialty contract development and manufacturing organization and global provider of pharmaceutical technologies, development and manufacturing. Adare has developed and manufactured more than 40 products sold in more than 100 countries.

Thomas H. Lee Partners, based in Boston, is private equity firm investing in middle-market growth companies. Founded in 1974, the firm invests in healthcare and a few other sectors and typically targets companies with enterprise values between $250 million and $2.5 billion.

Frazier Healthcare Partners, based in Seattle, is middle market private equity firm focused exclusively on healthcare. Founded in 1991, the firm’s growth buyout team seeks control equity investments in the provider services and hospitals/major facilities industries. Frazier prefers to make more substantial investments from a dollars perspective and pursues companies with revenues of at least $50 million.

TPG Capital, with its U.S. headquarters in Fort Worth, Texas, and San Francisco, is a global alternative asset firm founded in 1992 that invests in healthcare and a number of other industries.

Terms of the transaction were not disclosed.

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