The Healthcare Investor

GI Partners and TA Associates have announced that they will acquire the stake held in Netsmart Technologies by healthcare IT company Allscripts Healthcare Solutions.

Netsmart, based in Overland, Kan., is a provider of software and technology solutions designed for the health and human services and post-acute sectors.

GI Partners, based in San Francisco, is a middle-market private equity firm active in several sectors, including healthcare.

TA Associates, based in Boston, invests in healthcare and several other sectors.

GI Partners acquired an initial stake in Netsmart in 2016. This new acquisition will make GI Partners the majority owner of Netsmart.

The transaction is expected to be completed this month. Financial terms were not disclosed.

Key members of our McGuireWoods Healthcare Private Equity team — Holly Buckley, Thomas Zahn, Timothy Fry and Amanda Roenius — recently published an in-depth look at the recent growth of private equity interest in the ophthalmology space with Law360. The sector has been heating up over the last several years, and our colleagues examined the reasons why, key issues and ongoing opportunities for investors.

Read this Law360 column by clicking here.

athenahealth, Veritas Capital and Evergreen Coast Capital have announced that an affiliate of Veritas and Evergreen will acquire athenahealth for approximately $5.7 billion in cash.

Following completion of the acquisition, Veritas and Evergreen are expected to combine athenahealth with Virence Health, the GE Healthcare value-based care assets that Veritas acquired earlier this year. The combined company is expected to operate under the athenahealth brand and be headquartered in Watertown, Mass.

The transaction is expected to close in the first quarter of 2019.

athenahealth, based in Watertown, is a provider of cloud-based services for medical practices and health systems.

Veritas, based in New York, is private equity firm with over $9.5 billion of assets under management. The firm invests in several sector, including healthcare.

Evergreen, based in Melo Park, Calif., is the private equity subsidiary of hedge fund Elliott Management Corp. Elliott, based in New York, had approximately $35 billion in assets under management as of July 1, 2018.

KKR has announced it has completed its acquisition of Envision Healthcare Corp.

The deal, which was previously announced in June, is valued at $9.9 billion.

Kohlberg Kravis Roberts (KKR) & Co., based in New York, considers investments in all industries, including healthcare. The firm is publicly traded under the ticker symbol KKR. It 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.

Envision, based in Nashville, Tenn., is a provider of physician-led services and post-acute care, and ambulatory surgery services. As of June 30, 2018, Envision says it delivered physician services s to more than 1,800 clinical departments in healthcare facilities in 45 states and the District of Columbia.

As a result of the acquisition, Envision became a wholly owned subsidiary of funds affiliated with KKR and Envision’s common stock ceased trading on the New York Stock Exchange.

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 profiling women leaders in private equity throughout 2018. 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. This month, we are pleased to feature Caroline Ducas of Resolute Capital Partners. Access her profile by clicking here.

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