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.

GTCR has announced a strategic investment in 7to7 Dental.

7to7 Dental, founded in 2008 and based in San Antonio, is a dental service organization with nine locations in the San Antonio area.

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’s investment was made with Avryo Health Services. GTCR partnered with Kelly McCrann to form Avryo Health Services in 2022.

Terms of the investment were not disclosed.

People have invested a lot in dermatology, dental and other areas and are now looking for the next sector. In this episode of The Corner Series, McGuireWoods’ Geoff Cockrell is joined by Mitch Stern, managing director and head of healthcare at Dresner Partners, to discuss plastic surgery and medical spa investing.

The discussion delves into the growing private equity interest in these sectors and compares various operating models. Stern addresses considerations for potential sellers in plastic surgery, emphasizing the need to avoid key man risk and highlighting the attractiveness of practices that have boosted the percentage of their business from med spa. The conversation covers both the opportunities and risks inherent in these sectors, with Stern expressing optimism for the market in 2024.

Thomas H. Lee Partners (THL) will take portfolio company Agiliti private, according to a news release.

THL is currently Agiliti’s majority shareholder. The firm will acquire all outstanding shares of Agiliti common stock for $10 per share in cash, implying an enterprise value of approximately $2.5 billion.

Agiliti, founded in 1939 and based in Minneapolis, is a national provider of medical technology management and service solutions to the healthcare industry.

THL, based in Boston, is a private equity firm investing in middle market growth companies in three sectors, including healthcare. Founded in 1974, the firm typically targets companies with enterprise values between $250 million and $2.5 billion.

Argosy Healthcare Partners (AHP) has announced the recapitalization of Command Medical Products.

Command, based in Ormond Beach, Fla., and founded in 1987, provides contract manufacturing services for medical devices sold by original equipment manufacturers and other device providers. 

AHP, based in Wayne, Pa., is a lower middle market private equity investor focused exclusively on healthcare. A division of Argosy Capital, AHP typically pursues majority control transactions in U.S.-based, founder-owned healthcare businesses with $1 million to $3 million of EBITDA.

Terms of the investment were not disclosed.

Avista Capital Partners has announced it has acquired Terrats Medical from Miura Partners.

Terrats, based in Barcelona, Spain, is a provider of dental prosthetics. The company sells into more than 50 countries.

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.

Miura Partners, based in Spain, is a private equity firm focused on investing in small and medium-sized family-owned and entrepreneurial companies.

Terms of the acquisition were not disclosed.