Private Equity Deal Spotlight | Weekly Update

Health care continues to drive private equity (“PE”) activity, creating opportunities for investors and traditional health care providers. Transactions in the health care space are especially complicated, layering health care regulatory and reimbursement considerations on top of a complex securities, antitrust, privacy and security framework.

Hall Render’s PE team of attorneys and advisors leverage the strength and depth of our bench to navigate and efficiently execute PE transactions. The summary below includes highlights of recent PE deals and legislative updates.

• Provana, an accounts receivable management software and services provider backed by Long Ridge Equity Partners, has completed investments in five revenue cycle companies including Account Matters, CIS, To the Point Billing Solutions, ACI Therapy Billing and Central Iowa Medical Billing, Inc. These additions to Provana’s network are expected to expand the company’s footprint in technology-enabled end-to-end revenue cycle management solutions. Long Ridge Equity Partners is a PE firm in New York with investments in the financial and business sectors.
• BrightSpring Health Services, a health care services platform, has signed a definitive agreement to acquire Haven Hospice in a $60M deal. Haven Hospice is a nonprofit hospice provider that also owns both North Central Florida Hospice, Inc. and Haven Medical Group, LLC, and holds certificates of need for hospice care in 18 Florida counties. BrightSpring is a Louisville, KY-based provider that went public in January of this year in a $1B IPO.
• Strive Medical, an NMS Capital portfolio company and provider of disposable medical supplies, announced the acquisition of ProMed DME, LLC. Headquartered in Stuart, FL, ProMed DME specializes in diabetic continuous glucose monitoring supplies. The acquisition is intended to expand Strive Medical’s offerings in the diabetic supplies sector. NMS is a PE firm that invests in lower-middle market companies within the business services and health care services sectors.
• Arcadia, a health care analytics company financed by Vista Credit Partners, closed its acquisition of CareJourney, a provider of health care data and AI-powered insights headquartered in Arlington, VA. The acquisition will expand Arcadia’s customer base to nearly 200 entities including providers, payors, government agencies and life sciences companies. Vista Credit Partners is the credit-investing division of Vista Equity Partners, a PE firm with investments in enterprise software, data and technology-enabled businesses.
• Vista Equity Partners has completed the acquisition of Model N, a company specializing in revenue optimization and compliance for pharmaceutical, medical technology and high technology companies, in a transaction valued at $1.25B. The acquisition serves Model N’s goal of optimizing highly complex and regulated commercialization processes and moves Model N from a publicly traded company to a privately held Vista portfolio company.
• Vizient, Inc., a health care data and improvement company, announced it will exercise its option to acquire the remaining interest in Kaufman, Hall & Associates, LLC from Madison Dearborn Partners, a Chicago-based PE firm. Kaufman Hall is a leading health care financial and strategic advisory firm headquartered in Chicago. The acquisition serves Vizient’s goal of helping health care organizations deliver high-quality patient care to their communities.
• Flourish Research, an NMS Capital portfolio company specializing in clinical trial research for therapeutic areas, announced a partnership with ENCORE Research Group. ENCORE is a clinical research organization with eight locations in Northern Florida. The transaction will mark Flourish Research’s eleventh addition since its formation in 2021. NMS Capital is a PE firm with offices in New York and Dallas and investments in the business services and health care services industries.
• Altaris announced the acquisition of Sharecare, a digital health company working with providers, employers and government organizations to optimize health and well-being. The acquisition serves Altaris’s goal of taking Sharecare private after the company went public to access more capital in 2021. Altaris is a PE firm located in New York focused exclusively on the health care market.