Private Equity Deal Spotlight | Weekly Update

Health care continues to drive private equity 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 private equity team of attorneys and advisors leverage the strength and depth of their bench to navigate and efficiently execute private equity transactions. The summary below includes highlights of recent private equity deals and legislative updates.

1. Frazier Healthcare Partners (Seattle, WA) acquired RevSpring, a financial services company, from GTCR, a private equity firm. RevSpring works to help health care organizations increase engagement and accelerate revenue. The transaction will allow RevSpring to benefit from Frazier’s investment experience and further its growth.
2. Regal Healthcare Capital Partners has invested $20 million into California-based mental health provider Lightfully Behavioral Health, adding to a previous $30 million in 2021 for a total investment of $50 million. Lightfully plans to open 30 behavioral health clinics in California, Colorado and Washington in the next few years. Regal’s other behavioral health investments include $20 million in MIND 24-7.
3. Private Equity firm Waud Capital acquired Maryland-based Senior Helpers from Advocate Health. Senior Helpers provides home care and wellness services and special programs for neurological diseases, with locations in 44 states, Canada and Australia. This is Waud Capital’s seventh investment in the home and post-acute care space.
4. GTCR has acquired Ohio-based Cloudbreak Health from UpHealth, Inc. Cloudbreak is a video-focused language interpretation service provider that specializes in health care and helps patients with limited English skills and those who are deaf and hard of hearing. GTCR is a leading private equity firm that invests in companies in the Business & Consumer Services, Financial Services & Technology, Healthcare & Technology and Media & Telecommunications sectors.
5. A New York health care private equity firm, WindRose Health Investors, LLC, has acquired CardioOne, Inc., a physician enablement company that serves independent cardiologists. CardioOne provides a fully integrated platform, practice optimization programming, growth development and staff management. WindRose will support CardioOne’s ongoing growth with up to $100 million in additional funding.
6. Growth equity investment firm Edison Partners has named health care executive Patrick O’Keefe as Operating Partner. O’Keefe has held executive roles at Zelis, Anthem, UnitedHealth Group and Oxford Health Plans. He will advise the firm on investment opportunities in health care technology as well as leadership and go-to-market strategies.
7. Private equity firm Trive Capital has invested in Formula Wellness, a health and wellness provider with a focus on patient longevity. Both companies are based in Dallas, TX. Trive speaks of Formula Wellness’s comprehensive offerings as a factor that differentiates it from more traditional med spa models.