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.

• Julie Blasingim has been appointed as the CEO of Univo IRB, a clinical research company backed by QHP Capital, a PE firm in Raleigh. Univo IRB is an institutional review board formed around patient centricity. It educates patients about the clinical research process to increase their involvement in studies.
• Health care investment banking firm Provident Healthcare Partners has advised community oncology network Cornerstone Specialty Network on closing a transaction with Provider Network Holdings (“PNH”). PNH is a portfolio company of middle market PE firm Waud Capital Partners. PNH also encompasses Altus Biologics, Remedy GPO and Health Coalition Inc.
• Imperial Capital-backed Birch Medical Spas, now rebranded as Elase Medical Spas, has partnered with Images Med Spa LLC. With a focus on reshaping the med spa space, Elase aims to offer top-tier cosmetic procedures and clinical results. The partnership with Images, a med spa platform in the Chicago area, marks Elase’s third platform investment.
• Gauge Capital has partnered with Nashville-based Lucent Health’s management team to provide growth capital and recapitalize the company. Lucent, a third-party administrator and cost-containment solution provider for self-insured employers, aims to reduce health care costs while improving member experience and health outcomes.
• New York-based PE firm Behrman Capital has acquired Vista Apex, a manufacturer of dental products. Vista Apex, headquartered in Racine, Wisconsin, has a history of innovation in the dental product space and holds over 50 patents.
• Elevance has partnered with PE firm Clayton, Dubilier and Rice to enhance its primary care offerings and compete with rivals such as UnitedHealth and CVS. Elevance aims to create a new primary care model that will serve nearly one million customers.
• Traumasoft, a cloud-based EMS software provider, has secured a growth investment from Serent Capital, a PE firm specializing in government technology and public safety markets. With nearly 200 customers, Traumasoft plans to use Serent’s support to expand its product offerings and grow its organization.