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.

• WindRose Health Investors announced its acquisition of SubjectWell, a Texas-based patient access marketplace that connects clinical trial sponsors and other industry participants with patient populations. WindRose Health Investors is a PE firm focused on several health care verticals, including technology-enabled services, health care providers and value-added distribution.
• Iron Path Capital, a PE firm specializing in the health care sector, announced that Capital Pain Institute acquired the Pain Care Surgery Center of Louisville. This acquisition is intended to allow Capital Pain Institute to offer more advanced procedures, including spinal cord and peripheral nerve stimulation, interspinous stabilization and posterior SI joint fusion.
• Cardiovascular Associates of America, a portfolio company of Webster Equity Partners, finalized its acquisition of Atria Heart, a cardiology practice with 14 physicians and advanced practitioners based in Arizona. Cardiovascular Associates of America is one of the largest PE-backed cardiology groups in the United States and is estimated to serve more than 750,000 patients annually.
• Clayton, Dubilier & Rice recently announced a strategic partnership with Elevance Health to develop a joint primary care model. This new joint primary care model is intended to bring together aspects of Elevance’s Carelon Health division and the PE firm’s portfolio companies Apree Health and Millenium Physician Group. Clayton, Dubilier & Rice is one of the oldest and largest PE firms in the world.
• Knox Lane, a PE firm based in San Francisco, announced the acquisition of a majority stake in All Star Healthcare Solutions. All Star Healthcare Solutions is a Florida health care staffing firm focused exclusively on locum tenens staffing with a customer base of more than 150 hospital systems and over 400 standalone health care facilities.
• Blue Owl Capital is pursuing a deal to acquire a minority stake in Linden Capital Partners, a health care-focused PE firm based in Chicago. Linden Capital Partners has invested in companies spanning various health care industry segments, including businesses aimed at commercializing products for patients with rare gastrointestinal disorders and other uncommon diseases, personal protective equipment manufacturers and dental services platforms.