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.

• American Clinical Research Services, a portfolio company of Latticework Capital Management, announced the acquisition of Clinical Site Services and Patient Advertising Guru. The acquisition of these patient recruitment platforms is intended to reinforce the PE firm’s focus on inclusive patient-centric solutions for clinical development. Latticework Capital Management is a Texas-based growth-oriented PE firm focused exclusively on the health care industry with more than $550 million in assets under management.
• Olympus Cosmetic Group, a portfolio company of VSS Capital Partners providing cosmetic surgery, dermatological treatments and non-surgical cosmetic procedures, recently acquired Artisan Plastic Surgery and Artisan Beauté. The acquisition of the Atlanta-based Artisan brands allows the Olympus Cosmetic Group to expand its presence into a key regional market. VSS Capital Partners is a New York-based PE firm investing heavily in health care, business services and education industries managing $4 billion in committed capital across eight funds.
• Charlesbank Capital Partners announced the formation of Kleer-Membersy through the acquisition and merger of Kleer and Membersy, formerly the two largest providers of technology-driven dental membership plans. Charlesbank Capital Partners is a New York and Boston-based middle-market PE firm with $17 billion of capital raised since inception that focuses their investments primarily within North America.
• Aquiline Capital-backed Avel eCare, the leading provider of clinician-to-clinician telemedicine services in the United States, announced its acquisition of Horizon Virtual, a Minnesota-based virtual hospitalist services provider. The announcement marks Avel eCare’s third acquisition in the past year. Aquiline Capital, is a New York and London-based PE firm with more than $6.9 billion in assets under management.
• Shore Capital Partners announced a partnership with PRO-spectus, a market access consulting and patient services provider based in Huntington Beach, California. Founded in 2008, PRO-spectus assists biopharmaceutical companies and diagnostic firms overcome barriers standing between products and patients. Shore Capital Partners is a Chicago-based PE firm and investor in microcap companies in the health care, food and beverage, business services, industrial and real estate industries with over $6 billion in assets under management.
• Council Capital recently announced a strategic partnership with Dallas-based OccMD LLC, a physician-led medical and nurse case management company offering an array of workers’ compensation and injury benefit services. The investment by Council Capital will be used to scale OccMD’s services and expand its footprint and payor mix. Council Capital is a Nashville-based health care-focused lower middle-market private equity firm.
• Dallas-based Latticework Capital Management recently announced the closing of LCM Healthcare Fund II with $345 million in commitments. The new fund was oversubscribed with the original target being $275 million. The investment focus of LCM Healthcare Fund II will be control investments in founder-led lower middle market health care companies.