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.

• EnableComp, a specialty revenue cycle solutions provider, recently acquired San Francisco-based ANI Healthcare Solutions, LLC. ANI Healthcare Solutions specializes in medical billing denials management and zero balance payment reviews for hospitals. EnableComp hopes to improve its E360 RCM intelligent automation platform through the addition of ANI Healthcare Solution’s denial management expertise. EnableComp is backed by Primus Capital, a PE firm with offices in Cleveland and Atlanta, and Welsh, Carson, Anderson & Stowe, a PE firm with offices in New York and San Francisco.
• AmeriPro Health, a patient logistics and last-mile health care delivery services provider backed by Alternative Investment Management, LLC and Whistler Capital Partners, announced the acquisition of Rapid Response EMS of Michigan, an emergency medical services provider. Through this acquisition, AmeriPro Health seeks to expand its customizable suite of patient-centric emergency medical transportation services across several cities in Michigan. Alternative Investment Management is a New York-based investment management firm with a footprint in the health care sector. Whistler Capital Partners is a Nashville-based PE firm with investments in the health care and technology-enabled services industries.
• Tidewater Clinical Research, a drugs and devices provider for women’s health in the Eastern Virginia region, was acquired by Eximia Research Network, a portfolio company of VSS Capital Partners. Eximia is a clinical research organization that serves pharmaceutical and biotechnology companies. The acquisition is intended to further Eximia’s goal of serving diverse populations and supporting clinical research across the U.S. VSS Capital Partners is a PE firm based in New York with investments in lower-middle-market businesses in the information, business services, health care IT, education, media and marketing industries in North America and Europe.
• WellSpring Consumer Healthcare, an over-the-counter and personal care brands developer recently closed its acquisition of Jackson, Wisconsin-based vH essentials, which markets OTC women’s intimacy care products. vH essentials is an Avista Healthcare Partners’ portfolio company. The transaction marks WellSpring’s second acquisition since Avista’s initial investment in August 2022. Avista is a New York-based PE firm with investments in the health care sector.
• R1 RCM, a revenue cycle and billing services provider to hospitals, is set to be acquired for $8.9B and taken private by TowerBrook Capital Partners and Clayton, Dubilier & Rice (“CD&R”). The proposed purchase price represents a 29% premium above a proposal originally made by R1’s largest shareholder, New Mountain Capital, in February 2024. TowerBrook and CD&R both intend for the transaction to better position R1 as a leader in intelligent automation through the use of generative artificial intelligence in revenue management. TowerBrook is an investment management firm with offices in London and New York and CD&R is a New York-based PE firm with a footprint in the business services, financial services and health care industries.
• Soliant Health was sold by Olympus Partners to The Vistria Group for $2.5B. Soliant is a health care and education staffing solutions provider. Following the transaction, The Vistria Group will support Soliant’s growth in the K-12 education space. Olympus Partners is a PE firm based in Stamford, Connecticut with a focus on the health care, business and financial services sectors. The Vistria Group is a private investment firm with offices in Chicago, Dallas and New York City with investments in the health care, financial services, knowledge and learning solutions and housing industries.