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.

• BioIVT, a biospecimen services provider backed by Linden Capital Partners, recently acquired ZenBio Inc., an advanced cell products and services company. ZenBio, based in Durham, North Carolina, provides services including molecular biology, human disease research and personal care products research. Linden Capital Partners is a dedicated health care PE firm based in Chicago, Illinois with approximately $8 billion in assets under management.
• Trudell Medical Limited entered into an agreement to acquire Vyaire Medical’s RDx unit, which manufactures respiratory diagnostic products. Trudell Medical will continue to operate RDx as a separate business unit with operations in Germany and California. The purchase aims to diversify Trudell Medical’s existing aerosol drug delivery and lung health device businesses. Vyaire Medical is backed by Apax Partners, a London, England-based PE firm with approximately $77 billion in assets under management.
• Arsenal Capital Partners reached a deal to acquire Knowtion Health, a revenue cycle management and insurance claim resolution services provider powered by AI-enabled technologies. Knowtion is backed by Sunstone Partners, which will maintain a significant stake in the company following closing. Arsenal Capital Partners is headquartered in New York and focuses on the industrial growth and health care sectors. Sunstone Partners is a San Mateo, California-based PE firm investing in AI and technology-enabled services and software companies.
• Evolent Health, a publicly traded company assisting providers and insurers transitioning to value-based care, is reportedly exploring a potential acquisition by various PE firms. Evolent Health has a current market value of roughly $3.8 billion, and PE firms including TPG, KKR & Co. and Clayton, Dubilier & Rice have expressed interest in taking the company private.
• The Vistria Group completed its acquisition of Soliant, a health care staffing services firm based in Atlanta, Georgia from Olympus Partners for approximately $2.5 billion. The Vistria Group is a PE firm focused on middle-market companies in the health care, knowledge and learning solutions, financial services and housing industries with offices in Chicago, Dallas and New York. Olympus Partners is based in Stamford, Connecticut and focuses on middle-market leveraged buyouts and growth capital financings.
• Cloudbreak Health, LLC, a provider of remote video interpretation services to the health care industry, announced the acquisition of Voyce, a technology-enabled language services provider. Cloudbreak intends to solidify its position as a leading supplier of language interpretation services through the transaction. Cloudbreak is backed by GTCR, a PE firm based in Chicago, Illinois that focuses on the health care, financial services and technology, business and consumer services, and telecommunications industries.