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.

• New Mountain Capital, LLC announced a merger among The Rawlings Group, Apixio’s Payment Integrity business and VARIS to form a $3 billion AI-enabled medical payments firm. The new company will provide subrogation, coordination of benefits, pharmacy payment integrity and complex claim solutions services to some of the largest health plans in the United States. New Mountain Capital is a New York City-based investment firm with over $55 billion in assets under management.
• WindRose Health Investors, LLC made a strategic investment in MyndYou, a company providing conversational AI solutions to health care industry participants. The transaction will serve WindRose’s goal of creating a next-generation population health management platform. WindRose is a New York-based private equity firm managing over $3 billion in assets concentrated in the health care industry.
• RF Investment Partners announced a platform investment in Covr and the subsequent acquisition of Data IQ. Covr provides workforce management solutions to post-acute providers while Data IQ, which was recently acquired by Covr, provides business intelligence solutions to skilled nursing facilities. RF partnered with Greenridge Growth Partners in connection with the transaction. RF is an investment firm providing growth capital investments, acquisition financing and management buyouts in lower-middle-market companies. Greenridge Growth Partners is an Austin-based private equity firm focused on the software industry.
• Revelstoke Capital Partners made a significant growth investment in MediQuant, LLC, a cloud-based data archiving and interoperability solutions provider for hospitals and health systems. MediQuant’s product, DataArk, is designed to facilitate institutional providers’ access to relevant clinical, financial and administrative data to improve patient care. Revelstoke Capital Partners is a private equity firm with $5.1 billion in assets under management in the health care services, health care technology and health and wellness sectors.
• Kain Capital LLC launched a subsidiary called Kain Analytics to provide advanced technology, data and workflow automation for companies in the health care industry. Kain Analytics will work with operating companies to provide value-based care systems automation and real-time analytics to drive improved clinical care, delivery protocols and patient outcomes. Kain Capital is a New York City-based private equity firm investing in health care services and information technology companies.