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.

• Cencora, Inc., a global pharmaceutical solutions organization, entered into a definitive agreement to acquire Retina Consultants of America from Webster Equity Partners for $4.6 billion. Retina Consultants of America is a leading management services organization that supports over 300 retina specialists across 23 states. Webster Equity Partners is a PE firm based in Waltham, Massachusetts that provides equity financing for management buyouts and growth capital.
• Comvest Private Equity announced a majority investment in Riccobene Associates Family Dentistry. Riccobene Associates is a leading dental services organization based in Cary, North Carolina that supports a network of over 60 multi-specialty dentistry clinics throughout North Carolina, Virginia and South Carolina. The transaction marks Comvest Private Equity’s 14th health care services platform investment. Comvest Private Equity is a middle-market PE investment group headquartered in West Palm Beach, Florida.
• Patient Square Capital, a PE firm based in Menlo Park, California, signed a definitive agreement for a strategic investment in CorroHealth. CorroHealth is a leading provider of revenue cycle management solutions to health systems and health plans throughout the U.S. and abroad. Patient Square Capital is a health care investment firm with approximately $10.5 billion in assets under management.
• GHO Capital Partners and Ampersand Capital Partners entered into a definitive merger agreement to acquire Avid Bioservices, Inc. for approximately $1.1 billion. Avid Bioservices is a biologics contract development and manufacturing organization that aims to improve patient lives by providing development and manufacturing services to biotechnology and pharmaceutical companies. GHO Capital Partners is a health care investment firm located in London, England. Ampersand Capital Partners is a life sciences and health care-focused PE firm headquartered in Boston, Massachusetts.

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