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.

• Nautic Partners, a Rhode Island-based PE firm, completed the acquisition of Proud Moments ABA. Proud Moments delivers Applied Behavior Analysis therapy to children diagnosed with autism in home, school and clinic settings. Under previous ownership by Audax Private Equity, Proud Moments grew from operating seven locations to over 70 clinics. Nautic Partners hopes to build upon the foundation set by Audax. Nautic Partners is a Providence, Rhode Island-based middle-market PE firm, managing over $9.5 billion in assets.
• Pan-Am Dental, which is backed by Caymus Equity Partners, announced the acquisition of JB Dental Lab and Avaneer Dental Studio. JB Dental, headquartered in Tempe, Arizona, focuses on full arch implants, while Detroit, Michigan-based Avaneer specializes in crown and bridge, removable and implant cases. These two acquisitions expand Pan-Am’s services to new geographics markets, and Pan-Am’s full-service dental lab is now estimated to be one of the 10 largest in the United States. Caymus Equity Partners is a PE firm headquartered in New York City exclusively investing in lower-middle market companies.
• Cotiviti, a health care data analytics platform backed by Kohlberg Kravis Roberts (“KKR”) and Veritas Capital, has agreed to acquire Edifecs. Edifecs hosts an interoperability cloud service, providing an all-in-one platform for managing health care data. The entity, which will operate under Cotiviti’s brand name following the transaction, aims to streamline health plan operations in order to improve patient outcomes and health care sustainability. KKR is a global PE firm headquartered in New York City with $553 billion in assets under management. Veritas Capital is a PE firm based in New York City focusing on the technology industry and managing $45 billion in assets.

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