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.

• Fox Rehabilitation, backed by Blue Wolf Capital Partners, recently acquired the senior living division of Tx:Team Rehab. Fox is a leading provider of proactive, clinically excellent and evidence-based treatment interventions to the older adult population, serving 37 states across the country. Tx:Team Rehab provides physical and occupational therapy as well as speech-language pathology to older adults in the Southeast region. Fox will utilize the acquisition to solidify its geographic footprint. Blue Wolf Capital is a health care-focused PE firm headquartered in New York City.
• New Mountain Capital made a strategic investment in SmarterDx, a clinical AI platform that optimizes the discharge process for hospitals by recording patient care and reducing gaps in revenue integrity. SmarterDx plans to use New Mountain’s funding to develop complementary solutions. New Mountain Capital is a PE firm based in New York City with over $55 billion in assets under management.
• Ampersand Capital Partners invested in Lexington Medical, a provider of minimally invasive surgical stapling solutions. Lexington Medical designs and manufactures endoscopic stapling devices used in a variety of surgical procedures. Ampersand Capital Partners is a health care-focused PE firm headquartered in Boston, Massachusetts, with $3 billion in assets under management.
• Smartlinx, backed by Lone View Capital, acquired StafferLink offers cloud-based software products designed specifically for health care facilities to source, manage and pay their workforce. Smartlinx provides scheduling and compliance tools as well as payroll and workforce analytics for senior care health providers. The partnership will aim to address staffing shortages in senior care. The deal is financed by Lone View Capital, a Los Angeles, California-based PE firm with $1.1 billion in assets under management.
• Performant Capital completed a significant majority growth investment in EyeMD EMR Healthcare Systems, a provider of health care technology software designed specifically for ophthalmologists and other eye care providers. EyeMD plans to use Performant’s funding to deepen its focus on ophthalmology, enhancing innovation and customer value. Performant Capital is a technology-focused PE firm based in Chicago, Illinois.
• Reveleer, backed by Oak HC/FT, announced the acquisition of Novillus, a provider of care gap management and provider engagement solutions. Reveleer uses an AI-driven, value-based care technology platform to streamline workflows, optimize productivity and enhance care quality. The acquisition will enable Reveleer to improve health outcomes through faster care gap closure. Oak HC/FT is a PE firm headquartered in Connecticut that specializes in health care investments.

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