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.

• Sheridan Capital Partners recently announced their investment in ICANotes, a cloud-based practice management and electronic medical record platform designed specifically for behavioral health providers. ICANotes supports psychiatrists, therapists, counselors, social workers and other clinicians across outpatient, inpatient and residential settings by streamlining workflows that save time, strengthen compliance and enhance patient care. Sheridan Capital Partners, headquartered in Chicago, IL, is a PE firm that focuses exclusively on the health care sector, investing in software and technology, outsourced services, products, manufacturing and providers.
• Elite365, backed by Regal Healthcare Capital Partners, recently announced its acquisition of Focus Staff™, backed by Havencrest Capital Management, a leading provider of travel nursing and allied health staffing solutions based in Dallas, Texas, and serving hospitals and health care facilities across all 50 states. Elite365 is a national health care staffing company with multiple staffing brands under one parent company that places physicians, nurses, advanced practice providers and therapists in the U.S. Regal Healthcare Capital Partners, headquartered in New York City, is a growth equity and buyout PE firm that invests in lower and middle-market companies within the health care service sector. Havencrest Capital Management, headquartered in Dallas, Texas, is a PE firm that focuses on buyouts, recapitalizations and minority growth equity for lower middle-market health care companies.
• DirectMed Imaging, backed by Frazier Healthcare Partners, recently announced its acquisition of Tri-Imaging Solutions with plans to combine the platforms into a single, integrated provider. Tri-Imaging Solutions is a comprehensive provider of imaging replacement parts, equipment, on-site services, technical support and training for medical imaging professionals. DirectMed Imaging specializes in aftermarket diagnostic imaging parts, systems and services. Frazier Healthcare Partners, headquartered in Seattle, WA, is a PE firm founded in 1991 that focuses exclusively on investments in the health care industry in the U.S., Canada and Europe.
• NuvemRx, backed by Parthenon Capital, recently announced the acquisition of par80, the 340B referral capture business, from R1 RCM. NuvemRx is a leading provider of tech-enabled pharmacy solutions for community health organizations serving more than 70 million patients. Parthenon Capital, headquartered in Boston, MA, is a PE firm that invests in middle-market companies in the financial services, business/technology sectors and health care services.

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