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.

• Patient Square Capital has announced the acquisition of Patterson Companies, Inc. for approximately $4.1 billion. Patterson is a leading supplier of oral health services and equipment. The agreement contains a 40-day “go-shop” clause pursuant to which Patterson is free to explore alternative offers. Patient Square Capital is a health care-focused PE firm based in St. Louis, Missouri.
• Heritage Group has formed a growth partnership with Calabasas, California-based Nationwide Medical, which delivers home medical equipment services across 49 states. The investment partnership aims to capitalize on a rising market in at-home management of chronic health conditions. Heritage Group is a Nashville, Tennessee-based, middle-market PE firm with a mission of enhancing patient outcomes while reducing medical costs.
• Flexpoint Ford announced an investment in Apollo Care, a provider of patient access and commercial solutions in the health care industry. Following Flexpoint Ford’s investment, Apollo Care intends to improve medical affordability, access and adherence for patients across the country. Flexpoint Ford is a PE firm headquartered in Chicago, Illinois specializing in health care industry investments, with approximately $8.2 billion of assets under management.
• Morgan Stanley Capital Partners (MSCP) has entered into an agreement to acquire Prescott’s, a health care-focused clinical engineering services provider, from Atlantic Street Capital. Prescott’s is headquartered in Monument, Colorado and provides services including medical equipment repair and service, as well as sales and rentals of surgical suite equipment such as microscopes, infusion pumps, patient monitors and sterilizers. MSCP is a middle-market PE platform focused on North American markets and a part of Morgan Stanley Investment Management. Atlantic Street Capital is a PE firm based in Greenwich, Connecticut

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