MEDNAX Divests Radiology Division to PE-Backed Firm

MEDNAX Divests Radiology Division to PE-Backed Firm

MEDNAX, Inc. (NYSE: MD) announced its second major sale of 2020 last week. After divesting its anesthesiology group, American Anesthesiology, Inc., to North American Partners in Anesthesia for $50 million in May, the physician-led health care organization has decided to sell MEDNAX Radiology Solutions as well. Radiology Partners Inc. (RP), a portfolio company of New Enterprise Associates, is buying the subsidiary for $885 million. MEDNAX Radiology Solutions consists of more than 300 onsite radiologists who primarily serve patients in Connecticut, Florida, Nevada, Tennessee and Texas, and more than 500 teleradiologists, who serve patients in all 50 states. Its physicians interpret... Read More »
Radiology Partners Expands in North Carolina

Radiology Partners Expands in North Carolina

Radiology practices are hot targets these days. Even as technologies like artificial intelligence and machine learning speed up the number of images read, a trained physician still has the superior knowledge to detect abnormalities. Radiology Partners Inc., a portfolio company of New Enterprise Associates, added Greensboro Radiology to its own portfolio of practices in May. The practice was established through the consolidation of four leading radiology groups in the Triad region of North Carolina over the last 20 years. The group, which now has 68 physicians, provides radiology services and serves 50+ hospitals and imaging centers, and holds key strategic relationships with Cone Health,... Read More »
U.S. Renal Care Gets Big New Backers

U.S. Renal Care Gets Big New Backers

U.S. Renal Care has new owners, as of February 13. It marks the first renal-related transaction in 2019 and it won’t be the last. The national dialysis provider was backed by a consortium of private equity firms such as Leonard Green & Partners, Frazier Healthcare Partners, New Enterprise Associates and Cressey & Company. Stepping in to take over is Bain Capital Private Equity, Summit Partners and Revelstoke Partners, with participation by the company’s executive management team. Financial terms were not disclosed, naturally. U.S. Renal Care works with nephrologists to develop, acquire and operate outpatient treatment centers for people suffering from chronic kidney... Read More »
Welltok Strikes Again, Buying WellPass

Welltok Strikes Again, Buying WellPass

Welltok, a portfolio company of New Enterprise Associates since 2013, has boosted its consumer health platform, CafeWell, with the acquisition of WellPass. WellPass was formed in 2017 through the merger of Sense Health and Voxiva. The latter worked with many large payers and organizations on mobile and digital health products. Sense Health focuses on Medicaid care managers. Wellpass has created interactive, popular text-based programs such as Text4Baby, Text2Quit and Care4Life, and works with a roster of Medicaid plans, state Medicaid agencies and departments of health, as well as providers and pharmaceutical companies. The acquisition will allow Wellpass’ current clients to more... Read More »
Radiology Partners Expands in North Carolina

Stryker Strengthens Its Spinal Division with K2M Deal

Stryker Corporation (NYSE: SYK) announced its third deal of the year on August 30, acquiring K2M Group Holdings (NASDAQ: KTWO), based in Leesburg, Virginia. Stryker will pay $27.50 per share in an all-cash transaction. The purchase price of approximately $1.4 billion represents a 27% premium over K2M’s average closing price in the 90 trading days ended August 29, 2018. K2M shares rose nearly 26% on news of the deal, opening at around $27.40 per share on August 30, 2018. Stryker’s shares were down nearly 1%, to approximately $170. K2M makes complex and minimally invasive spine “solutions,” which are implants, disposables, and instruments primarily to hospitals for... Read More »