Aspen Dental and ClearChoice Strike a $1 Billion Merger
Aspen Dental Management, a New York-based leading dental support organization (DSO), has announced it is acquiring ClearChoice Management Services, significantly expanding its footprint. The deal is valued at approximately $1.1 billion, according to sources cited in PE Hub. The deal is essentially a trade between private equity firms: Aspen Dental is backed by Ares Private Equity Group and Leonard Green & Partners L.P., and ClearChoice is a portfolio company of Sun Capital Partners, Inc., which is exiting its investment. ClearChoice is a leader in providing high-quality administrative practice management services to the network of ClearChoice Dental Implant Centers. With a current... Read More »
Butterfly Network Undergoes Reverse Merger
Another week, another reverse merger. Private companies going public through a special purpose acquisition company (SPAC) seem to be a dime a dozen in 2020. Primary Care operator Cano Health, LLC announced it was going public last week in a deal valued at $4.4 billion, and Clover Health struck a $3.7 billion reverse merger with Social Capital Hedosophia Holdings Corp. III (NYSE: IPOC). This time, the SPAC is Longview Acquisition Corp. (NYSE: LGVW), which is sponsored by Glenview Capital Management, LLC. The company going public is Butterfly Network, Inc., which created the world’s first handheld, single-probe whole-body ultrasound system, Butterfly iQ, to make ultrasound technology more... Read More » Miami Beach Medical Sold to New PE Firm
Since 2017, Miami Beach Medical Group has been backed by Texas-based private equity firm Gauge Capital, LLC, and the partnership seems to have been successful. Based on search results in our Healthcare Deal Database, the physician group hasn’t acquired any new practices to expand its footprint, but under Gauge Capital’s ownership, the practice’s EBITDA grew from $15 million in 2016 to an estimated $40 million in 2020. And now, Gauge Capital is exiting its investment, and selling Miami Beach Medical to Sun Capital Partners, Inc., a Florida-based private equity firm. The deal is valued at approximately $500 million, according to sources cited at PE Hub. Miami Beach Medical is the... Read More »
AccentCare Merges With Seasons Hospice & Palliative Care
One of the largest home health providers and one of the largest hospice providers are merging, creating a national powerhouse in the post-acute care market. AccentCare Inc., a portfolio company of Advent International, is merging with Seasons Hospice & Palliative Care, the fifth-largest hospice provider in the United States that offers care in 19 states through its 31 Medicare-certified programs. In 2019, Seasons caregivers served more than 30,000 patients and has over 30 strategic partnerships with health systems, hospitals and payors. AccentCare, for its part, is a nationally recognized leader in post-acute care, with over 27,000 qualified professionals delivering... Read More » Health Care M&A Deals, November 20, 2020
The Health Care M&A deals chart is a selection of transactions announced during the prior week(s). The M&A transactions presented here are from our HealthCareMandA.com Deal Database, which is updated daily to provide our subscribers with the most up-to-date information and trends in the healthcare industry. The largest deal of the week is CBPO Holdings Limited’s acquisition of China Biologic Products Holdings, Inc. (NASDAQ: CBPO) for $4.76 billion. Based in Beijing, China Biologic Products Holdings is a leading, fully integrated plasma-based biopharmaceutical company. The company’s products are used as critical therapies during medical emergencies and for the prevention... Read More » Cano Health Goes Public in Reverse Merger
Cano Health, LLC has been an active buyer in the healthcare space for the past few years, reporting a couple of deals in 2020 alone. Now the primary care operator is going public in a new reverse merger with Jaws Acquisition Corp. (NYSE: JWS), a special purpose acquisition company. The deal is valued at $4.4 billion. Cano Health is expected to generate $1.45 billion in revenues in 2021. The company operates primary care centers and supports affiliated medical practices in Florida, Texas, Nevada and Puerto Rico that specialize in value-based care for seniors. As part of its care coordination strategy, Cano Health provides high-touch population health management programs such as wellness... Read More »
Healthpeak Properties Acquires MOB and Life Science Portfolio
One of healthcare’s largest REITs is back with two new portfolio acquisitions. Healthpeak Properties, Inc. (NYSE: PEAK), which was formerly known as HCP, Inc., has been an active buyer and seller in the Long-Term Care sector over the past several years, according to search results in our Healthcare Deal Database, but now the REIT is investing in the medical office building (MOB) and life sciences market. Both of these deals were disclosed in the company’s third-quarter earnings report. First, Healthpeak purchased Cambridge Discovery Park, a 607,000 square foot Class-A life science campus in the West Cambridge submarket of Boston, for $664 million. The property has stabilized cash and GAAP... Read More »
Addus HomeCare Buys Queen City Hospice
The hospice market has been booming in 2020, with a string of high-profile mergers and sales for hospice providers. Last week, Addus HomeCare Corporation (NASDAQ: ADUS) continued the trend with the acquisition of Queen City Hospice, LLC for $192 million in cash, representing $162.8 million of value plus $29.2 million in net present value of estimated tax benefits. Queen City Hospice currently serves an average daily census of approximately 900 patients across the state of Ohio, including patients in the Cincinnati, Columbus and Dayton markets. It was a portfolio company of Stonehenge Partners. The provider has generated EBITDA of $8 million and an annualized revenue of $56 million. The... Read More »
Centene Corporation Adds Digital Health Analytics Firm
Centene Corporation (NYSE: CNC), the managed care giant, has acquired Apixio Inc. to boost its healthcare analytics capabilities. Terms of the deal were not disclosed. San Mateo, California-based Apixio provides a technology suite that mines, compiles and analyzes large volumes of disparate, unstructured patient data (such as physician notes and medical charts), and creates and refines algorithms to extract high-quality insights to support payers’ and providers’ administrative activities. Apixio’s AI platform has been trained to handle the complexities and challenges of the healthcare industry and deliver proven results. Apixio will remain an operationally independent entity as part of... Read More »