UCHealth Invests in 12 Colorado Urgent Care Centers

by | Apr 20, 2015 4:00 pm | Other Services

Adeptus Health, the largest and oldest network of freestanding emergency room facilities in the country, is selling a majority stake in all 12 of its Colorado facilities, and two more under construction. The buyer, University of Colorado Health System, plans to rebrand them as UCHealth ER. Adeptus operates more than 60 ERs in affluent areas of Arizona, Colorado and Texas, which treat patients who have commercial insurance. Free-standing ERs don’t have to accept Medicare or Medicaid, and thus, 85% of Adeptus’ revenue comes from commercial pay plans.  Under the partnership, UCHealth will hold a majority stake in Adeptus’ freestanding emergency rooms in Colorado. The centers will... Read More »

Another Record Falls in Q1:15

by | Apr 4, 2015 3:19 pm | Behavioral Health Care, Biotechnology, Home Health & Hospice, Hospitals, Laboratories, MRI & Dialysis, Long-Term Care, Managed Care, Medical Devices, Other Services, Pharmaceuticals, Physician Medical Groups, Rehabilitation

Now that the month is officially over, we can report our preliminary Q1:15 results—and it was another record breaker, at least for transactions. The 346 deals logged so far are 109% higher than the first quarter of 2014. You would think that the $104.7 billion in combined spending would set another record, but no. In Q1:09, we tracked $127.2 billion spent on 202 deals. That’s when Pfizer (NYSE: PFE) bought Wyeth for $68 billion.  Here’s the preliminary breakdown of Q1:15 — and remember, the spending is only for deals that disclosed prices. Read More »

Welsh, Carson’s Busy, Billion $$ Week

by | Mar 30, 2015 2:40 pm | Other Services, Private Equity

In case you hadn’t heard, the Welsh, Carson, Anderson & Stowe private equity firm was featured in several deal announcements last week. The largest deal, at $1.06 billion, was for Concentra Inc., a subsidiary of Humana Inc. (NYSE: HUM), which operates urgent care, occupational medicine, physical therapy and other programs. For the transaction, Welsh, Carson formed a joint venture with Select Medical Corporation (NYSE: SEM), which operates specialty hospitals and outpatient rehab clinics. Then there was the sale of a majority stake in its portfolio company, United Surgical Partners Inc. Tenet Healthcare Corporation (NYSE: THC) paid $425 million for a 50.1% interest, and will acquire the... Read More »

NKKR Buys a Texas Air Ambulance Company

by | Mar 16, 2015 7:45 pm | Other Services

Air ambulance companies are not on most investors’ radar, yet at least one acquisition of this ancillary healthcare service pops up about once a year. This year’s deal came early, as KKR & Co. LP (NYSE: KKR) paid an undisclosed amount for Air Medical, an air ambulance company based in Lewisville, Texas. It was owned by affiliates of private equity firms Bain Capital and Brockway Moran & Partners. Last year’s air ambulance deal was announced in August, when privately held REACH Air Medical Services of Santa Rosa, California acquired Emergency Airlift Service in North Bend, Oregon. No prices were disclosed, of course. In fact, the last price we recorded for an air ambulance company... Read More »

PE Firms Make Grand Exits in the PBM Sector

by | Mar 2, 2015 6:37 pm | Other Services

After a fairly quiet 2014, M&A in the pharmacy benefit management (PBM) segment saw two big deals go down in February. First, Rite Aid Corp. (NYSE: RAD) paid $2 billion for EnvisionRx, a portfolio company of TPG. Last week, Catamaran Corp. (NASDAQ: CTRX) added to its own portfolio with an all-cash, $405 million deal for Healthcare Solutions, Inc., a portfolio company of Brazos Private Equity Partners LLC. Healthcare Solutions specializes in pharmacy benefits and other services in the workers’ compensation market, making for a strong addition to Catamaran’s previous acquisitions: Restat, LLC, which provides PBM services for self-funded employers, third-party administrators,... Read More »