HealthDrive Acquires New England Geriatrics
Bain Capital Double Impact and HealthDrive are wasting no time to expand. Although the private equity firm just acquired Healthdrive back in January, the portfolio company announced in February that it’s acquired New England Geriatrics. Founded in 1989, HealthDrive provides on-site dentistry, optometry, podiatry and audiology services to residents in long-term care facilities. New England Geriatrics will complement those services with its psychiatric services, currently provided to more than 13,000 patients in over 129 geropsychiatric hospital units, long-term care facilities, rest homes and assisted living facilities throughout Massachusetts and Connecticut. With a new behavioral... Read More »
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 »
Emergency Care Partners Buys ED Management Group
Emergency Care Partners, backed byVarsity Healthcare Partners and Regal Healthcare Capital Partners, announced it will acquire Progressive Emergency Physicians. Both groups provide emergency medicine and outsourced emergency department management services to hospital facilities. The merged companies will service departmental operations at 19 hospitals across Louisiana, New York and Pennsylvania. The combined clinical workforce of 194 physicians will treat more than 670,000 ER patient visits annually. The deal did not have disclosed financial terms. Last year, there was a growing trend of acquisitions involving E.R. management groups, so it doesn’t surprise us to see this trend... Read More »
Watch Out: Eye Care Groups Are Selling Fast
With an already impressive 16 Physician Medical Group deals in January alone (and we still have a week left), six of those have been ophthalmology practice deals. To put that in context, there were a total of 11 in the fourth quarter of 2018. If the trend continues, that number will be easily eclipsed in the first quarter of 2019. Perhaps the most important acquisition to note is CEI Vision Partners’ (CVP) acquisition of Virginia Eye Consultants, announced on January 24. It will make CVP one of the largest ophthalmology management services organizations in the nation. CVP will add 11 ophthalmologists, six optometrists, and more than 185 staff from Virginia Eye. The deal marks CVP’s fourth... Read More »
Private Equity Spent Big in Health Care in Q4:18
Financial buyers, which include real estate investment trusts (REITs) and private equity firms, are not dominant players in the health care M&A market, although a few REIT deals have popped up in the Behavioral Health Care and Hospital sectors in recent years. But they have been very active. Valuations in several of the services sectors have kept many middle-market private equity firms on the side lines, as auctions may now include non-healthcare companies like Amazon, Best Buy and Walmart. More often, strategic buyers outspend or even pre-empt an auction. Financial buyers are bullish on the healthcare market. In the fourth quarter, they accounted for 24% of the deal volume, with 120... Read More »Schedule a demo
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