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 »
Physician Practice Deals Are Set for New Record
Private equity firms can’t get enough of physician medical gropus, especially the specialty practices. In the first eight months of 2018, 153 deals have been announced in this sector. With four months left to go, there’s plenty of time to top last year’s total of 168 transactions. Private equity firms made 21 direct acquisitions this year, about 14% of the 153 announced deals. Companies owned by private equity firms accounted for 51% of the total. You can bet that, if private equity-sponsored deals made up 65% of the year’s total, valuations are going through the roof. And you’d be right. Sources tell us that the fevered-pitch interest in specialty physician... Read More »
Connecticut Cannabis Company Sold to Tuatara Capital
Tuatara Capital didn’t travel far to find its latest investment. While several companies recently have targeted Florida medical cannabis growers (and their licenses), the New York City-based cannabis investor took a drive up I95 to bag Connecticut Pharmaceutical Solutions (CTS). CTS is a licensed medical cannabis cultivator in the state of Connecticut. It manufactures pharmaceutical-grade medical cannabis products, including dried flower, extracted concentrates, vaporizers, tinctures, oral tablets and sprays, and topical treatments. Tuatara Capital is a specialized alternative investment manager founded in 2014 to support the legal cannabis industry. It currently manages more than... Read More »
Irving Place Capital Exits Universal Hospital Services
Irving Place Capital Management scored big in August — $1.74 billion big. The private equity firm sold Universal Hospital Services, a medical equipment management company, to Federal Street Acquisition Corp. (NASDAQ: FSAC), a special purpose acquisition company sponsored by an affiliate of Thomas H. Lee Partners. Universal Hospital’s diverse customer base includes over 4,000 acute care hospitals, 4,000 alternate site providers, and over 150 major medical equipment manufacturers. Under the terms of the agreement, Federal Street and Universal Hospital will combine under a new holding company to be named Agiliti, Inc., which intends to apply to have its common stock and warrants... Read More »
Disruption Hits the Digital Health Sector
Retailers have been the big disruptors in the healthcare market in recent months, but not in digital health. CVS Health (NYSE: CVS) and Aetna’s (NYSE: AET) merger, announced in December 2017, is still on track. Amazon’s (NASDAQ: AMZN) deal for PillPack has many wondering what’s next in the online pharmaceutical space. Now there’s Best Buy (NYSE: BBY), the consumer electronics retailer, entering the healthcare arena. The company announced on August 15 it was throwing down $800 million in cash to acquire GreatCall, Inc., an aging-in-place player, from GTCR. The private equity firm bought GreatCall about a year ago, in June 2017, for an undisclosed price.... Read More »Schedule a demo
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