Apothecare Pharmacy, LLC Acquired by Clearview and Starboard
Brockton, Massachusetts-based Apothecare Pharmacy, LLC has new owners. The institutional pharmacy was recently recapitalized by Clearview Capital Fund III, LP and Starboard Capital Partners, LLC. Financial terms were not disclosed. Apothecare targets the behavioral health sector in group homes and community-based settings in Massachusetts. The pharmacy’s primary patient base, which includes individuals with intellectual and development disabilities, has complex medication requirements. It serves more than 6,000 people in more than 700 group homes and other settings. Clearview and Starboard partnered with the Apothecare’s CEO and owner, Rudy Dajie, to recapitalize the business and... Read More »
Financial Buyers Roared into Health Care Deals in Q2:18
Financial buyers, which include real estate investment trusts (REITSs) and private equity firms, are not the dominant players in the health care M&A market, although REITs have been moving into the Hospital sector in recent years. Middle-market private equity firms have had a hard time getting into and then winning auctions for healthcare entities in recent years, as strategic buyers and even some global private equity firms have outspent or even pre-empted auctions. Financial Buyers Q2:17 Q3:17 Q4:17 Q1:18 Q2:18 Deals announced 77 82 79 84 110 Share of deal volume 20% 21% 20% 20% 24% Dollars committed* $31,021 $6,229 $2,276 $3,056 $25,821 Share of dollars spent 32% 14% 2% 3% 18% * =... Read More »
LifePoint Health Goes Private with Apollo Global Management
More for-profit hospitals are landing in the hands of private equity firms. On July 23, LifePoint Health, Inc. (NASDAQ: LPNT) announced its acquisition by private equity firm Apollo Global Management (NYSE: APO) for $5.6 billion. It will be merged with Apollo’s portfolio company, RCCH HealthCare Partners. The deal takes LifePoint Health private, although the combined company will operate under the LifePoint Health name and will be led by LifePoint’s current chairman and CEO, William F. Carpenter III. The combined company will have 84 non-urban hospitals in 30 states, pro forma 2017 revenues of more than $8 billion, as well as 7,000 affiliated physicians, approximately 60,000... Read More »
PE Firms Go in Big for Dental Deals
Buying dental practices has been a competitive sport for a few years now, especially among private equity firms. Eighteen deals for dental practices have been announced through July 20 this year (no prices, of course). In all of 2017, 30 deals for dental practices were announced, with the buyers either private equity firms getting in on the action, or making add-on acquisitions. Last year’s consolidations have become large platforms today. One example is Western Dental Group, a portfolio company of New Mountain Capital since 2012, which has been cobbling together a California base focused on pediatric and family dental practices. In 2017, Western Dental added 14 Smile Wide offices... Read More »
Behavioral Health Deals Set a Strong Pace in H1:18
The Behavioral Health Care sector has been on a hot streak for more than three years now. In 2018, the pace may be picking up even more. In the first half of the year, 34 transactions were announced, compared with 29 in the first half of 2017. Prices for these deals, which are primarily between private equity firms and/or not-for-profit entities, are scarce. Only one deal in this sector disclosed a price so far this year, an approximately $108 million transaction in South Africa, for privately held Akeso Clinics. Netcare Limited, the second largest private hospital company in South Africa, was the buyer. In both years, companies that treated substance abuse disorders were most popular with... Read More »Schedule a demo
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