Salinas, CA: A Hot-Bed of Health Care M&A
Health care M&A is booming this year, even more than last, and it’s reaching into hamlets and valleys all across the nation. One such place: Salinas, California, from which three transactions have originated in the past two months. Of course it’s not Chicago or New York City, and that’s the point. The last time we recorded a deal for a health care company in Salinas was 2006. Here are the deals that have percolated up in the Salinas Valley: WorkWell Medical Group LLC, a network of five urgent care clinics, was acquired by Salt Creek Capital of Menlo Park, California Salinas Valley PrimeCare Medical Group, a 20-physician primary/specialty medical group, was acquired by... Read More »Have the Daughters of Charity Made a Deal?
Don’t hold your breath, but the Daughters of Charity Health System (DCHS) in Los Altos, California may have found a buyer. Sure, the Board chose BlueMountain Capital Management LLC last July, in favor of its well-publicized $250 million offer to keep the struggling system afloat. And we do mean struggling. Through June 30, 2014, DCHS’s five acute-care hospitals made nearly $1.2 billion in total operating income, but a combined loss of $64.0 million in EBITDA. Don’t forget that for-profit hospital company Prime Healthcare Services walked away from its $849 million offer for Daughters back in March, accusing the state’s Attorney General, Kamala Harris, of imposing... Read More »Sheridan Moves into Phoenix Market
Sheridan just made its fifth announced acquisition of the year, buying Premier Emergency Medical Specialists, a 49-physician group in Phoenix, Arizona. Sheridan is the Physician Services division of AmSurg Corp. (NASDAQ: AMSG), the ambulatory surgery giant, which last year paid $2.35 billion for Sheridan, then a portfolio company of Hellman & Friedman. The purchase marks Sheridan’s entry into the emergency medicine market in Phoenix, and boosts AmSurg’s presence there. It also marks the 71st transaction for a doc practice in 2015, and the second announced in December. Read More »Apollo Global Buys 8-Hospital System
Warburg Pincus made a grand exit from RegionalCare Hospital Partners, its portfolio company since its founding in 2009. RegionalCare owns and operates eight non-urban hospitals, two in Alabama, and one each in Arizona, Connecticut, Iowa, Montana,Ohio and Texas. The buyer, Apollo Global Management LLC, paid an undisclosed amount for the 1,027-bed health system. The deal is expected to close by the end of 2015. Read More »MedAssets Acquired and Split Up
Pamplona Capital Management, a New York-based investment group, announced its acquisition of MedAssets, Inc. (NASDAQ: MDAS) for $2.7 billion. MedAssets provides technology-enabled products and services for hospitals, health systems, non-acute healthcare providers, payers and other service providers. The price of $2.7 billion represents $31.35 per share. Pamplona already has an agreement in place to divest MedAssets’ Spend and Clinical Resource Management segment to VHA-UHC Alliance for an undisclosed price. VHA and UHC merged earlier this year to form the largest member-owned health care company in the United States. That leaves Pamplona Capital with MedAssets’ Revenue Cycle... Read More »Schedule a demo
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