Two Deals for Renal Care Providers
Consolidation is still possible in the kidney-care sector, even though Fresenius Medical Care (NYSE: FMS) and DaVita HealthCare Partners (NYSE: DVA) appear to have about 90% of the U.S. market. Last week, DaVita announced its $415 million acquisition of Renal Ventures Management, LLC, a network of 36 dialysis clinics in six states, with headquarters in Lakewood, Colorado. RVM’s two physician divisions, Multispecialty Physician Partners and Physician Venture Partners were part of the deal. The second acquisition came from a much smaller player, privately held U.S. Renal Care, Inc. of Plano, Texas. The target was DSI Renal, owned by Frazier Healthcare and New Enterprise Associates, which... Read More »Cardinal Health Buys NaviHealth
Rumors surfaced last week that Nashville-based NaviHealth, a portfolio company of Welsh, Carson, Anderson & Stowe, was about to be acquired by Cardinal Health (NYSE: CAH). Our friend in Nashville, Milt Capps, published the story on his Venture Nashville Connections blog on August 24. Sure enough, the story was verified on August 25 when Cardinal issued a FAQ statement about the $290 million deal. What does a medical products distributor like Cardinal see in a post-acute care coordinator like NaviHealth? Quite a lot, since its sweet spot is managing bundled payments in the post-acute continuum of care. The acquisition of even 71% of NaviHealth gives Cardinal Health scale and the... Read More »NorthStar Anesthesia Expands
The market for anesthesiology groups is hot this year, with 10 deals announced through mid-August. The latest was from NorthStar Anesthesia, a portfolio company of TPG Growth, which acquired Anesthesia Staffing Consultants of Bingham Falls, Michigan. Financial terms were not disclosed. The acquisition expands NorthStar’s presence in the Midwest and increases its team of anesthesiologists and CRNAs to more than 1,600 providers working in nearly 150 facilities in 19 states. Read More »The Gores Group Exits with $1.325 Billion
Last week’s Biggest Deal was Mallinckrodt plc’s (NYSE: MNK) $1.325 billion acquisition of Therakos, Inc., an immunotherapy company, from The Gores Group. Gores acquired Therakos back in October 2012 for an undisclosed price from Ortho-Clinical Diagnostics. The transaction is expected to be accretive by no less than $0.10 per share to Mallinckrodt’s adjusted diluted fiscal 2016 earnings and increasingly accretive thereafter. With roughly 60% of Therakos’ revenue in the U.S., it expects fiscal 2015 net sales of $185 to $195 million, and anticipates high single-digit growth off that base going forward. Read More »BioClinica Acquires a Patient Recruitment Firm
BioClinica, Inc., a global provider of clinical trial management services, extended its offerings with the acquisition of MediciGroup, Inc., a global patient recruitment and retention firm. The acquisition includes MediciGlobal, Ltd. and Access to Patients, LLC. Medici also provides a lost-to-follow-up patient locate service that finds missing patients globally. BioClinica was taken private for $123 million in January 2013 by a joint venture between JLL Partners, Inc. and Ampersand Partners. As part of that deal, the firms paid an undisclosed amount for medical imaging company CoreLab Partners, Inc. and merged it with BioClinica. Financial terms for the MediciGroup deal were not disclosed.... Read More »Schedule a demo
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