• Health Care M&A Deals, June 4, 2021

    The Health Care M&A deals chart is a selection of transactions announced during the prior week(s). The M&A transactions presented here are from our HealthCareMandA.com Deal Database, which is updated daily to provide our subscribers with the most up-to-date information and trends in the healthcare industry. The largest deal of the week... Read More »
  • WELL Health Buys MyHealth Partners

    It’s been a busy year for WELL Health Technologies Corp. (TSX.V: WELL). In early February, the company announced the acquisition of CRH Medical Corporation (NYSE: CRHM), which provides physicians with innovative services and products for the treatment of gastrointestinal diseases, for $292.7 million. Following that, in March the company... Read More »
  • Convey Health Announces its Going Public

    Healthcare technology firm Convey Holding Parent, Inc. announced a plan to raise $200 million through its upcoming IPO. The offering will consist of 13.3 million shares at an expected price range between $14 and $16 per share. In 2020, the company generated $288 million in consolidated revenue, a 28% increase over the previous year. Convey... Read More »
  • National Health Investors Grabs Brookhaven Hospital

    The healthcare REIT National Health Investors, Inc. (NYSE: NHI) is adding a behavioral health hospital to its portfolio. NHI is buying Brookhaven Hospital, a 64-bed specialty behavioral health hospital in Tulsa, Oklahoma, that specializes in treating patients that have suffered a traumatic brain injury. The deal is valued at $42.3 million; $40.3... Read More »
  • One Medical Buys Iora Health

    The primary care clinic operator One Medical (NASDAQ: ONEM) has expanded its network size with the acquisition of Boston, Massachusetts-based Iora Health. Under the terms of the agreement, Iora Health shareholders will receive 56.1 million shares of One Medical stock valued at the company’s closing price of $35.59 on June 4, 2021, or... Read More »
CORA Physical Therapy Sold to H.I.G. Capital

CORA Physical Therapy Sold to H.I.G. Capital

One of the largest networks of physical therapy networks is being traded. Gryphon Investors is selling CORA Health Holdings Corp. and its subsidiaries, doing business as CORA Physical Therapy, to H.I.G. Capital for an undisclosed sum. CORA currently operates 228 outpatient physical therapy clinics across nine U.S. states, primarily in the Southeast. The Company’s 850+ physical therapists, physical therapy assistants and other clinicians offer best-in-class outpatient physical rehabilitation services for orthopedic problems, work-related injuries, sports injuries and various neuromuscular and neurological conditions. Founded in 1993, H.I.G. Capital is a global private equity investment firm... Read More »
The MENTOR Network Expands in Texas

The MENTOR Network Expands in Texas

Private equity-backed The MENTOR Network is widening its footprint in Texas. The company is adding Sage Care Therapy Services, which currently serves 900 young people across North Texas. Its pediatric therapy offerings include physical therapy, occupational therapy, speech therapy and feeding therapy customized to each patient’s unique needs. Sage Care Therapy employs a multidisciplinary team, including bilingual therapists and translators, allowing the company to better meet the needs of the diverse community in Dallas, where the company is headquartered. This deal expands MENTOR’s offerings to include home-based delivery of pediatric therapies for children up to 21 years old in North... Read More »
The State of the Rehabilitation M&A Market

The State of the Rehabilitation M&A Market

Throughout 2020, there wasn’t much to write about in the Rehabilitation sector. The industry was under regulatory pressure from CMS in the beginning of 2020, and then Covid-19 came around, making things even more difficult. Social distancing guidelines hindered in-person appointments, and we imagine that the effects of surgery cancellations at hospitals trickled down into this sector as well. U.S. Physical Therapy, Inc. (NYSE: USPH), one of the largest rehabilitation providers, saw a 13.8% drop in net patient revenue in 2020 compared with 2019, for instance. However, It was more difficult to discern the effects in the M&A market. The sector barely breaks double-digit deal volume on a... Read More »
Kindred Healthcare Adds Two Rehab Hospitals

Kindred Healthcare Adds Two Rehab Hospitals

The healthcare services giant Kindred Healthcare, LLC is back in the M&A market. Much of the company’s activity has focused on partnerships and new development projects, but now Kindred is adding two rehabilitation hospitals with two separate joint ventures.  The first deal was announced in partnership with Texas Health Resources, a faith-based, not-for-profit health system. The two companies have jointly taken control of Everest Rehabilitation Hospital of Keller, a 36-bed rehabilitation hospital located in the northern suburbs of Fort Worth, Texas that just opened in December 2020. The hospital will be renamed Texas Rehabilitation Hospital of... Read More »
ATI Physical Therapy Goes Public

ATI Physical Therapy Goes Public

The healthcare M&A market has been dominated by a surge of SPAC deals, or private companies going public through reverse mergers with a special purpose acquisition company. The deals have usually been in the eHealth and Biotechnology sectors, but now a giant in the Rehabilitation sector is getting in the action. ATI Physical Therapy, the largest single-branded outpatient physical therapy provider in the United States, is merging with Fortress Value Acquisition Corp. II in a $2.5 billion deal.  ATI owns and operates nearly 900 physical therapy clinics across 25 states. The company generated approximately $178.6 million in adjusted EBITDA for 2020.  ATI Physical Therapy was a portfolio... Read More »
NeuPath Health Makes Moves to Expand

NeuPath Health Makes Moves to Expand

The Canadian-based NeuPath Health Inc. (TSXV:NPTH) is entering the healthcare M&A market with its deal for HealthPointe Medical Centres Ltd. NeuPath is Canada’s largest provider of chronic pain management services that operates under two leading brands in Ontario: Centres for Pain Management and InMedic Creative Medicine. NeuPath has 12 locations across Ontario with more than 100 licensed healthcare providers that provide care to over 11,000 patients annually.  Under the terms of the agreement, NeuPath will acquire 100% of HealthPointe for CAD 3.2 million upfront cash (U.S. $4.05 million) and up to CAD 1.5 million in potential milestones based on the achievement of certain financial... Read More »