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Quipt Acquires Great Elm Healthcare for $80 Million
Quipt Home Medical Corp. announced on January 3 that it has acquired Great Elm Healthcare, LLC, a division of Great Elm Group, Inc., effective December 31, 2022. Great Elm had unaudited revenues for the 12 months ended August 31, 2022, of $60 million with an adjusted EBITDA of $13 million. The purchase price was $80 million, including $73 million in cash, $5 million in assumed debt and 431,996 Quipt common shares at a deemed price per share equal to $4.63, representing a purchase price of 6x adjusted EBITDA pre-cost savings and synergies. The combination of Quipt and Great Elm has a combined annualized revenue and annualized adjusted EBITDA of $220 million and $47 million, respectively,... Read More »
PE-Backed Cadence Announces Acquisition of Utitec
Cadence, Inc., a portfolio company of Kohlberg & Company since April 2018, announced on January 3 its acquisition of Utitec, Inc. in the first Medical Devices transaction of 2023. Brown Gibbons Lang & Company served as the exclusive financial advisor in the transaction. Terms of the deal were not disclosed. Utitec is a manufacturer specializing in miniature, deep drawn medical devices and commercial components. The company is headquartered in Watertown, Connecticut, with an additional medical facility located in Alajuela, Costa Rica. Cadence is a contract manufacturing partner, providing initial product design and development through complete manufacturing. Cadence employs more... Read More »
Blacksmith Medicines Merges With Forge Therapeutics
Blacksmith Medicines merged with Forge Therapeutics in a combination of two San Diego-based biotechnology companies. The Blacksmith platform has been validated through multiple pharmaceutical partnerships, including deals with Roche, Eli Lilly and Company and Basilea Pharmaceutica, which have the potential to earn more than $800 million in milestone payments plus royalties. The company has earned non-dilutive federal awards of up to $25.3 million to fully fund its infectious disease programs to the end of Phase 1. Blacksmith investors include Evotec A.G., MagnaSci Ventures, MP Healthcare Partners, Alexandria Venture Investments and Eli Lilly. Blacksmith Medicines works to discover... Read More »
Stonemont Financial Group Acquires MOB in Alpharetta, Georgia
Stonemont Financial Group announced on January 2 that it has acquired Preston Ridge Medical Office Building, an 85,000-square-foot medical office building (MOB) in Alpharetta, Georgia. The deal represents a strategic move by the firm to grow its healthcare platform nationwide. According to data captured from our LevinPro HC database, this marks the first MOB acquisition of 2023. Northside Hospital is the anchor tenant of the Class A building, where it provides cancer care services to the community. The property also houses three single specialty surgery centers and a mix of tenants offering a range of medical services including plastic surgery, dermatology, ENT and gastroenterology.... Read More »
Pacesetter Health Acquires Advanced Foot & Ankle of Wisconsin
In the first Physician Medical Groups transaction of the year, Pacesetter Health announced on January 3 its purchase of Advanced Foot & Ankle of Wisconsin for an undisclosed price. Backed by Compass Group Equity Partners, Pacesetter Health is a practice management group focused on partnering with best-in-class lower extremity care clinics throughout the United States. Throughout the course of 2022, Pacesetter completed three transactions, expanding its podiatry network across Arizona and Nebraska. Advanced Foot & Ankle of Wisconsin has two locations in Milwaukee, Wisconsin, as well as satellite locations in Brookfield and Burlington, Wisconsin. The podiatry practice is owned by... Read More »
MyCare Medical Acquires Jacinto Medical Group
MyCare Medical announced its acquisition of Baytown, Texas-based Jacinto Medical Group (JMG). JMG is a wholly owned network of four clinic locations with a state-of-the-art imaging center and 14 primary and specialty care providers. Founded and led by physicians, MyCare Medical (formerly SunMed & Hernando Pascal Primary Care) is a primary care group that has served the greater Tampa Bay area for more than 15 years. Specializing in older adult care, MyCare serves more than 100,000 patients, including approximately 30,000 Medicare Advantage patients and 10,000 traditional Medicare patients. This transaction expands MyCare Medical’s presence into Texas and adds seven... Read More »
Help at Home Acquires Open System Healthcare
In its first transaction of the year, Help at Home, a leading national provider of in-home care services, announced its acquisition of Open Systems Healthcare’s home care operations in Pennsylvania and Delaware. This acquisition advances Help at Home’s growth strategy in Pennsylvania, as well as provides an opportunity for Help at Home to expand into Delaware. The transaction excludes Open System Healthcare’s service locations in the District of Columbia. Terms of the deal were not disclosed. Founded in 2011, Open Systems provides in-home care services in 68 counties across Pennsylvania with strong local market presence in the Pittsburgh, Bethlehem, Williamsport, Lancaster,... Read More »
Cardiovascular Associates of America’s 2022 Activity
The cardiovascular specialty surged in 2022 with 14 announced deals, a significant increase from the year before when four transactions were reported. While the specialty grew a significant amount compared to its past performance, it still only accounts for a small percentage (2.3%) of Physician Medical Groups (PMG) M&A activity. Several months ago, we discussed why the cardiovascular market is on the rise, revolving around the fact that the American population is aging and facing age-related cardiovascular conditions such as coronary artery disease, atrial fibrillation and heart failure. According to the Centers for Disease Control and Prevention, heart disease is the leading... Read More »
Healthcare M&A Activity Hit Record High in 2022: A Look at the Deals and Market Trends
Despite headwinds, the healthcare M&A market thrived in 2022. Preliminary results reveal that deal activity hit a historic high of 2,409 deals, breaking the record set in 2021 by more than 150 transactions, according to data captured in our LevinPro HC database. And there’s likely a significant cache of deals to be discovered in upcoming annual and quarterly reports. The level of activity, despite rising interest rates and borrowing costs, inflation and labor costs, highlights the strength of the tailwinds, such as aging demographics, the shift to value-based care and an abundance of private equity capital. The 2023 healthcare M&A market is looking just as active. The announced... Read More »Schedule a demo
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