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Bain Capital Makes First Investment in Healthcare AI
Bain Capital announced, on June 6, that it acquired a majority stake in LeanTaaS. LeanTaaS develops software that combines predictive analytics and machine learning to help optimize how health systems use resources like infusion chairs, operating rooms and inpatient beds. Founded in 2010 and headquartered in Santa Clara, California, LeanTaaS works with more than 500 hospitals and 130 health systems across the U.S. Bain’s investment will allow LeanTaaS to expand its technology capabilities. The purchase of LeanTaaS is Bain’s first venture into healthcare AI. Insight Partners and the growth equity business within Goldman Sachs Asset Management will each retain minority stakes in... Read More »
Excela Health and Butler Health System Sign Letter of Intent to Merge
A new deal is set to create another mega-health system in Pennsylvania. Officials at Excela Health and Butler Health System announced on June 1 that the organizations have signed a letter of intent to merge. Although the details still need to be ironed out and regulators still need to give the thumbs-up, the new health system would generate more than $1 billion in annual revenue, employ approximately 7,300 people, and have more than 1,000 physicians and practitioners that serve a population of 750,000. This combination will support five hospitals including Butler Memorial Hospital, Clarion Hospital, Frick Hospital, Latrobe Hospital and Westmoreland Hospital. Excela Health, a 578-bed,... Read More »
Remedy Medical Properties Makes Fourth Acquisition of the Year
Remedy Medical Properties, Inc., purchased another medical office building (MOB) facility. On June 2, Remedy announced that it acquired a two-property MOB portfolio in South Portland, Maine, for $29.75 million from East Brown Cow Management, Inc., marking Remedy’s fourth deal of 2022. The deal closed on May 27. The two buildings have a combined 76,700 square feet. Primary tenants of the property include InterMed, a physician-owned medical group, and Chest Medicine Associates, a medical practice that specializes in pulmonary and sleep care. The price of the transaction was $387 per square foot. Remedy Medical Properties is a national healthcare real estate company for health systems... Read More »
BD Enters New Pharmacy Automation Solutions Market With Parata Systems Acquisition
On June 6, Becton, Dickinson and Company (BD), a leading global medical technology company, entered into a definitive agreement to acquire Parata Systems, an innovative provider of pharmacy automation solutions, for $1.53 billion from leading private equity firm Frazier Healthcare Partners. The transaction will be complementary to BD’s solutions in medication management with a new set of technologies across the care continuum, including acute care health systems, retail pharmacies, long-term care and home settings. Ropes & Gray LLP advised Becton, Dickinson and Company in the acquisition. Parata provides BD access to a new $600 million pharmacy automation market segment that is... Read More »
Planet DDS Announces Significant Investment from Aquiline Capital Partners
On June 1, Planet DDS, a leading provider of cloud-based software solutions for dental practices in North America, announced a definitive agreement to be recapitalized by New York-based private equity firm Aquiline Capital Partners LLC. In conjunction with Aquiline’s investment, Level Equity Management, LLC, a New York-based private investment firm, will invest additional capital. The investments from Aquiline and Level Equity will be used to accelerate the company’s growth plans. SVB Securities acted as exclusive financial advisor to Planet DDS and Level Equity Management. Goodwin Procter LLP acted as legal advisor to Planet DDS and Level Equity Management, and Ropes &... Read More »
Linden Capital Partners Portfolio Company Acquires Florida and Georgia Dental Practices
Sage Dental Management, LLC, a portfolio company of Linden Capital Partners, acquired two dental physician medical group (PMG) practices in Florida and Georgia for an undisclosed amount. The two practices, whose names were not disclosed, operate seven different facilities. Sage Dental Management is a leading dental service organization based in Boca Raton, Florida. It provides comprehensive non-clinical business and administrative support services to more than 250,000 patients and 70 practices in Florida and Georgia. The inclusion of these locations brings Sage Dental to 11 practices in Georgia and its 80th location across the country. Sage will also move its Downton Atlanta, Georgia... Read More »
DKSH Bolsters Its Medical Device Business with Acutest Systems Acquisition
DKSH Business Unit Healthcare has signed an agreement to acquire Acutest Systems, a Malaysian in-vitro diagnostic provider, expanding its presence in the fragmented medical device industry in Asia Pacific. The closing of the transaction is expected during the second quarter of 2022 and is subject to certain conditions. The transaction diversifies DKSH’s medical device business and provides the company access to additional general practitioners, pharmacy chains, medical centers, laboratories and hospitals. Malaysia is a dynamic medical device market which offers significant growth opportunities. Acutest also has a solid customer base and complementary supplier and product portfolios.... Read More »
Carlyle-Backed CorroHealth Closes Two Deals
In its first two deals since creation, CorroHealth, a portfolio company of private equity firm The Carlyle Group, acquired two separate revenue cycle management (RCM) companies, Aergo Solutions and ParaRev. The financial terms for neither of the transactions were disclosed. In October 2020, TrustHCS, Visionary RCM, T-System and RevCycle+ merged to become CorroHealth. It provides a greater breadth of reimbursement cycle, risk adjustment and quality solutions to health systems and payers. Backed by Northstar Capital and founded in 1993, Aergo Solutions solves revenue cycle challenges through a customized mix of services, technology and consulting. Aergo is a leader in denials... Read More »
JLL Acquires Flagstaff, AZ MOB for $17.2 Million
The medical office building (MOB) sector seems to never sleep, as JLL Income Property Trust, an institutionally managed daily NAV REIT with approximately $6.5 billion in portfolio assets, acquired yet another MOB. JLL announced on May 25 that it would acquire Flagstaff Medical Center, a newly constructed, state-of-the-art MOB in Flagstaff, Arizona, for $17.2 million. According to the LevinPro HC database, this transaction marks the 82nd MOB transaction of the year so far, as well as the 26th transaction of Q2:22. Additionally, this marks JLL’s 7th MOB acquisition of 2022. So far, the REIT has acquired approximately 315,869 square feet for nearly $146.4 million in announced spending.... Read More »Schedule a demo
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