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Montecito Medical Acquires Three Medical Office Building Portfolios in June
Montecito Medical Real Estate has had an active June, purchasing three medical office building (MOB) portfolios in Georgia, Nevada and Virginia. Montecito Medical Real Estate specializes in healthcare-related real estate acquisitions and funding. Since 2006, it has completed transactions across the U.S. involving more than $5 billion in medical real estate. Montecito acquired a 27,606-square-foot MOB in Chesterfield, Virginia, on June 3, for $12.25 million from Stanley Shield Partnership. The building opened in 2018 and is 100% leased to four tenants: Vital Care Family Practice; LabCorp; James River Cardiology; and Absolute Dermatology & Skin Cancer Center. The providers at the... Read More »
PE-Backed U.S. Urology Partners Acquires Florida Urology Center
U.S. Urology Partners, a physician-led management services organization (MSO) backed by private equity firm NMS Capital, announced on June 13 it acquired Florida Urology Center. Terms of the transaction were not disclosed. U.S. Urology Partners provides general urology, surgical procedures, advanced cancer treatment and other ancillary services. With this acquisition, U.S. Urology Partners’ clinical network consists of more than 40 locations throughout the East Coast and Midwest. Florida Urology Center provides services in five locations including Ormond Beach, Port Orange, Orange City, New Smyrna Beach and Palm Coast. Most of its surgeries are performed in Florida Urology Center’s... Read More »
Medical Transportation Management Will Grow to $1 Billion Valuation With Veyo Acquisition
Alaina Macia, president and CEO of Medical Transportation Management, Inc. (MTM), announced the acquisition of Veyo, a nonemergency medical transportation services (MTS) company that developed an Uber-style model to get Medicaid and Medicare patients to their doctor’s appointments. Macia expects MTM’s total annual revenue to increase to approximately $1 billion USD. According to the LevinPro HC database, this marks the 244th Other Services transaction of 2022, as well as the fifth deal within the MTS subsector. This is an approximately 33% increase from 2021, when there were 183 Other Services transactions announced during the same period, with four MTS transactions announced.... Read More »
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 »Schedule a demo
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