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Pharos Capital Builds Its Physical Therapy Platform
Last June, Pharos Capital Group, LLC acquired a controlling interest in MOTION PT Holdings, a physical therapy and occupational therapy services company in New York City. In the beginning, MOTION PT was a 98-lb. weakling, representing the combination of Brooklyn-based MetroSportsMed and Manhattan-based STAR Physical Therapy. Since then, the company has added quite a bit of muscle, in the form of Bradley & Monson Physical Therapy (acquired in October 2015), and Dynamic Care Physical Therapy in Lawrence, New York (announced on December 8). A week later, Pharos put out a press release acknowledging the additions of Greco Physical Therapy and Sports Performance, PLLC, with two locations... Read More »Hutcheson Medical Center Avoids (Permanent) Closure
Hutcheson Medical Center is back in business, at least on paper. The 114-bed acute care facility in Fort Oglethorpe, Georgia, filed for Chapter 11 bankruptcy protection in November 2014, and was closed on December 4, 2015. There was still some hope that a buyer would emerge before Monday, December 14, when its license was scheduled to expire. At least two bidders showed up on Friday, December 11: Chicago-based People’s Choice Hospital, a boutique company that specializes in managing struggling healthcare systems, placed a $4.0 million bid for the main hospital campus. That was eventually topped by Atlanta-based private investment company, ValorBridge Partners, with a $4.2 million... Read More »Recent Health Care Deals, week ending 12.11.15
AcquirerTargetPrice American Addiction CentersSolutions Recovery, Inc. $13 million United Health GroupHospital Samaritano$350 million Horizon Pharma plcCrealta Pharmaceuticals$510 million SheridanPremier Emergency Medical Specialists, PLLCN/A KKR & Co. LGC Group~$989... Read More »Salinas, CA: A Hot-Bed of Health Care M&A
Health care M&A is booming this year, even more than last, and it’s reaching into hamlets and valleys all across the nation. One such place: Salinas, California, from which three transactions have originated in the past two months. Of course it’s not Chicago or New York City, and that’s the point. The last time we recorded a deal for a health care company in Salinas was 2006. Here are the deals that have percolated up in the Salinas Valley: WorkWell Medical Group LLC, a network of five urgent care clinics, was acquired by Salt Creek Capital of Menlo Park, California Salinas Valley PrimeCare Medical Group, a 20-physician primary/specialty medical group, was acquired by... Read More »Behavioral Health M&A Picks Up in 2015
Behavioral health care is a big but fragmented business in the United States. In 2015, it got bigger, but less fragmented. M&A volume is up 25% in 2015, with 30 publicly announced transactions, higher than any year since 2000 (33 deals). Spending on this year’s deals is currently $1.1 billion (not a record). The latest deal is typical of the sector. NcgCare, the recently created parent company of Richmond, Virginia-based National Counseling Group, acquired Turning Point Family CARE, PLLC, which has two offices in Durham and Raleigh, North Carolina. No financial terms were disclosed, but the company’s CEO, Frank Viera, told the Richmond BizSense that his company is looking... Read More »Have the Daughters of Charity Made a Deal?
Don’t hold your breath, but the Daughters of Charity Health System (DCHS) in Los Altos, California may have found a buyer. Sure, the Board chose BlueMountain Capital Management LLC last July, in favor of its well-publicized $250 million offer to keep the struggling system afloat. And we do mean struggling. Through June 30, 2014, DCHS’s five acute-care hospitals made nearly $1.2 billion in total operating income, but a combined loss of $64.0 million in EBITDA. Don’t forget that for-profit hospital company Prime Healthcare Services walked away from its $849 million offer for Daughters back in March, accusing the state’s Attorney General, Kamala Harris, of imposing... Read More »Sheridan Moves into Phoenix Market
Sheridan just made its fifth announced acquisition of the year, buying Premier Emergency Medical Specialists, a 49-physician group in Phoenix, Arizona. Sheridan is the Physician Services division of AmSurg Corp. (NASDAQ: AMSG), the ambulatory surgery giant, which last year paid $2.35 billion for Sheridan, then a portfolio company of Hellman & Friedman. The purchase marks Sheridan’s entry into the emergency medicine market in Phoenix, and boosts AmSurg’s presence there. It also marks the 71st transaction for a doc practice in 2015, and the second announced in December. Read More »Recent Health Care Deals, week ending 12.04.15
AcquirerTargetPrice Acadia Healthcare CompanyMMO Behavioral Health Inc.N/A WellStar Health System5 Tenet hospitals in Atlanta$661 million Prime Healthcare ServicesMemorial Hospital of Salem CountyN/A Molina HealthcareMedicaid business of Better Health NetworkN/A Kaiser PermanenteGroup Health Cooperative$1.8... Read More »Senior Monitoring Companies Consolidate
Three-year-old Lively, a San Francisco startup, has been acquired by GreatCall, Inc. of San Diego. Lively has developed a remote monitoring system for seniors to help them age in place. Its safety watch works with a system of passive activity sensors to alert family members and share seniors’ daily routines. Lively will complement GreatCall’s suite of products for active aging, which including GreatCall Splash, Jitterbug5, Touch3 and health, safety and medical apps, including Urgent Care, GreatCall Link, MedCoach and 5Star. Financial terms were not disclosed. Read More »Schedule a demo
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