• REIT Deals are Still Closing Despite COVID-19

    Despite COVID-19 taking a hit on REIT stocks and earnings, especially in the senior care industry, some buyers managed to close deals in May, primarily for medical office buildings. This might come as a surprise since physician practices are getting hit especially hard by COVID-19, so these deals may have been in the works before the pandemic... Read More »
  • Health Care M&A Deals, May 22, 2020

    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 Deal Search Online database, which is updated daily to provide our subscribers with the most up-to-date information and trends in the healthcare industry. This week’s top deals include... Read More »
  • WELL Health Boosts Digital Health Portfolio

    WELL Health Technologies Corp. (TSX.V: WELL) has added another digital health firm to its growing portfolio. This week, the Canadian company announced it is acquiring Indivica, Inc. for $4.47 million (CA$6.2 million), consisting of CA$3.41 million in cash upon closing; CA$1.55 million in WELL common shares and a time-based earn-out of CA$1.24... Read More »
  • NaviHealth Changes Owners – Again

    The merry-go-round of owners may finally be slowing for naviHealth, a digital healthcare company that helps health systems and insurers manage post-acute care bundled payments. In its third change of command, naviHealth is now part of OptumHealth, which is part of the Optum division of UnitedHealth (NYSE: UNH). It now manages post-acute services... Read More »
  • Omada Health Adds Physera

    Omada Health, a digital health coaching company based in San Francisco, didn’t have to go far to find a perfect target. On May 19, the company announced its acquisition of Physera, Inc., a digital physical therapy provider also based in San Francisco. In conjunction with the acquisition, Omada raised an additional round of growth capital... Read More »
PE Firms Move the Needle in the Rehab Market

PE Firms Move the Needle in the Rehab Market

It’s been a quiet year in the Rehabilitation M&A market, at least through October. There have been 27 deals announced that targeted rehabilitation facilities only, a decline of 37% compared with the 43 deals announced in the full year of 2018. True, that’s 10 months in 2019 versus all 12 in 2018, but we’re not expecting a rash of deal announcements between now and December 31. Activity in this sector has been dropping since its peak in 2017, with 49 transactions. Onc factor may be the October 1 launch of the CMS’ new rule, the Patient Driven Payment Model (PDPM), which changes reimbursement and regulations on rehabilitation in skilled nursing facilities and... Read More »
Outpatient Rehab Platform Adds On

Outpatient Rehab Platform Adds On

Another rehabilitation platform made an add-on acquisition. Lima, Ohio-based CORA Health Services, a portfolio company of Gryphon Investors, announced its acquisition of Orthopedic and Sports Therapy Institute (OSTI) in Rockford, Illinois. CORA has more than 100 clinics in Florida, Georgia, Michigan, North and South Carolina, Tennessee and Virginia. OSTI offers a wide variety of services, including general physical therapy and specialty programs in balance and fall prevention, golf therapy, oncology rehabilitation, pain management and more. Its clinics are located in Rockford, Belvidere, Marengo, Ogle County, Poplar Grove and Sauk Valley. Gryphon acquired CORA in June 2016. It made its... Read More »
Ante Up: Private Equity Firms Bet Big on Physician Medical Groups

Ante Up: Private Equity Firms Bet Big on Physician Medical Groups

In the first half of 2019, there were 72 physician medical group deals announced, and approximately 63% of those involved private equity firms as the buyer, according to our Deal Search Online database. And some were major deals too. Early in June, we reported that West Street Capital Partners VII, the private equity arm of Goldman Sachs (NYSE: GS), acquired Capital Vision Services LP for $2.7 billion from Altas Partners LP and Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ). If Capital Vision Services LP doesn’t ring a bell, that’s because they operate under the trade name MyEyeDr.  The target company employs approximately 560 optometrists and... Read More »
Autism Therapy Provider Hopebridge Changes Hands Again

Autism Therapy Provider Hopebridge Changes Hands Again

Autism treatment companies are still hot targets in 2019. Eight transactions have been announced so far this year, compared with 20 in all of 2018. (That was an outsized year for every healthcare sector. There were nine deals for autism targets in 2017.) Private equity firms are trading platforms in this sub-sector. Just this year, Gryphon Investors bought Learn Behavioral from LLR Partners for an undisclosed amount. Now there’s the deal between Baird Capital and Arsenal Capital Partners for Hopebridge LLC. Hopebridge LLC was launched in 2005 in Indianapolis, Indiana to serve the growing need for autism treatment services. The clinic-based autism therapy business provides Applied... Read More »
Gryphon Investors Gets into Autism Treatment with Learn Behavioral

Gryphon Investors Gets into Autism Treatment with Learn Behavioral

Learn Behavioral, formerly Learn-It Systems, has a new owner. Gryphon Investors acquired a majority stake in the behavioral health company from LLR Partners in mid-March. Financial terms weren’t disclosed, of course, but the deal wasn’t cheap. This is Gryphon’s first investment in the Behavioral Health Care space. LLR put the company up for sale in late October 2018. Even with this deal announcement, LLR hasn’t exited the autism-treatment company completely. The firm and Learn senior management will maintain minority stakes alongside Gryphon. Based in Baltimore, Learn Behavioral’s primary focus is the delivery of applied behavior analysis (ABA) therapy to... Read More »