MDVIP Gets New PE-Sponsors
The primary care operator MDVIP is being traded in a new deal announced last week. Goldman Sachs Asset Management Private Equity, the primary investing area within Goldman Sachs, and Charlesbank Capital Partners, a middle-market private investment firm with more than $15 billion of capital raised since inception, are taking majority ownership in MDVIP from Leonard Green & Partners. MDVIP was bought by Leonard Green & Partners in 2017 from Summit Partners, and the latter has maintained minority ownership until now. No financial terms were disclosed in the new deal. MDVIP provides membership-based healthcare with a national network of over 1,100 primary care physicians serving... Read More »
TPG Invests in LifeStance Health
The need for behavioral health care has only been heightened by the COVID-19 pandemic we are now experiencing. And TPG Capital is moving deeper into the space with its majority investment in LifeStance Health, a leading provider of outpatient behavioral health services. Existing investors Summit Partners and Silversmith Capital Partners remain as minority investors. TPG’s investment is reported to be $1.2 billion, according to PE Hub. Founded in 2017, LifeStance offers a range of outpatient behavioral health services, delivered in-person and through telemedicine. The company focuses on creating and expanding low-cost outpatient access for patients seeking care for behavioral health... Read More »
U.S. Renal Care Gets Big New Backers
U.S. Renal Care has new owners, as of February 13. It marks the first renal-related transaction in 2019 and it won’t be the last. The national dialysis provider was backed by a consortium of private equity firms such as Leonard Green & Partners, Frazier Healthcare Partners, New Enterprise Associates and Cressey & Company. Stepping in to take over is Bain Capital Private Equity, Summit Partners and Revelstoke Partners, with participation by the company’s executive management team. Financial terms were not disclosed, naturally. U.S. Renal Care works with nephrologists to develop, acquire and operate outpatient treatment centers for people suffering from chronic kidney... Read More »
Aurora Diagnostics Gets an Australian Owner
Aurora Diagnostics, founded and funded by Summit Partners since 2006, has been acquired by Sonic Healthcare (ASX: SHL), a global medical diagnostics company based in Macquarie Park, New South Wales, Australia, for $540 million. Aurora is a specialized laboratory company focused on anatomical pathology. It employs 1,200 staff, including approximately 220 pathologists, at 32 laboratories in 19 states. The labs process approximately 2.5 million accessions per year, received from about 23,000 referring physicians and through more than 100 hospital contracts across the country. According to Sonic, Aurora generated pro forma revenue of approximately $310 million (A$431 million) and pro forma... Read More »Schedule a demo
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