Healthcare M&A Weekly 12.19.22

The healthcare industry is rapidly evolving, with the lines between the healthcare technology and services sectors blurring – creating the catalyst for innovation, transformation, and continued market activity. TripleTree’s Healthcare M&A Weekly summarizes recent activity and highlights the industry transactions shaping the future of healthcare.
 

• Advanced MedAesthetic Partners (AMP) announces the partnership with Pūr Skin Clinic to support and grow the platform. This business joins the accelerating number of practices partnering with AMP. Read more here. 

 

• All-Stat Portable, a Skokie, Illinois-based provider of portable diagnostics, has acquired GHG Imaging, a Dallas, Texas-based mobile diagnostic healthcare services provider. This acquisition extends All-Stat Portable capabilities as a mobile diagnostic imaging provider. Read more here. 

 

• Amgen [NASDAQ: AMGN], a Thousand Oaks, CA-based pharmaceutical company, announced that it has agreed to acquire Horizon Therapeutics plc [NASDAQ:HZNP], an Ireland-based biopharmaceutical company, for an enterprise value of $28.3B. Read more here.

 

• Apex Dental Partners, a dental support organization, announced Friday the addition of four partnered practices in the Houston, TX area. These new affiliations extend Apex's supported practice footprint within Texas, Oklahoma, and Colorado to a total of more than 90 partnered dentists across the organization. Read more here.

 

• Virtual reality mental and behavioral health companies BehaVR of the US and UK-based OxfordVR announced their merger, supported by an initial $13M in Series B funding led by Optum Ventures and Oxford Science Enterprises. Confluent Health, Accenture Ventures, Chrysalis Ventures and Thornton Capital participated in the funding round. The combination of the two digital therapeutic companies creates the largest VR delivery platform for evidence-based digital behavioral therapies and accelerates the combined company’s growth strategy. Read more here. 

 

• Care Advantage Inc. has acquired the Reston, Virginia-based Lighthouse Healthcare Inc., a private-pay personal care company. Richmond, Virginia-based Care Advantage has 38 locations throughout Virginia, Maryland, Delaware, Washington, D.C. and North Carolina. Read more here. 

 

• Carisk Partners, a Miami, FL-based specialty risk transfer and care coordination company, announced the acquisition of Advanced Claims Review Specialists, an Acworth, GA-based medical cost containment company. The acquisition enhances Carisk’s ability to manage the costs of billed charges related to the clinical management of workers’ compensation catastrophic cases. Carisk Partners, with one location, is backed by MBF Healthcare Partners II LP. Read more here. 

 

• Chapters Health System announces its affiliation with Hope Healthcare, which adds five Florida counties to the organization's footprint. Chapters Health is a not-for-profit, community-based healthcare organization headquartered in Temple Terrace. Hope Healthcare is a not-for-profit organization providing comprehensive, coordinated care in southwest Florida. With a staff of 3,330 and more than 2,430 volunteers, Chapters Health and its affiliates combine to make it the largest, not-for-profit hospice organization in the country. Read more here. 

 

• CIMSS has acquired RxCompli, which enables them to offer a new technology platform to physicians that ensures their patients take the right medication at the right time. This acquisition will help prolong lives and lower costs for the patient. Read more here. 

 

• CorroHealth and Versalus Health have merged, bringing healthcare analytics, technologies, insights, and capabilities to their clients. Versalus Health will now operate under the name "Corro Clinical" and will maintain its clinically led position. The combined solutions of CorroHealth and Versalus Health will be immediately available to their clients. Versalus Health clients now have access to CorroHealth's comprehensive suite of solutions including autonomous coding, staffing capabilities, and AR automation, and additional opportunities for enterprise improvement. Read more here. 

 

• Dental Care Alliance (DCA) announced the expansion of its Virginia Footprint with a three-location practice, Cross, Lavinder, Quinn & Park Family Dentistry. These offices are located in Roanoke, Daleville, and Vinton This affiliation continues the growth and momentum for the organization and brings DCA’s footprint in Virginia to 57 allied practices, and DCA’s total footprint to over 400 allied practices across the US. Read more here.

 

• Frontline Healthcare Partners-backed JoyBridge Kids (JoyBridge) has acquired Independence Behavior Solutions (Independence), an applied behavior analysis (ABA) therapy company based in Savannah, Georgia with two locations. JoyBridge now provides ABA therapy in Tennessee and Georgia through five clinics, with plans to continue its regional growth strategy. Read more here.

 

• Inspira Health announced it has added Salem Medical Center to its organization and acquired its hospital building, ambulatory surgery center and physician offices. The transaction enables Salem Medical Center – which will now be referred to as Salem Medical Center, an affiliate of Inspira Health – to join the network by way of a membership substitution, the most common method of combining nonprofits in the healthcare industry. Read more here.

 

• Irwin Naturals Inc. (CSE:IWIN) told investors it has completed the acquisition of the assets of Clare Clinic, Inc, d/b/a Florida Mind Health Center, which operates three healthcare clinics in Florida, offering ketamine-assisted therapy, NAD+ and other IV therapies. Irwin Naturals now has 8 ketamine clinics in Florida and 17 clinics in 10 states. Read more here.

 

• MB2 Dental announced it would expand its Ohio footprint with the addition of Dr. Jonathan Draney, owner of Lancaster Pediatric Dentistry in Lancaster, Ohio. Read more here. MB2 Dental also announced the addition of Arkansas partner Dr. Wes Borengasser, owner of Borengasser Family Dental in Fort Smith, Arkansas. MB2 Dental is a portfolio company of Charlesbank Capital Partners. Read more here.   

 

• MBF Healthcare Partners (MBF), a middle market healthcare focused private equity firm, has announced it has completed the acquisition of Austin Connect to Wellness, LLC d/b/a ABA Connect. ABA Connect, a Texas-based provider of applied behavior analysis therapy to children and adolescents with autism spectrum disorder, was founded in 2013. The company has expanded service offerings to six facilities across the Austin and Houston MSA’s. Read more here.

 

• MethodHub acquires the IT Business of Louisville, Kentucky-Based Nfuzion. To further bolster MethodHub’s offering in the Healthcare space and to increase its upper mid-west presence, MethodHub announced that it is acquiring the IT consulting business of NFuzion in a cash deal, terms of which were not disclosed. Nfuzion is a Louisville, Kentucky-based medical and infotech services provider which works with specialized care companies and software firms which service such customers. Apart from the IT business, Nfuzion has a medical care services business which is not part of this transaction. Read more here. 

 

• Nordic Consulting Partners, a Madison, Wisconsin-based global health and technology consulting company, has closed a deal to become a minority investor in Fortified Health Security, a Franklin, Tennessee-based best-in-class managed security services provider (MSSP) to the healthcare industry. Nordic is joined by majority investors Silversmith Capital Partners and Health Velocity Capital. Read more here.

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• Revelstoke's The Care Team acquires 1st Care Home Health and Care Hospice. The Care Team (TCT), a hospice and home health provider operating across Michigan, Pennsylvania, Texas, and Massachusetts, announced that it completed the acquisition of 1st Care Home Health and Care Hospice (collectively, "1st Care"), regional home health and hospice providers based in Carmel, Indiana. TCT is a portfolio company of Revelstoke Capital Partners. This transaction marks TCT's fourth acquisition since partnering with Revelstoke. Read more here. 

 

• The Stepping Stones Group, a premier, national provider of therapeutic, behavioral, autism, nursing, and educational services to children in school, home and community settings, is pleased to announce the acquisition of Building Blocks Behavior Consultants, Inc., a provider of center-based Applied Behavioral Analysis (ABA) therapy for children who carry a diagnosis on the Autism Spectrum. Read more here. 

 

• Sunvera Group, a management service organization supporting ophthalmology practices and ambulatory surgery centers across a spectrum of subspecialties, has formed a new partnership with Ophthalmic Physicians Incorporated (OPI) and its affiliates in Mentor, OH. The OPI family of practices consists of the clinical practice OPI, Lasik Vision Centers of Cleveland and Surgical Care Center in Painesville, OH. This partnership will further advance Sunvera Group’s growing presence in the Ohio market and expands its Midwest network of ophthalmology practices and surgery centers. Read more here. 

 

• A new partnership was announced between Synergy Plastic Surgery, a highly regarded plastic surgery practice based in Austin, Texas, and Pinnacle Dermatology. Synergy Plastic Surgery consists of a team of twelve providers, led by six highly regarded, board-certified plastic surgeons who specialize in cosmetic plastic surgery at their four offices in the Round Rock and Austin areas. Read more here.

 

• TrueLearn, a Charlotte, North Carolina-based provider of online test prep for medical students and residents, backed by PE firm LLR Partners, has acquired APEX Anesthesia Review, a Richmond, Virginia-based provider of high-stakes exam preparation and learning support for Student Registered Nurse Anesthetists (SRNAs) and of continuing education for Certified Registered Nurse Anesthetists (CRNAs). Read more here. 

   

• U.S. Foot & Ankle Specialists, LLC (USFAS), a portfolio company of NMS Capital, announced that it has acquired Missouri Foot and Ankle, which operates three clinics in Missouri, and Rock River Foot and Ankle Clinic PC (Rock River), which operates two clinics in Wisconsin. With this partnership, Missouri Foot and Ankle and Rock River will benefit from USFAS’ extensive administrative and support services, which include information technology, a dedicated clinical compliance team, electronic medical records, payer credentialing and contracting, revenue cycle management, human resources, finance and accounting, and business development. Read more here.

 

• VillageMD announced it acquired Conroe-Willis Family Medicine, which provides full-service, quality care and preventative care including for seniors. More than 14,000 patients will be able to take advantage of Village Medical’s high-tech, high-touch services including its state-of-the-art technology and the Village Medical app. The patients will continue to build trusting relationships with the 12 experienced physicians and advanced practice providers (APPs) of Conroe-Willis Family Medicine. Read more here. 

 

• Bloomington, IN-based Wellspring Pain Solutions (Wellspring) completed a transaction with Capitol Pain Institute (CPI), a portfolio company of Iron Path Capital. This partnership adds five Indiana locations and an ambulatory surgical center to CPI’s current footprint across Kentucky, Texas, and Ohio. CPI will provide the resources and expertise to enable Wellspring to speed its growth trajectory.​ Read more here. 

  

• WorkCare, Inc., a U.S.-based occupational health company, acquired Corporate Health Resources, Inc., (CHR), a nationwide occupational health examiner network service provider. CHR will operate as a WorkCare company conducting business as usual as Corporate Health Resources, with the same team and existing service delivery model. Read more here. 

 
This is a partial list of transaction activity across the healthcare industry and is not intended to be a complete listing. Transaction information was identified from various sources and TripleTree may or may not have acted as the financial advisor for the transactions listed. All product names, logos and brands are property of their respective owners. All company, product and service names used in this communication are for identification purposes only. Use of these names, logos and brands does not imply endorsement.