MARKET ANALYSIS

Healthcare M&A Weekly 4.10.23

APR 10
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.
 
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  • Agile Occupational Medicine, a West Compton, California-based occupational healthcare clinics owner and operator backed by Angeles Equity Partners, has acquired WorkWell Medical Group, a Salinas, California-based medical clinic network. Read more here.
 
  • CHRISTUS Health, the Texas-based health clinic operator, has acquired Tyler, Texas-based CardiaStream, also known as Cardiovascular Associates of East Texas, which operates 13 locations, forming a major cardiology group in East Texas. Read more here.
 
  • Community Health Systems [NYSE:CYH] has sold the 25-bed Plateau Medical Center in Oak Hill, West Virginia, to a subsidiary of Vandalia Health for a cash consideration of approximately $92MRead more here.
 
  • Elara Caring, the Dallas-based multi-state home health provider of clinical and personalized services, has signed an agreement to acquire Assisted Daily Living, a Warwick, Rhode Island-based 50-person, skilled home healthcare provider. Read more here.
 
  • Elevate ENT Partners, the Miami-based ENT group backed by Audax PE, has acquired Otolaryngology Consultants, PA, which includes Center for Pediatric ENT - Head and Neck SurgeryCenter for Advanced Sinus and Nasal Care, and Center for Advanced Hearing Care. The partnership reinforces Elevate’s commitment to supporting quality physicians as they continue to grow in the Florida market. Read more here.
 
  • Intuitive Health  announced the acquisition of Premier ER & Urgent Care, a Texas-based hybrid emergency room and urgent care clinic with four locations in San Marcos, Temple, Waco, and Woodway, Texas. The partnership expands Intuitive's footprint to 23 hybrid emergency and urgent care locations. Intuitive Health is a partner company of Altamont Capital Partners, a private investment firm.  Read more here.
 
  • Parallel ENT & Allergy Partners, a physician-centric management services organization for ear, nose, and throat and allergy practices backed by Trinity Hunt Partners, has acquired Wilmington, Delaware-based Wilmington Otolaryngology. Read more here.
 
  • San Antonio, Texas-based Methodist Healthcare has acquired Hill Country Memorial, a Fredericksburg, Texas-based health system. The deal includes an 86-bed hospital, 8 medical clinics, a hospice and a medical group. Read more here.
 
  • Ovation Fertility, a Nashville, Tennessee-based provider of fertility laboratory services backed by Morgan Stanley Capital Partners will be sold to US Fertility. US Fertility is a Rockville, Maryland-based physician-owned and physician-led top-tier fertility practice backed by Amulet Capital Partners. Read more here.
 
  • Palm Medical Centers, a Coral Gables, Florida-based medical practice, backed by MBF Healthcare Partners II, has acquired Valley Medical Centers, a primary care practice with 4 medical center locations in Central Florida. The acquisition of VMC strengthens Palm's presence throughout Florida, with the network now operating 31 community focused primary care centers in the state. Read more here.
 
  • Select Medical, a Mechanicsburg, Penn-based healthcare system, has signed an agreement to acquire Vibra Hospital of Richmond, a long-term acute care hospital in Richmond, Virginia. Under Select Medical's new ownership, the 63-bed hospital will carry the brand Select Specialty Hospital – Richmond and provide post-ICU medical care for chronic, critically ill patients requiring extended healing and recovery. Read more here.
 
  • Smile Doctors, a Georgetown, TX-based orthodontics group practice, has acquired Grinz Orthodontics, a Greensboro, NC-based multi practice orthodontic office. Smile Doctors is backed by Linden Capital Partners and Thomas H. Lee Partners. Read more here.
 
  • TriNetX, a Cambridge, Massachusetts-based clinical research services and software firm, will acquire Clinerion Ltd, a subsidiary of Norstella, a leading pharmaceutical solutions provider. The acquisition is part of a partnership deal between TriNetX and Norstella. TriNetX is backed by The Carlyle Group [NASDAQ:CG]. Read more here.
 
  • WellSpring Consumer Healthcare, a Sarasota, FL-based over-the-counter skin care and gastrointestinal care brand marketer, announced that it has acquired certain over-the-counter (OTC) skin care brands from Bayer AG [ETR: BAYN]. The brands include A+D, Solarcaine and Cortate, among others. WellSpring Consumer Healthcare is a portfolio company of Avista Capital Partners. Read more here.
 
  • WorkCare, an Anaheim, California-based occupational health company, acquired HPM Corporation, a Kennewick, Washington-based occupational medicine, occupational safety and health, and project management services firm. 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.

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