Healthcare M&A Weekly 4.3.23

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.
  • ARC Health, a Thurston Group portfolio company, announced the acquisition of Wellington Counseling Group, a multi-specialty psychotherapy provider group with two locations in the Chicago metropolitan area and a third opening in June. Read more here.
  • Calibre Scientific, a Los Angeles-based provider of life science reagents, instruments, and other consumables, and a portfolio company of StoneCalibre, has acquired SciQuip Ltd, a UK-based provider of scientific equipment, laboratory supplies and services. Read more here.
  • CVS Health [NYSE:CVS], a Woonsocket, Rhode Island-based pharmacy chain, acquired Hoover Pharmacy, a Palo Alto, California-based specialty pharmacy. Read more here.
  • DiningRD, also known as Health Technologies Inc., a St. Louis, Missouri-based based provider of consulting dietitians, menus and food-service software, backed by Evolution Capital Partners, acquired Kittanning, Pennsylvania-based Armstrong Nutrition Management. Armstrong Nutrition Management is a provider of clinical nutrition and food service management consulting in a variety of healthcare settings including acute care, senior living, mental health, assisted living and memory care. Read more here. 
  • DoseSpot, a software-as-a-service (SaaS) platform that enables clinicians to electronically write and transmit prescriptions to pharmacies, has acquired the TreatRx segment of Bravado Health. The acquisition follows a strategic investment in January 2022 led by PSG. Read more here.
  • EIP Pharma, a Boston-based pharmaceutical company, and Diffusion Pharmaceuticals [NASDAQ:DFFN], a Charlottesville, Virginia-based biopharmaceutical company, have agreed to merge, in an all stock deal. The combined company would be named CervoMed and continue to trade on the Nasdaq Capital Market under a new ticker symbol, CRVO. Read more here.
  • EMS Management & Consultants, a Winston-Salem, North Carolina-based provider of revenue cycle management to emergency services, and PWW Advisory Group, a Mechanicsburg, Penn-based revenue cycle management services firm, have made a joint investment in a new joint venture. EMS Management & Consultants is backed by BV Investment Partners. Read more here.
  • Guardian Capital Partners announced the successful sale of its portfolio company, Tactical Medical Solutions to CNL Strategic Capital. TacMed Solutions designs, develops, and manufactures medical products that equip, train, and protect professionals in pre-hospital, emergency trauma situations. Read more here.
  • Jounce Therapeutics, Inc. (NASDAQ: JNCE, a clinical-stage company focused on the discovery and development of novel cancer immunotherapies and predictive biomarkers, announced it has entered into a definitive merger agreement whereby Concentra Biosciences, LLC will acquire Jounce for $1.85 in cash per share plus a non-tradeable contingent value right. Read more here.
  • KDA Group [TSX.V:KDA], a Thetford Mines, Quebec-based pharmaceutical services company, has agreed to sell to Halsa and 9483-0296 Québec, its KDA’s pharmacist and technical assistant placement agency business, for CAD $10.2M (USD $7.5M). Read more here.
  • NAMSA, a world-leading MedTech Contract Research Organization offering global end-to-end development services, announced its acquisition of SUAZIO, an EU-based strategic consultancy providing global market research services to medical device and IVD developers. Read more here.
  • NSM Insurance Group, the nation's leading specialty insurance provider with more than $1.5B in premium across 25+ niche insurance programs in the U.S. and U.K., announced the completion of its acquisition of Sequoia Reinsurance Services, LLC, IOA Re, LLC and its divisions Rockport Benefits and Insurance Resources and Auditing Services, LLC, subsidiaries of ELMC Risk Solutions, LLC, a portfolio company of J.C. Flowers & Co. Read more here.
  • Osigu, a Miami, Florida-based company, has reached an agreement to acquire Servinte, a leading EHR and Healthcare Administration Software provider in Colombia and subsidiary of Carvajal Group. Osigu is disrupting the healthcare and insurance ecosystem by digitizing and automating the claims process and payments between payers and health providers in LATAM. Read more here.
  • Our Best Life Companies, a Huntington Park, California-based dental services firm, has acquired South Bend Dental and Orthodontics, based in South Bend, Indiana. Read more here.
  • PruittHealth, a Norcross, Georgia-based healthcare company, has acquired Dogwood Forest, an Alpharetta, Georgia-based assisted living center. Under new ownership, the assisted living center is now called PruittPlace – Sandy Springs. Read more here.
  • Sunmed Group Holdings, a Michigan-based medical devices maker for hospitals and other healthcare providers specializing in anesthesia, respiratory and other products, announced that it has agreed to acquire Illinois-based Vyaire Medical’s business unit that manufactures and markets respiratory and anesthesia consumables focused on airway management and operative care. Sunmed is a portfolio firm of Frazier Healthcare Partners, and Vyaire Medical is backed by Apax Partners. Read more here.
  • United Dental Corporation, a Miami, Florida-based dental services firm, bought a second tranche of dental practices across the United States. The acquired practices are in Georgia, New York and Illinois. Read more here.
  • United Digestive, a leading gastroenterology platform that provides gastrointestinal services within the Southeast United States, announced a growth capital investment from Kohlberg & Company, LLC, a leading private equity firm based in New York with more than 30 years of experience. Frazier Healthcare Partners was the seller.  Read more here.
  • Wellvana Health announced that it has closed an $84 million capital raise to drive innovation in value-based care enablement for independent primary care physicians, specialists, and health systems. The investment is co-led by Nashville-based Heritage Group and Valtruis, a Welsh, Carson, Anderson & Stowe (WCAS) company, and joined by Memorial Hermann Health System, the largest not-for-profit health system in southeast Texas. 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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