MARKET ANALYSIS

Healthcare M&A Weekly 8.7.23

The healthcare industry is rapidly evolving, with the lines betweeen 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.
 

• Abra Health (recently rebranded from The ChildSmiles Group), a New Jersey-based multi-specialty dental and pediatric primary care services provider, has acquired oral surgery practices Bayonne Oral Surgery in Bayonne, NJ, and Oral & Maxillofacial Surgery Institute in Newark, NJ. Read more here.

 

• Addus HomeCare Corporation (Nasdaq: ADUS), a provider of home care services, announced it has completed the acquisition of the entities comprising Tennessee Quality Care, a provider of home health, hospice, and private duty nursing services. Read more here. 

  

• AmeriPro Health, an Atlanta, Georgia-based leading provider of patient logistics and last-mile healthcare delivery services, has acquired American Medical Response's operations in Lexington and Louisville, Kentucky, and New Albany, Indiana. Read more here.

 

• Augmedics Strengthens AR/AI Portfolio With Planned Acquisition of Surgalign Digital Health Assets. Read more here.

 

• CCRM Fertility, a Colorado-based fertility treatment practice, has acquired The Advanced IVF Institute, according to a press release. Read more here.

 

• Cosmetic Skin & Laser Center (CSLC), a Petoskey, MI-based medical aesthetic practice, has secured a majority recapitalization from private equity firm Incline Equity Partners. Read more here.

 

• The Ensign Group [NASDAQ:ENSG], a San Juan Capistrano, California-based healthcare services company, has acquired the real estate and operations of Belmont Terrace, Puget Sound Transitional Care, Avamere Rehabilitation at Ridgemont and The Villas at Ridgemont facilities. Read more here.

 

• Essentia Health, based in Minnesota, and Wisconsin-based Marshfield Clinic Health System, which last year signed a memorandum of understanding to start merger discussions, have entered into an agreement to form a new integrated regional health system covering four states — another step in their plans to formally combine by year end. Read more here.

 

• Forum Health, a Salt Lake City, Utah-based healthcare provider, has acquired a functional medicine and weight loss clinic InShape Medical in Cary, NC. Read more here.

 

• Havencrest Capital Management has acquired Dallas Counseling and Treatment Center Management (DCTC) and formed its outpatient mental health platform, Deep Eddy Psychotherapy Management, LLC. Read more here.

 

• Health Connect America, a Franklin, Tennessee-based mission-driven behavioral health services platform backed by Palladium Equity Partners, has acquired Specialized Youth Services of Virginia, Inc., a private day school located outside of Richmond, VA. Read more here.

 

• HealthEdge Investment Partners and investment firm United Western Group in partnership with Advantage Capital Holdings, have recapitalized Veridian Healthcare, a Gurnee, Illinois-based outsourced manufacturer of private label and branded in-home diagnostic, pain care management, and personal care. Read more here.

 

• Healthmap Solutions, Inc., a health management company focused on kidney disease, announced that it has raised $100M to support the ongoing expansion of its business. Read more here.

 

• Health Plus Management (HPM), a Long Island, New York-based provider of business management and operations services in musculoskeletal practices backed by Investcorp, announced its strategic partnership with a local orthopedic practice, Somers Orthopaedic Surgery & Sports Medicine Group. Read more here.

 

• Henry Schein, Inc. [Nasdaq: HSIC], the Melville, NY-based distributor of medical and dental supplies, announced that it has acquired a majority stake in Large Practice Sales LLC, an Irving, TX-based advisor to independent dental practices on sale or partnership. Read more here.

 

• Henry Schein [Nasdaq: HSIC], the Melville, NY-based distributor of medical and dental supplies, has agreed to acquire a majority stake in Shield Healthcare, a Valencia, CA-based supplier of homecare medical products. Read more here.

 

• Labcorp [NYSE:LH], the Burlington, NC-based lab testing company, has agreed to acquire the Tufts Medicine Outreach Laboratory Business and select operating assets, from Tufts Medicine, a Boston-based integrated academic health system. Read more here.

 

• Marathon Health, an Indianapolis, Indiana-based leading provider of direct primary care for employers backed by General Atlantic, has acquired Cerner Workforce Health Solutions (WHS), a group of dedicated onsite and near-site health clinics. Read more here.

 

• Montecito Medical, an acquirer of medical office properties nationwide, has acquired a 15,153-square-foot medical office building in Raleigh, North Carolina; the property is 100% occupied by Raleigh Pediatric Associates. Read more here.

 

• Novant Health, a Charlotte, North Carolina-based health system, has acquired a 30% stake in Conway Medical Center, a Conway, South Carolina-based hospital system, according to a press release and a report in Triad Business Journal. Read more here.

 

• Orlando Health has acquired Florida Medical Clinic, a Tampa, Florida-based multi-specialty physician group consisting of 54 locations, more than 350 providers, 40 medical specialties, and a team of 2000+ employees. Read more here.

 

• OrthoNebraska, an Omaha, Nebraska-based privately held orthopedic doctor group, has secured a strategic equity investment from InTandem Capital Partners. Read more here.

 

• PacBio [Nasdaq:PACB], the Menlo Park, California-based provider of high-quality, long-read sequencing platforms, has entered into an agreement to acquire Apton Biosystems, a Bay Area-based company developing a high throughput short-read sequencer, according to a press release. Read more here.

 

• ProQR Therapeutics [NASDAQ:PRQR], a Netherlands-based biotechnology company, announced that it has agreed to sell sepofarsen and ultevursen, its late stage ophthalmic assets, to Laboratoires Théa, a France-based pharmaceutical company, for an initial payment of EUR 12.5m and a contingent payment of up to EUR 135m. Read more here.

 

• SimplePractice, an EngageSmart (NYSE: ESMT) solution, announced it has entered into a strategic agreement to acquire assets of Luminello, an electronic medical record and practice management platform. Read more here.

 

• TransMedics Group, Inc. [NASDAQ:TMDX], an Andover, Massachusetts-based medical technology company, has acquired from Bridge to Life, assets and intellectual property related to the Ex-Vivo Organ Support System and LifeCradle Heart Preservation Transport System technologies. Read more here.

 

• TransMedics Group, Inc. [NASDAQ:TMDX], an Andover, Massachusetts-based medical technology company, announced that it has agreed to acquire Summit Aviation, a Bozeman, Montana-based charter flight operator. Read more here.

 

• TytoCare, a New York City-based virtual care company enabling leading health plans and providers to deliver accessible, high-quality primary care from home, has raised $49M in additional growth funding; the round was led by global software investor Insight Partners. Read more here.

 

• U.S. Physical Therapy [NYSE:USPH], a Houston, Texas-based outpatient physical therapy clinics operator, has acquired 70% of an undisclosed physical therapy practice for $2.1M, according to a press release. Read more here.

 

• Veyl Ventures announces new asset purchase and creation of new entity Veyl Wellness Works LLC, dba Nutritio Labs. Read more here.

 

• Waystar, a Louisville, KY-based provider of healthcare payments software, has acquired HealthPay24, an EngageSmart [NYSE: ESMT] solution and a premier enterprise patient payment platform. Read more here.

 

• Ziff Davis, a vertically focused digital media and internet company, has acquired a minority stake in Xyla, an artificial intelligence (AI) company, for $25M, and the two parties have entered into a long-term collaboration agreement; initial focus in the healthcare vertical. Read more here.

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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.