MARKET ANALYSIS

Healthcare M&A Weekly 2.13.23

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.
 
 

• Abbott [NYSE:ABT], an Illinois based health care products company, announced a definitive agreement to acquire Minnesota based medical device company Cardiovascular Systems for ~$890M. Read more here.

 

• Agile Occupational Medicine, a California-based occupational healthcare operator with over 15 clinic locations, has acquired Gateway Medical, an Anaheim, California-based multi-specialty medical practice. Agile Occupational Medicine is backed by Angeles Equity Partners.  Read more here.

 

• AllerVie Health, a Texas based provider of allergy and immunology services, announced that it has acquired Allergy, Sinus & Asthma Family Health Center, The Villages, FL-based allergy practice. Read more here.

 

• Amulet Capital Partners announced that it has acquired Eruptr LLC, an industry leader in healthcare digital marketing providing proprietary technology-enabled solutions. Read more here.

 

• Argentum Medical, an Illinois-based medical products maker specializing in wound care dressings, is merging with Mountaingate Capital backed, BioDerm, a Florida-based provider of disposable medical devices and wound care supplies. Read more here.

 

• Athenix, a Los Angeles-based plastic surgery practice having served over 100K patients, has acquired Marina Plastic Surgery and MedSpa, a surgery center located in Marina Del Rey, California. Read more here.

 

• CVS Health [NYSE:CVS], announced a deal to acquire Oak Street Health [NYSE:OSH], for $39 per share, valuing the Company at $10.6B. Read more here.

 

• Envision Pharma Group, has acquired OKRA.ai, a technology company active in the provision of artificial intelligence (AI) solutions for the healthcare industry. Envision Pharma Group is backed by GHO Capital Partners. Read more here.

 

• GE HealthCare [Nasdaq:GEHC] has signed an agreement to acquire Caption Health, a Brisbane, California-based medical artificial intelligence company. Read more here.

 

• Globus Medical [NYSE:GMED], the Pennsylvania based musculoskeletal implant manufacturer, has agreed to combine with NuVasive, Inc. [NASDAQ:NUVA], a San Diego-based spine technology company. Under the terms of the agreement, NuVasive shareholders will receive 0.75 of a share of Globus Medical Class A common stock for each share of NuVasive common stock. Based on this exchange ratio, the implied share price for NuVasive would be $57.72, an equity value of $3.1B. Read more here.

 

• HID, a worldwide leader in trusted identity solutions, has acquired GuardRFID, a leading provider of real-time location services (RTLS) hardware and software solutions for the healthcare space. Read more here.

 

• Journey Health & Lifestyle Brands, a Virginia-based developer and distributor of senior citizen mobility and safety products, acquired LifeWalker Mobility Products, a California based manufacturer and distributor of upright walkers. Journey Health & Lifestyle Brands ia backed by Peloton Equity. Read more here.

 

• Lantheus Holdings, Inc. [NASDAQ:LNTH], a Massachusetts-based medical imaging agents company, acquired Cerveau Technologies, Inc., a Tennessee-based imaging agent maker. Read more here.

 

• Lifepoint Health announced that it has completed the transaction to acquire a majority ownership interest in the operating company of Springstone, a national behavioral health provider. The transaction expands Lifepoint’s behavioral health services across the nation, adding Springstone’s 18 behavioral health hospitals and 35 outpatient locations across nine states into Lifepoint’s national diversified healthcare delivery network. Read more here.

 

• MedHQ, an Illinois based provider of HR and financial management services to healthcare providers, acquired Avanza Healthcare Strategies, a Texas based outpatient advisory firm. MedHQ is backed by 424 Capital. Read more here.

 

• MediBuddy, an Indian health-benefits administrator, has acquired Aetna's Indian based primary healthcare service provider, 'vHealth by Aetna’. Read more here.

 

• Palm Medical Centers, an MBF Healthcare Partners portfolio company, and one of the largest independent primary care medical groups in Florida, announces the acquisition of Family Medicine Associates, a primary care practice located in Tamarac, FL. Read more here.

 

• Sunvera Group, a management service organization supporting ophthalmology practices and ASC's, has formed a new partnership with Castleman Eye Center in Southgate, Michigan. Sunvera Group is backed by Ridgemont Equity Partners. Read more here.

 

• ShiftMed, an app-based nursing job marketplace with over 350k partnered nurses, closed a $200M funding round led by Panoramic Ventures with participation from Blue Heron Capital and Audacious Capital. Read more here.

 

• United Musculoskeletal Partners (UMP), an Atlanta, Georgia based provider of musculoskeletal care, has partnered with two Dallas, Texas-based orthopedic practices; All-Star Orthopaedics and OrthoTexas Physicians and Surgeons. This brings the total number of providers under the UMP umbrella to 372 across 3 states. Read more here.

 

• US Heart & Vascular, a national provider of support services to cardiovascular physician practices and portfolio company of Ares Management, has partnered with Orion Medical, a Houston, Texas-based cardiovascular physician practice company. Read more here.

 

• Viventium, a SaaS-based human capital management solution, announced a growth capital investment from LLR Partners. Read more here.

 

• Webster Equity Partners made an investment in Tri-Valley Medical Group, a Murrieta, California-based primary care and population health clinic. 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.