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Hello!
 
Those almost-summer showers have become pretty consistent in NYC, but lucky for me, the healthcare private equity community hasn’t gone on break quite yet.
 
I learned about one big people move this week. Jeremy Gelber, a partner at Pamplona Capital Management for some five years, has left the firm to take charge of healthcare investing efforts at Centerbridge Partnersaccording to people familiar with the matter.
 
And Gelber isn’t the first healthcare-focused investment professional to leave the PE firm. Michael Vaupen, a director at Pamplona for almost five years, joined Welsh, Carson, Anderson & Stowe in April, his LinkedIn profile shows.
 
The departures aren’t unique to healthcare. Pamplona founding member and Partner David Lang, who focused on a range of sectors including consumer, industrials and infrastructure, joined KKR in January.
 
While it remains unclear why Gelber and the others left, the timing is certainly interesting. It was just last summer that the sponsor’s fifth fund collected $3.2 billion. And the firm was behind one of 2017’s more high-profile transactions in healthcare generally speaking. That is, the $4.5 billion take-private of contract research organization Parexel.
 
If you’ve heard anything as it relates, give me a shout at springle@buyoutsinsider.com
 
O-to-lar-yn- what...?
 
In other news, it looks like I’m going to have to learn how to say “otolaryngology” – which refers to the medical subspecialty dealing with conditions involving the ear, nose and throat, otherwise known as “ENT”... At least I’ve got ophthalmology down by now.
 
That’s because one of the nation’s largest such groups, South Florida ENT Associates, is on the auction block. The anticipated deal would represent PE’s first move into ENT, making it somewhat of a test of sponsor interest in the market.
 
So far I’ve heard there’s no shortage of interest, but that’s not surprising. If there’s one thing that seems to get retail healthcare investors excited, it’s the prospects of being a “first mover” in the next hot physician specialty. Though that, of course, has also shown to produce some pretty hefty price tags. Read my story for more info on the process.
 
To be fair, we have seen activity involving pure-play providers of allergy treatment - which is one of the various treatment areas offered by South Florida ENT. Prairie Capital in April recapped Family Allergy & Asthma following what one person familiar with the matter described as a robust sales process. Allergy Partners also tapped Wells Fargo last year to test the sale waters, but the asset has yet to trade. I’ve heard on various occasions over the past several months that a transaction was coming, though that has yet to play out. Anyone know what’s going on?
 
Anyhow, its T-minus eight days to the Memorial Day holiday (not that I’m counting). Anyone rushing to get deals done before the long weekend?
 
Send me your thoughts, comments or feedback at springle@buyoutsinsider.com
 
--Sarah
 

 



Top Stories

Pamplona healthcare exec Gelber leaves firm

Jeremy Gelber has departed from Pamplona Capital Management after helping lead the private equity firm’s healthcare efforts for close to five years, according to people familiar with the matter. Gelber, who left his role as a partner at Pamplona earlier this month, joined New York investment firm Centerbridge Partners, the people said. Gelber will head […]
Read more...  

Sponsors circle South Florida ENT as process kicks off

South Florida ENT Associates, one of the nation’s largest physician groups specializing in ear, nose and throat treatment, is exploring a sale, Buyouts has learned. Deloitte is conducting a sponsor-focused sales process for the physician-owned company, five sources familiar with the matter said. Initial bids for the Miami Lakes, Florida, asset were submitted last week, one […]
Read more...  

For PE-backed pediatric-home-care giant Aveanna, Premier is just the beginning

Aveanna Healthcare, the pediatric-focused home-care giant formed in early 2017, had been intent on buying one particular company if and when it got the chance. That is: Premier Healthcare Services, the segment’s largest player in California. “We knew going into the strategic process that it was a deal we wanted to win … and we wanted […]
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Brockway Moran’s urgent-care platform MD Now seeks sale

Brockway Moran & Partners is in the midst of a sales process for MD Now, the urgent-care network that dominates much of the South Florida market, according to five sources. Houlihan Lokey is offering sell-side advice on the auction, some of the sources said. The West Palm Beach, Florida, company generated trailing 12-month Ebitda of […]
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Imperial Capital earns 3.5x its money with Dentalcorp deal

Imperial Capital Group more than tripled the money it put into Dental Corp of Canada following L Catterton’s investment in the company, a person with knowledge of the matter told Buyouts. Dentalcorp, Canada’s largest network of dental clinics, last week said it raised a significant investment from L Catterton. Terms weren’t disclosed. The deal generated 3.5x Imperial’s nearly four-year investment, which translates into […]
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Roundup
 
Deals Exit Personnel

Deals

DORA Ventures recaps Tedor Pharma

Dora Ventures Inc has recapitalized Cumberland, Rhode Island-based Tedor Pharma, a provider of solid oral dose, controlled substance formulations. No financial terms were disclosed.
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EIP Pharma fetches $20.5 mln Series B

Cambridge, Massachusetts-based EIP Pharma, a therapeutics company focused on CNS diseases, has closed $20.5 million in Series B financing. The lead investor was Access Industries.
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HiFiBiO Therapeutics lands $37.5 mln Series B

HiFiBiO Therapeutics, a biotherapeutics company, has raised $37.5 million in Series B funding. Sequoia China and LYFE Capital led the round with participation from VI Ventures, Nest.Bio Ventures, Legend Star Capital and Proxima Ventures.
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Rael gathers $2.1 mln

Southern California-based Rael, a menstrual care startup, has secured $2.1 million in funding. SoftBank Ventures Korea led the round with participation from other investors that included Thrive Market.
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Kelso & Company and Blue Wolf complete Jordan Health acquisition

Kelso & Company and Blue Wolf Capital Partners have closed their previously announced acquisition of Jordan Health Services, a home care provider, from Palladium Equity Partners. As a result of the closing, Jordan will merge with Great Lakes Caring and National Home Health Care, both of which are backed by Blue Wolf.
Read more...  

PriorAuthNow picks up $10.5 mln Series A

Columbus, Ohio-based PriorAuthNow, a platform for connecting the healthcare landscape using automated prior authorization solutions, has raised $10.5 million in Series A funding. BIP Capital led the round with participation from other investors that included NCT Ventures and Detroit Venture Partners.
Read more...  

BrainQ procures $8.8 mln

BrainQ, an Israeli digital therapeutics company, has raised $8.8 million in funding. The investors included Qure Ventures, OurCrowd.com, Norma Investments and IT-Farm.
Read more...  

Manipal, TPG swoop in with sweetened bid for India’s Fortis: Reuters

India’s Manipal Hospital and private equity firm TPG Capital Management on Monday sweetened their bid to buy Fortis Healthcare Ltd, just days after the Fortis board said it favored a rival offer to the dismay of many shareholders, Reuters reported.
Read more...  

Thryve grabs $1.4 mln

Thryve, a provider of microbiotics and microbiome testing, has secured $1.4 million in funding. The investors included PivotNorth Capital, Unilever Ventures, Darling Ventures, Candela Paramount, Abstract Ventures and Joyance Partners.
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Ansun BioPharma attracts $85 mln Series A

San Diego-based Ansun BioPharma, a developer of anti-viral biologic therapeutics to combat severe viral respiratory tract infections, has closed $85 million in Series A financing. Sinopharm Healthcare Fund and Lilly Asia Ventures led the round with participation from other investors that included Lyfe Capital, Yuanming Capital, Matrix Partners China, 3e Bioventures Capital, Oceanpine Capital, VI Ventures and Joincap Investment.
Read more...  

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Firms & Funds

Venture Investors targeting $100 mln for healthcare fund

Venture Investors is raising a sixth healthcare venture fund targeted at $100 million, according to a regulatory filing. The firm is led by James Adox, David Arnstein, Scott Button, John Neis, and Paul Weiss, with offices in Madison, Wisconsin, and Ann Arbor, Michigan.
Read more...  

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Exits

Sivantos and Widex in $8 billion merger to create No.3 in hearing aids: Reuters

Hearing aid makers Widex and Sivantos are merging to create an industry number three that can invest more in digital devices and step up the challenge to market leaders Sonova and William Demant, Reuters reported.
Read more...  

Pinnacle Dermatology acquires Spencer Dermatology Associates

Pinnacle Dermatology, a portfolio company of Chicago Pacific Founders, has acquired Crawfordsville, Indiana-based Spencer Dermatology Associates. No financial terms were disclosed.
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Polyphor prices IPO at 38 Sfr per share: Reuters

Polyphor (POLN.S) has priced shares in its initial public offering (IPO) at 38 Swiss francs ($37.95) each, the biotech company said on Tuesday, confirming an earlier report by Reuters.
Read more...  

PE-backed Aveanna to buy Premier Healthcare Services

Aveanna Healthcare, which is backed by Bain Capital and J.H. Whitney, has agreed to acquire Pasadena, California-based Premier Healthcare Services, a provider of pediatric services. No financial terms were disclosed. The deal is expected to close in mid-to-late June. Edge Healthcare Partners was financial adviser to Aveanna on the transaction while Lincoln International did likewise for Premier.
Read more...  

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Personnel

Macquarie Capital taps Crowell as MD to lead healthcare services in Americas

Macquarie Capital has named Robert Crowell as managing director to lead healthcare services coverage in the Americas. Previously, Crowell worked at UBS where he was a managing director.
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VC-backed Complexa recruits Salva as CEO and president

Berwyn, Pennsylvania-based Complexa Inc, a biopharmaceutical company, has named Francisco D. Salva as CEO and president. His appointment is effective immediately. Previously, Salva was founder and vice president of operations for Acerta Pharma B.V. Complexa's backers include Andera Partners, HBM Healthcare Investments, JAFCO, New Enterprise Associates and Pfizer Venture Investments.
Read more...  

PE-backed NueHealth taps King as CEO

Leawood, Kansas-based NueHealth, a surgical healthcare network, has named Carl King as CEO. Prior to joining NueHealth, King was a senior vice president at Aetna. NueHealth is backed by Nueterra Capital.
Read more...  

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