Tag Archives: healthcare

Capricorn Partners leads investment round in Belgian digital health tech company DEO

Capricorn

Leuven, Belgium: 22 October 2021 – DEO, a company that provides hospitals and healthcare industry partners with comprehensive data insights inside the operating room (OR), has announced a € 3.65 million funding round. Capricorn Partners led the round via their Capricorn Digital Growth Fund and was joined by French investor Karista, a leading European HealthTech Fund, bringing international perspectives to the syndicate. Existing shareholders LRM and the imec.istart Fund also participated in this round.

With its AI-backed data platform, DEO helps hospitals implement OR efficiency best practices while supporting healthcare industry partners move towards value-based healthcare through continuous data generation and quantification of operating room efficiency, team ergonomics, and financial performance.

A strong demand to leverage data and AI to safeguard the healthcare system

The consortium of investors strongly believes that DEO’s unique and proven methodology is the approach for hospitals and healthcare partners to leverage data and AI to improve operational excellence in the OR.

Demand for DEO’s solution is eminent to meet increasing patient demand while overcoming medical staff shortages and immense hospital reimbursement pressure. Moreover, the aftermath of the pandemic accelerates this demand to safeguard national healthcare systems.

Antoine D’Hollander, Investment Associate at Capricorn Partners, elaborates, “DEO’s vision perfectly aligns with our investment strategy to focus on companies that turn data into actionable insights. Healthcare is primed to benefit from digital solutions that are powered by the convergence of human & artificial intelligence. DEO rises to this challenge with its OR efficiency platform that positively impacts the healthcare ecosystem to ensure safe and affordable care.”

“We’re thrilled to welcome these experienced and prominent investors to our mission. We’re very proud of their trust in the DEO team, and their confidence in the massive potential DEO has. With their support, we aim to further unlock new and crucial data and insights for hospitals and healthcare partners alike,” says Jeroen Dille, CEO and Co-Founder of DEO.

Even stronger technology suite and expansion to more surgical specialties

The new financing will enable DEO to accelerate business development, build more commercial partnerships in Europe and the US, and strengthen their product offering even further by developing new software applications on top of the existing data platform, including automated technologies.

After years in orthopaedics, serving both hospitals and medical device companies, like Johnson & Johnson, DEO will also use the additional capital to scale its offering to other surgical specialties and ramp up hiring across all areas of the company.

Michaël Thomas, Senior Investment Manager at Karista, adds, “We’re very proud to contribute to DEO’s further international growth with this investment. The company has proven its value to be undeniable and recognizing the huge market potential; we firmly believe that DEO stands to play a key role in the way healthcare uses data and analytics to transform the patient pathway.”

Support healthcare providers move towards value-based healthcare

Technology advances, combined with new surgical specialties, inevitably open the door for DEO to offer its solution to even more healthcare providers, enabling true value-based healthcare. Generating first-of-its-kind datasets inside the OR, DEO provides eye-opening insights on workflows, team ergonomics, material usage, and financial performance. These insights reveal specific improvement opportunities to reduce fatigue of surgical teams, increase surgery volume, and reduce the total cost of surgery.

Tom Aerts, Head of Investments at LRM adds, “The fact that DEO already collaborates with hospitals and world-leading medical device companies is an excellent testimony to how the company’s technology work to turn real-time, local data into tailored, actionable insights. No doubt, we’re thrilled to continue to be part of DEO’s journey and contribute smart money to its ambition of supporting healthcare providers and industry to achieve their goals.”

Read the full press release here, or on DEO‘s website.

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The Hand Clinic joins Bergman Clinics

NPM Capital

ending approval by the Dutch Healthcare Authority (NZa), Bergman Clinics will acquire the Amsterdam-based specialised clinic The Hand Clinic. This acquisition allows Bergman Clinics to further expand its healthcare portfolio focused on the locomotor system.

The Hand Clinic has been devoted to hand and wrist care for fourteen years and is known for its customer focus and the high quality of its care. As a result, the clinic attracts clients from a large catchment area. According to Monika Ritt, general director of The Hand Clinic, this explains the continuously growing demand for its services. “To meet that demand, we had been looking to join forces with a large and renowned partner. We are happy to announce that we will be joining Bergman Clinics. They share our high standards of quality and are eager to further develop their capacities for hand and wrist surgery.”

Hans van der Heijden, CEO of Bergman Clinics, also expressed his excitement about the acquisition. “This step gives us the opportunity to expand our specific healthcare offerings dedicated to the locomotor system, starting from a shared vision on planned medical care in which quality, client focus, and efficiency are front and center,” he said.

The planned acquisition of The Hand Clinic by Bergman Clinics is scheduled for the end of 2021 and will be closed pending approval by Bergman Clinics’ works council and the Dutch Healthcare Authority (NZa).

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Apax Funds to acquire Eating Recovery Center

Funds advised by Apax (the “Apax Funds”) and CCMP Capital today announced that they have entered into a definitive agreement under which the Apax Funds will acquire Eating Recovery Center (“ERC Pathlight”), a leading provider of eating disorder and mood and anxiety treatment in the U.S., in partnership with Oak HC/FT and management (collectively the “Investors”).

ERC Pathlight is a national leader in eating disorder treatment. The company’s differentiated clinical model meets patients where they are in their treatment journey by offering the full continuum of higher levels of care. Through the recent expansion of its Pathlight division, ERC Pathlight addresses a more comprehensive set of behavioural health conditions including primary mood and anxiety disorder treatment. ERC Pathlight lowers financial barriers to accessing behavioural care by partnering with most major commercial insurers in the U.S., so patients can focus their energy on pursuing recovery.

Behavioural health providers are experiencing unprecedented growth as they deal with rising incidence of mental health conditions. Public awareness of the importance of treating these conditions has increased, creating an opportunity to expand ERC Pathlight’s reach. The Investors will uphold ERC Pathlight’s focus on clinical excellence while expanding access to care physically and digitally.

Rebecca Steinfort, CEO of ERC Pathlight said: “We are thrilled to partner with Apax and Oak HC/FT on the next phase of our journey to expand access to mental health treatment in the U.S. In addition to growth capital, we believe our new partners bring the right digital DNA to accelerate the growth of our virtual care offering. CCMP has been instrumental in furthering our mission and fuelling our expansion through new facility development, capacity, and service line growth, and establishing our virtual care platform to support our patients and their families. We thank them for their partnership.””

Dr. Ken Weiner, Founder and current Executive Chairman of ERC, said: “Our new partners have the right culture, experience, and expertise to fuel our growth while allowing us to remain focused on providing the very best care to patients and their families. With the support of Apax and Oak HC/FT, we will look to expand our services across the country. We are thankful to our partners at CCMP for their support and the many investments made since 2017 to allow the Company to continue expanding access to the high-quality care that ERC Pathlight has been dedicated to since our inception in 2008.”

Andrew Cavanna, Partner at Apax, commented: “Apax is proud to be partnering with a pioneer and market leader in the behavioural care industry. ERC Pathlight has provided life altering care to children, adolescents, and adults. We’re pleased to back Rebecca Steinfort, Dr. Weiner, and the entire ERC Pathlight team to advance the reach and positive impact of ERC Pathlight in the years ahead.”

Pavithra Mahesh, Principal at Apax, added: “ERC Pathlight has a sterling clinical reputation coupled with a focus on putting patients first. We believe all patients and families deserve access to the high-quality care ERC Pathlight provides. We are proud to partner with the management team and the front-line staff to expand access to care by growing both the company’s physical footprint as well as investing in dedicated virtual care capabilities.”

Andrew Adams, Co-Founder and Managing Partner of Oak HC/FT said: “Oak HC/FT has backed a number of market leading providers and has supported their transition to hybrid and digital means of care delivery. Oak HC/FT believes that ERC, with its prestigious position in eating disorder treatment, is ideally positioned to expand its virtual presence. We are thrilled to be supporting Rebecca and her team on ERC’s journey to reach patients nationally.”

Greg Brenneman, Executive Chairman of CCMP Capital, added: “CCMP has been privileged to partner with Dr. Ken Weiner and Rebecca Steinfort in expanding ERC Pathlight’s best-in-class clinical care and preparing the Company for its next phase of growth. We wish continued success to ERC Pathlight, Apax, and Oak HC/FT as they build on the Company’s strong foundation.”

The transaction is subject to applicable regulatory approvals and is expected to close in late 2021. Financial terms were not disclosed.

Apax was advised by Simpson Thacher (legal advisers) and PWC (financial and tax advisers). Oak HC/FT was advised by Finn Dixon & Herling LLP (legal advisers). ERC was advised by Moelis & Company (lead financial adviser) and Jefferies (co-adviser), Ropes & Gray (legal advisers), and Alvarez & Marsal (accounting and tax transaction advisers).

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Intech Announces Strategic Alliance with Montagu

Montagu

Intech Announces Strategic Alliance with Montagu

New partnership with Montagu to expand Intech services, improve operational efficiency, and accelerate time-to-market.

Intech, the market leader in contract manufacturing of orthopedic medical devices, today announces the closing with Montagu, a private equity firm specializing in partnering with businesses that make the world work. This new partnership will further enhance the momentum that Intech has generated in the past decade, to reinforce their position as a world leader in orthopedics.

 

Orthopedic contract manufacturing organizations across the globe are currently facing supply chain challenges, capacity constraints, and operational efficiency. The combination of Montagu’s extensive experience in the healthcare and technology space, with Intech’s unmatched expertise at manufacturing medical devices aims to alleviate these challenges by expanding capacity, optimizing workflows, and pursuing strategic growth opportunities.

 

The new partnership was finalized after negotiations between Eurazeo PME and Montagu management. The Montagu team is excited to partner with Intech to achieve its mission of solving the most complex engineering challenges in the orthopedics industry, while positively impacting lives.

 

For more than 20 years Intech has been leading the way in the manufacturing of orthopedic instruments and implants, cases and trays, and silicone handles. With unique manufacturing capabilities and a strong international presence, Intech is determined to reach new heights in the industry, offering customers increased agility and responsiveness, all whilst maintaining its best-in-class customer experience. As such, with Montagu’s support, Intech is poised to push the boundaries of orthopedics and elevate the quality of medical devices and services offered to its clients.

 

For more information on our new partnership and plans for growth, call us or visit https://intech-medical.com/

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Mable secures $100 million General Atlantic partnership to elevate platform offering

 

September 12, 2021

Profit-for-purpose health technology company, Mable, has secured a $100 million equity investment from global growth investor, General Atlantic to accelerate the growth of Mable’s safeguarded online platform and drive a highly tailored customer experience underpinned by consumer choice and control.

Mr. Peter Scutt, Co-founder and CEO of Mable, commented “Aged care at home and disability support services are fundamentally about human relationships. No one individual has the same needs or preferences. Our strong growth since inception demonstrates we are responding to people’s desire for choice and control over their care and support.”

Mr. Scutt said Mable operates in sectors facing significant challenges including workforce shortages, increasing demand for services and funding, and higher expectations regarding quality and safeguards as well as increasingly diverse needs from clients.

“The answer to these challenges is not the cookie-cutter approach often taken by large traditional providers. A rotating roster of support workers disrupts the continuity of care and reduces the chance of genuine connections forming between the support provider and the client,” Mr. Scutt continued.

“New thinking is needed to solve the challenges facing the aged care and disability support sectors. Our platform enables enhanced safeguards which support choice and control, while opening up the sector for small business providers who are thriving.

“Facilitating the entry of small business providers, including sole traders, is a win-win for people seeking flexible, high quality and affordable support – as well as an opportunity for small businesses to engage in one of the fastest growing sectors of the Australian economy.”

Mr. Sandeep Naik, Managing Director and Head of India and Southeast Asia, General Atlantic, commented, “We believe Mable is transforming aged care and disability support and will make a difference to communities across Australia. Mable sits at a critical intersection of a number of exciting digital trends across healthcare and technology, which are empowering consumers to take more control over their care.”

“Mable’s model is powerful, creating an ecosystem with strong safeguards that can enhance the quality of care, while also leveraging technology to bring down the overall costs of care in the system, allowing Mable consumers to better pursue their goal of independent living. Mable’s growth over the past few years is testament to its value proposition and seasoned management team.”

“General Atlantic brings deep strategic and operational value to Mable due to their understanding of our business, philanthropic roots and a shared vision of building a more inclusive society through leveraging technology,” Mr. Scutt said.

“Its investment is a significant vote of confidence in our transformative model, the improved outcomes we are enabling and the team we have assembled at Mable.”

General Atlantic will acquire a minority stake in Mable. The deal has Foreign Investment Review Board approval and follows a $15 million round led by Ellerston JAADE Fund in 2019.

About Mable

Mable offers an alternative to the traditional aged care and disability services model, giving older Australians and people with disabilities more choice, control and flexibility to shape the care and support they receive in their own home and community. It’s also facilitating small businesses, including sole traders, entering the care and support sector, areas where there is significant growth in demand from an ageing population and existing workforce shortages. The model has facilitated more than seven million hours of support to date and has around 11,000 approved and active small businesses offering services. For more information or to sign-up to the platform, visit: www.mable.com.au.

About General Atlantic

General Atlantic is a leading global growth equity firm with more than four decades of experience providing capital and strategic support for over 400 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic currently has over $65 billion in assets under management as of March 31, 2021 and more than 175 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, Singapore and Stamford. For more information on General Atlantic, please visit the website: www.generalatlantic.com.

Media Contacts

Mary Armstrong & Emily Japlon
General Atlantic media@generalatlantic.com

Lachlan McKenzie
Mable 0419 255 761 media@mable.com.au

 

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Stellar Health Raises Over $60 Million in Series B Funding Round Led by General Atlantic

Company plans to accelerate growth of team and support expansion into new and existing markets

September 28, 2021

Stellar Health (“Stellar”), a leading healthcare technology company, today announced that it has raised over $60 million in Series B funding. The funding round was led by General Atlantic, a leading global growth equity firm, with participation from Point72 Ventures and Primary Venture Partners, who led Stellar’s Series A financing in 2020. New investors also include Mike Pykosz and Geoff Price, two of the co-founders of Oak Street Health, a leading network of value-based primary care centers for adults on Medicare. With the additional capital and resources provided by this new round of funding, the Company plans to focus on growing and investing in its team, as well as advancing product development, engineering, and operations initiatives, all to support the expansion of its differentiated services to new and existing markets.

“The healthcare landscape is experiencing a seismic shift towards favoring systems that motivate and allow providers to focus on what matters most – patients,” said Michael Meng, Co-Founder and CEO of Stellar Health. “Stellar’s partnership with General Atlantic aims to further accelerate our growth trajectory to expand both internally and externally, and to address workflow evolution. It will also support our efforts to activate practice staff by solving economic barriers that exist in the shift to value-based care. We will continue to evolve our product in ways that will improve the healthcare experience for providers and patients alike.”

Founded in 2018 by leaders in the healthcare and technology spaces, Stellar empowers providers to deliver high-quality, value-based care through their innovative, cloud-native point-of-care platform. By integrating patient data, tracking provider workflows, and pushing meaningful, actionable insights directly to providers and practice staff, the Stellar platform helps primary care providers achieve value-based care outcomes for their patients. A significant example of the platform in use comes from a primary care physician who had a scheduled annual wellness visit with a 77-year-old male patient in the Fall of 2020. The patient came in with no indication of any cardiovascular or stroke risk and the physician was unaware of a diagnosis of stroke from six years prior. Using the Stellar platform, with its advanced system of analytics and identification, the primary care physician was informed of the patient’s heightened risk and had the right incentives to offer meaningful care at a critical time, placing the patient on secondary prevention treatments. This intervention, with the right behavioral economics, changed the patient’s trajectory forever. Stellar simplifies value-based care effectively by engaging and incentivizing providers to take actions that reduce inefficient medical utilization, improve documentation accuracy, advance the quality of care delivered, and in turn compensate providers for each action in real time.

“Stellar Health has developed an intuitive, modern, and behavior-focused platform that enables a broad continuum of providers to advance patient outcomes,” said Robbert Vorhoff, Managing Director and Global Head of Healthcare at General Atlantic. “In just three years, Stellar Health has established itself as a leading player in the field, delivering significant value to its clients and provider network. As long-standing advocates for the shift to value-based care, we are excited to partner with the Stellar Health team in further developing its platform.”

“Stellar’s technology platform uses data to make recommendations and incentivize provider decisions,” said Sri Chandrasekar, Partner at Point72 Ventures. “We believe this unique data-driven approach will compound the impact on patient outcomes over time. We’re excited to continue to support Michael and his team as they grow their business.”

Since the beginning of 2020, the Company has increased its robust payor and provider network, with more than 60 collaborations across 20 states, managing more than 375,000 patients in total. With this capital raise, Stellar expects to continue expanding into new markets, as well as grow its team to support product development, engineering, and operations. In 2021 alone, Stellar has tripled in size to over 90 employees and plans to double the size of its team within the next year. Stellar Health has also seen strong performance improvement and high user engagement with its modern platform, including a weekly active rate of greater than 80%, medical expense ratio improvement of greater than 15%, and improvement of Medicare Advantage Star ratings of greater than one full Star.

Today, more than a third of reimbursement contracts are value-based[1], a trend that continues upward every year, and more than half of all providers are now participating in at least one accountable care organization (ACO) type program. While the industry has successfully transitioned providers into value-based arrangements (VBAs), provider engagement and performance has lagged as providers struggle to see tangible reward from shifting their focus towards providing high quality, value-based care.

Stellar rewards providers for the time it takes to complete value-based work that generates a strong ROI for health plans or risk-bearing organizations, leading to higher quality and more affordable care for patients. “Traditional fee-for-service healthcare has not historically equipped primary care providers with the right tools and framework to help their patients achieve the highest quality care and best health outcomes,” said Mike Pykosz, CEO of Oak Street Health. “Stellar Health’s innovative platform combines proven value-based care knowledge with simple, meaningful actions to bring value-based care to broad groups of patients, including those on Medicare, Medicaid, and individual or commercial health plans.”

About Stellar Health

Stellar Health (“Stellar”) is a healthcare technology company focused on enabling success across the value-based care (“VBC”) continuum by bridging the incentive gap between providers and payors. The Stellar solution is the first point-of-care, cloud-based platform that helps primary care providers continually engage with their patients by providing them real-time information and tangible action-based incentives for improving quality of care. With Stellar, providers can achieve a range of VBC goals, like improving quality scores and optimizing the patient care journey through transitions of care and high-value referrals, all with the objective of improving patient health. For more information on Stellar Health, visit www.stellar.health.

About General Atlantic

General Atlantic is a leading global growth equity firm with more than four decades of experience providing capital and strategic support for over 400 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic currently has over $78 billion in assets under management inclusive of all products as of June 30, 2021 and more than 175 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, Singapore and Stamford. For more information on General Atlantic, please visit the website: www.generalatlantic.com.

[1] http://hcp-lan.org/workproducts/2018-APM-Progress-Press-Release.pdf

Media Contacts

Mary Armstrong & Emily Japlon
General Atlantic media@generalatlantic.com

Genevieve Pasculli
Stellar Health genevieve.pasculli@stellar.health

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Linden Invests in Formulated Solutions

Linden

Chicago, IL (September 28, 2021) – Linden Capital Partners (“Linden”), a Chicago-based healthcare private equity firm, announced today that it has invested in Formulated Solutions, LLC (“Formulated Solutions” or the “Company”) alongside current shareholders, the founding Dann Family and HealthEdge Investment Partners. Headquartered in Largo, FL, Formulated Solutions provides contract development and manufacturing services for over-the-counter (“OTC”) and prescription (“Rx”) healthcare products, with a focus on complex topical and nasal formulations in semi-solid, aerosol, and liquid formats.

Eric Dann, Founder and CEO of Formulated Solutions, stated “We are proud of the team, our culture of innovation, and the Marketing Partner-centric business model we have built at Formulated Solutions. We are excited to partner with Linden to further invest in growth and expand the capabilities we can provide to our customers. We chose Linden because of their partnership orientation, growth mindset, and differentiation in healthcare-related contract manufacturing. They have the experience, relationships, and resources to support our shared value creation plan.”

Steven Klosk, Operating Advisor at Linden and incoming Chairman of Formulated Solutions, said, “We commend Eric Dann and the entire management team at Formulated Solutions for building a truly extraordinary CDMO. Formulated Solutions has developed a differentiated model for driving innovation in complex formulations that aligns well with the needs of the consumer healthcare and pharmaceutical market. I look forward to working with Eric and Linden to execute on our long-term vision.”

Piyush Shukla, a Partner at Linden and incoming board member at Formulated Solutions, added “Our investment in Formulated Solutions represents a successful outcome of Linden’s dedicated sector effort across the pharmaceutical supply chain. We are excited to partner with Eric Dann and support the Company’s long-term growth in the OTC and Rx segments.”

Linden’s Brian Miller and Jonathan Skekloff, together with Linden Operating Advisor, Marshall Crew, have also joined the Board of Formulated Solutions. Linden Operating Partner Ron Fugate served as an advisor on the transaction.

Kirkland & Ellis LLP served as legal advisor to Linden. Robert W. Baird & Co. served as exclusive financial advisor and Macfarlane Ferguson & McMullen and Hill Ward Henderson as legal advisors to Formulated Solutions. Twin Brook Capital Partners provided debt financing for the transaction.

About Formulated Solutions
Founded in 1999, Formulated Solutions has long been known as one of the most innovative contract manufacturing and formulation development companies (CDMO) in North America. With over 650 million units of annualized production capacity, Formulated Solutions exists to enhance consumer healthcare products through creativity and invention, delivering our Marketing Partners unmatched formulations, innovative packaging, and cost-effective reliable supply of semisolids, aerosols, and Bag on Valve products. With partnerships with seven of the world’s top 12 Consumer Healthcare companies, the regulated products we’ve developed and the brands we support cover a global footprint of more than 45 countries, supported by numerous regulatory body registrations, including FDA, ANVISA, EMA, Health Canada, TGA, Korean Ministry of Food and Drug Safety, UL, ISO and more.

About Linden Capital Partners
Linden Capital Partners is a Chicago-based private equity firm focused exclusively on the healthcare industry. Founded in 2004, Linden is one of the country’s largest dedicated healthcare private equity firms. Linden’s strategy is based upon three elements: (i) healthcare specialization, (ii) integrated private equity and operating experience, and (iii) its differentiated human capital program. Linden invests in middle market platforms in the medical products, specialty distribution, pharmaceutical, and services segments of healthcare. Since its founding, Linden has invested more than $2.5 billion in healthcare companies. For more information, please visit www.lindenllc.com.

About HealthEdge Investment Partners
HealthEdge Investment Partners, LLC is an operating-oriented private equity firm founded in 2005 that focuses exclusively on the healthcare industry. HealthEdge seeks to achieve superior returns by investing in businesses that benefit from the knowledge, experience, and network of relationships of its partners. HealthEdge’s partners have more than 100 years of combined operating experience in healthcare as CEOs and investors. For more information on HealthEdge, please visit www.healthedgepartners.com.

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Linden Structured Capital Invests Alongside Audax in GCX

Linden

Chicago, IL (September 27, 2021) – Linden Structured Capital Fund (“Linden SCF”), the junior capital fund of Linden Capital Partners, a Chicago-based private equity fund focused exclusively on the healthcare sector, recently completed an investment in GCX Mounting Solutions (“GCX” or the “Company”). The investment supported Audax Private Equity’s strategic partnership with the Company.

“We are excited to be aligned with an industry leader in GCX as well as Audax, who has a long history of partnerships with middle market healthcare companies,” said Scott Gallin, Linden SCF Partner. “This investment is a great addition to our portfolio, and we look forward to contributing as GCX strives toward continued growth and success.”

About GCX
GCX was founded in 1971. Today, 50 years later, GCX has grown into a leading global designer and manufacturer of healthcare-focused mounting and mobility solutions with offices in North America, Europe, Japan, and Taiwan. GCX’s products are engineered for reliability and quality, and include wall mounts, roll stands, carts, and a variety of mounting accessories. GCX partners with medical device OEMs and hospitals to create products that enable caregivers to deliver the highest quality of patient care.

About Linden Capital Partners
Linden Capital Partners is a Chicago-based private equity firm focused exclusively on the healthcare industry. Founded in 2004, Linden is one of the country’s largest dedicated healthcare private equity firms. Linden’s strategy is based upon three elements: (i) healthcare specialization, (ii) integrated private equity and operating experience, and (iii) its differentiated human capital program. Linden invests in middle market platforms in the medical products, specialty distribution, pharmaceutical, and services segments of healthcare. Since its founding, Linden has invested more than $2.5 billion in healthcare companies. For more information, please visit www.lindenllc.com.

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Audax Private Equity Acquires GCX Mounting Solutions

Audax Group

Audax Private Equity (“Audax”) and GCX Mounting Solutions today announced the formation of a strategic partnership under which Audax acquired a majority stake in GCX. Terms of the transaction were not disclosed.

Based in Petaluma, CA, GCX is the global leader in the design and manufacturing of healthcare-focused, mission-critical equipment mounting and mobility solutions, including branded-arms, mounts, and roll stands. Products are engineered for reliability and quality and sold to medical device OEMs and directly to hospitals. GCX has a 50-year history of organic growth and 330-plus employees worldwide, with offices in North America, Europe, Japan, and Taiwan.

“We are very excited to be part of the Audax family and look forward to benefiting from their established history within the healthcare and medical device sector,” said Del France, Chief Executive Officer of GCX. “The Audax model is a great fit for GCX. Our customers, suppliers, and employees stand to benefit greatly from this partnership. This enables the next stage of growth for the organization through investment in customers, products, channel, and merger & acquisition opportunities, all while retaining our core values and commitment to quality, service, and innovation.”

“GCX is a longstanding leader in the healthcare-focused mounting and mobility solutions market, celebrating 50-plus years of success underpinned by commitment to quality, service, and innovation,” said David Wong, Managing Director of Audax.

“We have acquired a set of products and capabilities that are best in breed, and an organization with an exceptional culture. We believe that GCX is well positioned to execute on organic growth opportunities and complete strategic acquisitions, and we look forward to partnering with Del and the team as GCX enters is next phase of growth,” said Young Lee, Managing Director of Audax.

William Blair & Company acted as financial advisor and Orrick, Herrington & Sutcliffe served as legal counsel to GCX. Ropes & Gray, LLP served as legal counsel, and Robert W. Baird & Co. and Stifel served as advisors to Audax.

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Kinnevik Invests USD 100 Million in Spring Health, a Leading Global Mental Health Solution

Kinnevik

Kinnevik AB (publ) (“Kinnevik”) today announced that it is investing USD 100m in Spring Health, a leading global mental health solution.

Spring Health helps employers modernise their behavioral health benefits with the most comprehensive solution for employee mental well-being. The company was founded by April Koh and Dr Adam Chekroud in New York with the vision to build a world where guessing has no place in mental healthcare. All too often, patients must undergo a trial-and-error approach to finding effective and efficient mental healthcare. Spring Health is building the data infrastructure to make more precise decisions when it comes to provider matching and the creation of personalized care plans. Recent data has revealed that this approach delivers best-in-class outcomes in half the time as others in the industry. Spring Health provides a single point of contact for any type of support — from digital exercises to employee assistance program (EAP) services, to coaching, therapy, or medication — leading to faster outcomes, higher engagement, and healthier, happier employees and their families. Today, Spring Health serves over 150 companies, from start-ups to multinational Fortune 500 corporations.

Georgi Ganev, CEO of Kinnevik commented: “We are incredibly excited to support Spring Health and its founders April and Adam in this next chapter. We believe Spring Health’s distinct and innovative approach to mental healthcare will set a new standard in the space and establish the company as a long-term market leader. The investment builds on our continued momentum in US and global healthcare innovation.”

Kinnevik led the USD 190m round with an investment of USD 100m for a 5 percent stake joined by new investor The Guardian Life Insurance Company of America (Guardian Life) and along with existing investors including Tiger Global and Northzone. Spring Health’s total capital raised is to date is USD 300 million. The latest round brings the company’s valuation to USD 2 billion, on the heels of approximately 6x revenue growth over the past year.

For further information, visit www.kinnevik.com or contact:

Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50
Email press@kinnevik.com

Kinnevik’s ambition is to be Europe’s leading listed growth investor, and we back the best digital companies for a reimagined everyday and to deliver significant returns. We understand complex and fast-changing consumer behaviours, and have a strong and expanding portfolio in healthtech, consumer services, foodtech and fintech. As a long-term investor, we strongly believe that investing in sustainable business models and diverse teams will bring the greatest returns for shareholders. We back our companies at every stage of their journey and invest in Europe, with a focus on the Nordics, and in the US. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.

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