Tag Archives: healthcare

Ampersand Completes Growth Equity Investment in N2 Biomedical

Bedford, MA – June 18, 2019 – N2 Biomedical, a leading provider of coating and surface treatment solutions to the medical device industry, announced today the majority recapitalization of the company by Ampersand Capital Partners. As part of the transaction N2 also announced the appointment of Randall Sword, an executive with 30 years of experience in the medical device sector, as President and CEO. Mr. Sword has served in executive leadership positions at multiple leading medical device manufacturing companies, including as CEO of AdvancedCath.

Since its founding in 2013, N2 has processed millions of medical devices utilized in orthopedic, cardiovascular, and other procedures. The company’s proprietary processes are utilized in a variety of critical settings to improve material characteristics including lubricity, infection resistance, biocompatibility and tissue integration, and wear and corrosion resistance.

Mr. Sword commented, “I am very pleased to join a company with such unique technologies and a history of developing innovative coating and surface modification solutions for the medical device industry. With the support of an experienced and successful medical device investor in Ampersand, we look forward to further enhancing the high level of service and innovation customers have come to expect from N2.”

Trevor Wahlbrink, a Partner at Ampersand added, “N2 is an excellent fit with Ampersand’s investment strategy in the medical device industry, in which we target industry leaders with differentiated manufacturing technologies that address the critical needs of patients and global medical device OEMs. We are very excited to partner with Randall and the rest of the N2 management team to continue the company’s growth trajectory and support the expansion of N2’s service offering in this rapidly evolving industry.”

N2 co-founders Mark Little and Eric Tobin remain shareholders in the company. Mr. Little will remain on the Board of Directors, and Mr. Tobin will remain in his current position as the company’s Chief Operating Officer.

About N2 Biomedical

Established in 2013, N2 provides coating and surface treatment development and application services for implantable and other medical devices utilized in orthopedic, cardiovascular, and other healthcare end-markets. N2 is ISO-13485 certified, FDA GMP-compliant, and operates in a 30,000 square foot facility with laboratory, manufacturing, and cleanroom space to service all customer and regulatory requirements. The company leverages its proprietary processes and equipment to provide customized solutions that enhance the characteristics of various materials in critical applications, including lubricity, infection resistance, biocompatibility and tissue integration, and wear and corrosion resistance. Additional information about N2 Biomedical is available at N2bio.com.

About Ampersand Capital Partners

Founded in 1988, Ampersand is a middle market private equity firm dedicated to growth-oriented investments in the healthcare sector. With offices in Boston, MA and Amsterdam, Netherlands, Ampersand leverages a unique blend of private equity and operating experience to build value and drive superior long-term performance alongside its portfolio company management teams. Ampersand has helped build numerous market-leading companies across each of its core healthcare sectors, including Avista Pharma Solutions, Brammer Bio, Confluent Medical, Genewiz, Genoptix, Talecris Biotherapeutics, and Viracor-IBT Laboratories. Additional information about Ampersand is available at ampersandcapital.com.

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Bure has acquired shares in Mentice AB

Bure

2019-06-18 13:00

Bure Equity AB (publ) (“Bure”) has, in connection with the IPO of Mentice AB (“Ovzon”), acquired 2,448,000 shares corresponding to 10.1 percent of the total number of shares and votes in the company for SEK 120 million. Mentice was listed today, 18 June 2019, on Nasdaq First North Premier Stockholm.

Bure Equity AB (publ)


For more information contact:

Henrik Blomquist, CEO
Tel. +46 (0)8-614 00 20

The information was submitted for publication at 13:00 CET on 18 June 2019.

 

 

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Nordic Capital builds on its existing Healthcare sector track record with further expansion into US market

Nordic Capital

and announces latest investment in US-based provider of life sciences software

The Advisor to the Nordic Capital Funds announces its further expansion into the US, building on Nordic Capital’s reputation as a leading investor in global healthcare and already established track record in the US market. After ten years of Nordic Capital successfully investing in the US healthcare space, the Advisor to the Nordic Capital Funds will open new offices in New York during the Autumn of 2019. The initiative is led by Dr Raj Shah M.D, Partner and Co-Head of Healthcare. Thomas Vetander, Partner and an experienced member of the Healthcare team will relocate from Stockholm to New York later this year.

Nordic Capital is one of the most active and experienced investors in healthcare globally and enjoys a long track-record of investing in US-based healthcare companies and building industry leaders. Since inception in 1989, Nordic Capital has invested over EUR 5.4 billion in healthcare companies, of which c. EUR 1.4 billion has been invested into US-based healthcare companies.

Dr Raj Shah M.D, Partner at the Advisor to the Nordic Capital Funds, said: “The US is a key global market for healthcare companies and offers opportunities that are consistent with Nordic Capital’s healthcare investment strategy for both new investments as well as existing portfolio companies. Nordic Capital has been investing in the US healthcare market for many years and establishing an advisory office in the US for healthcare is a natural evolution. We look forward to building on Nordic Capital’s thirty-year track record in global healthcare investment.”

Thomas Vetander, Partner at the Advisor to the Nordic Capital Funds, added: “Nordic Capital favours segments that are well placed to achieve long term growth driven by favourable sector trends such as changing population demographics, continued technological and scientific innovation, and public and private cost pressures. Nordic Capital looks to partner with businesses where it can bring a powerful combination of capital and strong operational skills to accelerate growth and support positive transformative change.”

Nordic Capital Fund IX’s latest investment is US-based ArisGlobal, a leading global provider of life sciences software that is transforming the way today’s most successful life sciences companies develop medical breakthroughs and bring new drugs to market. In January 2019 Nordic Capital Fund IX acquired Orchid Orthopedic Solutions, a world leader in design and manufacture of orthopaedic implants based in Holt, Michigan. Another US based portfolio company is ERT, a Nordic Capital Fund VIII investment, which is a Pennsylvania-based data and technology company offering solutions to minimise risk and uncertainty for its customers’ clinical trials.

To date, Nordic Capital has invested a total of EUR 14 billion, of which approx. 40% has been deployed in healthcare globally.

Footnote: “Nordic Capital” or the “Nordic Capital Funds” refers to any, or all, Nordic Capital branded or associated funds or investment vehicles and their respective management entities. Nordic Capital is advised by its exclusive advisors, the NC Advisory entities and the Nordic Capital Investment Advisory entities, any or all of which is referred to as the Advisor to the Nordic Capital Funds.

Media contacts:

Nordic Capital

Katarina Janerud, Communications Manager
Advisor to the Nordic Capital Funds
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com


About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a proven track record. Core sectors are Healthcare, Technology & Payments, Financial Services and in addition, Industrial Goods & Services and Consumer. Key regions are the Nordics, Northern Europe and globally for Healthcare. Since inception in 1989, Nordic Capital has invested EUR 14 billion in over 100 investments. The most recent fund is Nordic Capital Fund IX with EUR 4.3 billion in committed capital, principally provided by international institutional investors such as pension funds. The Nordic Capital Funds and vehicles are based in Jersey. They are advised by several advisory entities, which are based in Sweden, Denmark, Finland, Norway, Germany, the UK and the US, any or all of which is referred to as the Advisor to the Nordic Capital Funds. For further information about Nordic Capital, please visit www.nordiccapital.com

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Nordic Capital acquires ArisGlobal, a leading global provider of life sciences software

Nordic Capital

  • As a leading healthcare and technology investor, Nordic Capital will further support and accelerate ArisGlobal’s growth

Nordic Capital Fund IX today announced an agreement to acquire US-headquartered ArisGlobal, a leading global provider of innovative SaaS software solutions, which are transforming the way the most successful life sciences companies handle drug safety, clinical development, regulatory compliance, and medical affairs. Drawing on its deep understanding of both the healthcare and technology sectors, Nordic Capital will support ArisGlobal’s continued development. The founders of ArisGlobal will remain as minority shareholders.   

ArisGlobal is a visionary technology company that has successfully developed a next-generation platform that uses advanced cognitive computing and machine learning to automate all core functions of drug safety, regulatory compliance and medical affairs. Currently, more than 200 life sciences companies such as AstraZeneca, NovoNordisk, Merck and Novartis, CROs and government health authorities, as well as 40 of the top 50 global biopharmaceutical companies, rely on ArisGlobal’s solutions. Benefiting from deep expertise, longstanding customer relationships and a 30-year track record, ArisGlobal assists clients in maintaining regulatory compliance, managing and mitigating risk, and improving operational efficiency.

ArisGlobal is headquartered in Miami, FL, USA, with regional offices in Europe, India, Japan and China. It has 1,200 employees globally and c. USD 100 million of annual revenues. In recent years, ArisGlobal has invested in transforming its traditional on-premise offering to a hosted solution sold through a SaaS model.

“This transaction is representative of our rapid growth in the global life sciences industry, which is further proven by the adoption of our LifeSphere platform by the U.S. FDA. We look forward to partnering with Nordic Capital to leverage our common vision, values and combined talents to offer the most innovative technology platform to the life science industry. Nordic Capital has extensive experience in the pharma IT market from previous investments, and a proven track-record building strong teams which can further accelerate ArisGlobal’s growth. Nordic Capital also has a long track-record of partnerships with founding families and is well positioned to support our continued growth over the years to come,” says Deepak Abbhi, Founder and Chairman of the Board of ArisGlobal.

“We are now embarking on a new chapter that will accelerate our ability to achieve our mission. Our unwavering focus on our customers’ needs will continue to be the core of who we are as a company. It drives the development of our LifeSphere platform. It fuels our passion for becoming the premier innovative technology company in the world. We share a closely aligned vision with Nordic Capital for the future of the industry and this partnership gives us immediate access to deep resources and expert guidance that will help us in our journey. I am more excited than ever about the future,” says Sankesh Abbhi, President and CEO of ArisGlobal.

“This investment lies at the heart of Nordic Capital’s investment strategy as a leading healthcare and technology investor. We have followed the pharmacovigilance market closely for several years and know the industry well. ArisGlobal has a top-quality management team and its success is based on its commitment to develop leading and innovative cloud-based software that help organisations maintain regulatory compliance, manage and mitigate risk, and improve operational efficiency. ArisGlobal’s SaaS native software is becoming the preferred choice for life sciences companies because it enables them to quickly implement cost-effective solutions for drug safety reporting, regulatory compliance, and medical affairs,” says Daniel Berglund, Principal at the Advisor to the Nordic Capital Funds.

“The US is a key global market for healthcare companies and offers opportunities that are consistent with Nordic Capital’s investment strategy. ArisGlobal is a company that fits well within the portfolio and is well placed to achieve long term growth driven by favourable sector trends such as continued technological and scientific innovation, serving an attractive innovation driven customer base. We look forward to partnering with ArisGlobal where Nordic Capital can deploy its unique combination of capital and strong operational skills to accelerate growth and support positive transformative change.” says Dr Raj Shah, Partner, Co-Head of Healthcare at the Advisor to the Nordic Capital Funds.

The parties have agreed to not disclose any financial details. The transaction is subject to customary regulatory approvals.

Since inception in 1989, Nordic Capital has made 28 healthcare platform investments across Europe and North America and an additional 14 investments in the Technology & Payments sector, supporting active value creation agendas to build industry winners. Previous investments in the US include ERT, a leading provider of high-quality patient safety and efficacy endpoint data collection solutions for use in clinical drug development, and Orchid Orthopedics Solutions, a leader in the design and manufacture of implants to the global orthopaedic market.

The investment in ArisGlobal coincides with the Advisor to the Nordic Capital Funds expanding into the US, where it will open a permanent office in New York during the Autumnof 2019, building on Nordic Capital’s reputation as a leading investor in global healthcare and already established track record in the US market.

Footnote: “Nordic Capital” or “Nordic Capital Funds” refers to any, or all, Nordic Capital branded or associated funds or investments vehicles and their associated management entities. Nordic Capital is advised by its exclusive advisors, the NC Advisory entities and the Nordic Capital Investment Advisory entities, any or all of which is referred to as the Advisor to the Nordic Capital Funds.

 

Press contacts:

Nordic Capital
Katarina Janerud, Communications Manager,
The Advisor to the Nordic Capital Funds
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

 

ArisGlobal

Sam Stein, VP, Marketing & Commercial Strategy
Tel: +1-786-814-0365
e-mail: sstein@arisglobal.com


About ArisGlobal

ArisGlobal is a visionary technology company that’s transforming the way today’s most successful life sciences companies develop breakthroughs and bring new products to market. ArisGlobal’s LifeSphere® drug development platform integrates cognitive computing technologies to automate the core functions of the product lifecycle. Designed with deep expertise and a long-term perspective that spans more than 30 years, the LifeSphere platform delivers actionable insights, boosts efficiency, ensures compliance, and lowers total cost of ownership through a multi-tenant SaaS model. ArisGlobal is headquartered in Miami, Florida, USA, with regional offices in Europe, India, Japan and China.  For more information about ArisGlobal, please visit www.arisglobal.com

 

About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a proven track record. Core sectors are Healthcare, Technology & Payments, Financial Services and in addition, Industrial Goods & Services and Consumer. Key regions are the Nordics, Northern Europe and globally for Healthcare. Since inception in 1989, Nordic Capital has invested EUR 14 billion in over 100 investments. The most recent fund is Nordic Capital Fund IX with EUR 4.3 billion in committed capital, principally provided by international institutional investors such as pension funds. The Nordic Capital Funds and vehicles are based in Jersey. They are advised by several advisory entities, which are based in Sweden, Denmark, Finland, Norway, Germany, the UK and the US, any or all of which are referred to as the Advisor to the Nordic Capital Funds. For further information about Nordic Capital, please visit www.nordiccapital.com

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EQT to sell Press Ganey

eqt

  • EQT VII to sell Press Ganey, a leading provider of safety, quality, patient experience and workforce engagement solutions for healthcare organizations in the US, to a consortium of funds managed by affiliates of Ares Management Corporation, Leonard Green & Partners, and other co-investors
  • During EQT’s ownership, Press Ganey has enhanced its position as the key thought leader and partner to US healthcare organizations in helping them transform care and achieve improved financial, operational and clinical performance
  • The sale of Press Ganey marks the first portfolio company exit by EQT’s US Private Equity strategy

The EQT VII fund (“EQT” or “EQT VII”) has entered into an agreement to sell Press Ganey (“the Company”) to a consortium of funds managed by Leonard Green & Partners, L.P. (“LGP”), affiliates of Ares Management Corporation (NYSE: ARES), and other co-investors.

Press Ganey is a leading provider of safety, quality, patient experience and workforce engagement solutions for healthcare organizations in the US. The Company serves over 41,000 healthcare facilities, more than 75% of US acute care hospitals and over 2,500 outpatient facilities. EQT VII acquired Press Ganey in a public-to-private transaction in 2016, marking EQT VII’s first direct investment in North America.

Together with the management team, EQT has supported Press Ganey in its journey to transform healthcare through measurement, integrated analytics, and advisory services. During EQT’s ownership, Press Ganey grew revenue organically and completed multiple strategic acquisitions, strengthening Press Ganey’s position in the US healthcare market. With EQT’s support, Press Ganey introduced its integrated suite of transformational solutions and developed PGO 2.0, the Company’s next generation digital platform, enabling cross domain analytics across the continuum of care.

Pat Ryan, Executive Chairman of Press Ganey, said: “The team at Press Ganey has been fortunate to have a fantastic partnership with EQT, and they have played a critical role in our success. We will always be appreciative of their vision, insight and friendship. We look forward to working with our new partners at Ares and LGP as we continue on our successful growth journey and further our mission to reduce patient suffering.”

Eric Liu, Partner at EQT Partners and Investment Advisor to EQT VII, said: “Press Ganey plays an integral role in the US healthcare system and we have been proud to support its mission of delivering safe, high quality care for patients, and supporting the caregivers that serve them. It has been a pleasure to partner with the management team, which has done a fantastic job in continuing to advance thought leadership and product innovation across the industry.”

The transaction is subject to customary approvals and is expected to close in the third quarter of 2019.

Barclays and Goldman Sachs acted as joint financial advisors and Simpson Thacher & Bartlett acted as legal advisor to EQT and Press Ganey.

Contact
Eric Liu, Partner at EQT Partners, Investment Advisor to EQT VII, +1 917 281 0850
US inquiries: Stephanie Greengarten, +1 646 687 6810, stephanie.greengarten@eqtpartners.com
International inquiries: EQT Press Office, +46 8 506 55 334, press@eqtpartners.com

About EQT
EQT is a leading investment firm with more than EUR 61 billion in raised capital across 29 funds and around EUR 40 billion in assets under management. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 21 billion and approximately 127,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtpartners.com

About Press Ganey
Recognized as a leader in performance improvement for nearly 30 years, Press Ganey partners with more than 41,000 healthcare facilities worldwide to create and sustain high-performing organizations, and, ultimately, improve the overall healthcare experience. The company offers a comprehensive portfolio of solutions to help clients operate efficiently, improve quality, increase market share and optimize reimbursement. Press Ganey works with clients from across the continuum of care – hospitals, medical practices, home care agencies and other providers.

More info: www.pressganey.com

 

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NEOMED-LABS / Pacific Biomarkers Strengthens its Immunology Franchise by Acquiring PAIRimmune

LAVAL, QC, June 6, 2019 – The recently merged NEOMED-LABS / Pacific Biomarkers (NLPBI), a leading immunology centric service provider specialized in assay development and clinical laboratory testing for vaccines and soluble large molecules, announced today the acquisition of PAIRimmune, a non-GLP preclinical immunology service provider based in Laval, Quebec.

With over 20 years of legacy in assay development, immunogenicity and efficacy predictive in vitro and in vivo models, PAIRimmune’s CEO Danielle Poirier and her team have a solid reputation for outstanding science within the community. Since 2015, they have been a CRO partner to small Biotech, academic groups and the most prestigious vaccine and large molecule Pharma companies.

“As a science-driven organization, nothing makes us happier than seeing talented scientists joining forces with us. This acquisition strengthens our ligand binding and neutralization assays R&D capabilities, and this is a determinant growth engine for each of our biomarkers, bioanalytical and vaccine divisions. PAIRimmune also increases our capacity and capabilities in flow cytometry and places us in a situation to answer positively to requests with either an in vivo, ex-vivo or immunohistology component. A perfect match!” said Dr Benoit Bouche, NLPBI President and Chief Executive Officer.

This acquisition reinforces NLPBI’s ability to serve the needs of the health industry from the preclinical stage where it is critical to develop robust data needed to make informed go/no-go decisions.

“The exponential growth of NLPBI these last years is impressive and proves the need for the emergence of a world class immunology specialist CRO. We are thrilled to become part of this story. Many of our employees are former GSK colleagues and old friends. Working in the same building in Laval gives us the feeling that we are already part of the family. Our clients will get access from day one to state-of-the-art labs and synergistic expertise that will result in an improved quality of service.”, said Danielle Poirier, President of PAIRimmune.

PAIRimmune will pursue its operations under the leadership of Danielle Poirier, Director of Preclinical Services and Matthieu Daugan, Associate Director of Preclinical Services.

PAIRimmune will be rebranded this fall at the same time as NEOMED-LABS and Pacific Biomarkers under a new corporate identity currently in development.

ABOUT NEOMED-LABS / Pacific Biomarkers

NEOMED-LABS / Pacific Biomarkers is a leading assay development and specialty clinical laboratory CRO whose versatile team of scientists and technology platforms were instrumental in the development, qualification, validation, and large-scale sample testing of assays that supported the FDA filing of almost 100 new molecular entities, including blockbuster vaccines and soluble large molecules. We proudly provide superior services and unrivaled expertise in immunology based on a client-centric team approach and expedited development time.

For more information, please visit: www.neomedlabs.com / www.pacbio.com

ABOUT PAIRimmune

PAIRimmune is a Contract Research Organization specialized in immunology evaluation for vaccine and immunotherapy development. We offer to our clients scientific methods combined with biopharma expertise to move forward early biological products. Based on in vivo and in vitro expertise, we build for our industry, academic and small biotech clients an adapted solution for their projects.

For more information, please visit: www.pairimmune.com

For more information, please contact:
Mounia Azzi
(514) 909-7714
mazzi@neomedlabs.com

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Genstar Capital Announces Agreement to Acquire Advarra from Linden Capital Partners

Partnership with Management to Continue Growing Industry-Leading Compliance Business Focused on Increasing Safety and Efficiency in Clinical Trials

SAN FRANCISCO, June 6, 2019—Genstar Capital (“Genstar”), a leading private equity firm focused on investments in targeted segments of the healthcare, software, industrial technology, and financial services industries, announced today that it has recently signed a definitive agreement to acquire Advarra (“Advarra” or the “Company”), a leading provider of compliance solutions that are critical to the drug development process, from Linden Capital Partners (“Linden”), which intends to reinvest in the Company via a minority investment upon completion of the transaction.

Advarra is a leading provider of institutional review board (IRB), institutional biosafety committee (IBC) and research quality and compliance services, which are mandated by regulatory agencies for all trial protocols, patient forms, site initiations and trial modifications. The Company serves leading pharmaceutical, biotechnology, medical device and contract research organizations (CROs), as well as academic medical centers, hospital systems, investigative site networks, and therapeutic research consortia, and has relationships with over 3,200 institutional sites. Advarra is headquartered in Columbia, MD and was formed through the merger of Chesapeake IRB and Schulman IRB in 2017; in March 2019, the Company completed its acquisition of Quorum Review.

David Golde, Managing Director of Genstar, said, “Genstar has a long track record of building industry-leading businesses in the pharmaceutical services sector through our investments in CRF Bracket, ERT, and PRA Health Sciences, among others. We were extremely impressed with the market leading platform that Pat Donnelly and his team have built in the regulatory compliance segment of clinical trials. We are excited for Advarra to continue leveraging its leading reputation in the IRB and regulatory compliance industry, while expanding, both organically and through strategic acquisitions, into other ancillary services to better serve its customers.  Genstar looks forward to collaborating with Advarra’s management team to further its mission with all of the constituencies that depend upon safe and efficient progress of pharmaceutical research.”

Pat Donnelly, Chief Executive Officer of Advarra, said, “IRBs are required and critical to the drug development process and the increasing complexity of clinical trials and need to adhere to evolving and strict FDA guidelines will continue to drive the importance of our services. Advarra is devoted to enhancing the safety of clinical trial subjects around the world and to improving the efficiency of clinical trial execution for all stakeholders including sponsors, academic institutions, hospital systems, and CROs. This new partnership with Genstar augments our resources to further the important mission of our Company and to continue to unlock value for our customers. On behalf of the management team, we are grateful for Linden’s strong stewardship over the last several years.”

Tony Davis, President and Managing Partner at Linden, said, “We are proud to have played a role scaling Advarra into a truly differentiated platform as the industry-leading IRB, which is a result of our targeted value creation initiatives over the last three and a half years, most notably significantly investing in infrastructure and strategic acquisitions. The Company is very well positioned to continue on its growth trajectory, building on a long history of outperformance, superior human subject protection and leading therapeutic area specialization. We are excited about our intention to invest alongside Genstar and continue to support Advarra through its next phase of growth.”

Jefferies is serving as lead financial advisor and Houlihan Lokey is serving as co-financial advisor to Linden and Advarra. Kirkland & Ellis LLP is serving as legal counsel to Linden and Advarra in connection with this transaction. Ropes & Gray LLP is serving as legal counsel to Genstar.

About Advarra

Advarra, headquartered in Columbia, MD, provides institutional review board (IRB), institutional biosafety committee (IBC), and global research compliance services to clinical trial sponsors, CROs, hospital systems, academic medical centers, and investigators. Its robust regulatory expertise and innovative technology ensure the highest standards of research review are met, while putting participants first and meeting complex human research protection oversight requirements. Advarra supports all phases of research across multiple therapeutic areas. Visit www.advarra.com.

About Genstar Capital

Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for over 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $17 billion of assets under management and targets investments focused on targeted segments of the healthcare, software, industrial technology, and financial services industries.

About Linden Capital Partners

Linden Capital Partners is a Chicago-based private equity firm focused exclusively on investing in the healthcare industry. Linden’s strategy is based upon three elements: i) healthcare specialization, ii) integrated private equity and operating expertise, and iii) strategic relationships with large corporations. Linden invests in middle market platforms across the medical products, specialty distribution, pharmaceutical, and services segments of healthcare. For more information, please visit www.lindenllc.com.

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MEDIA INQUIRIES:

Contact: Chris Tofalli
Chris Tofalli Public Relations
914-834-4334

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Medxoom Raises $3.2M Financing to Bring Transparency to Medical Billing

TTVcapital

Healthcare benefits platform Medxoom has raised a $3.2 million financing round led by Las Olas VC and TTV Capital. The “late seed” also saw participation from Lattice.VC and several healthcare and payments industry executives.

Medxoom’s CEO and co-founder Jeffrey Toewe shares that this was the right time to raise additional funds as they’ve recently secured several large deals and needed to grow the team to meet the demand.

“We’re looking forward to scaling our existing clients, securing new business and growing our team in Atlanta,” Toewe tells Hypepotamus. “[We] power a better experience for those seeking the best care providers for themselves and their loved ones. We look forward to driving meaningful improvements in America’s evolving healthcare space.”

Toewe and his co-founder Tito Milla decided to target the medical billing space after they had confusing personal experiences.

Patients rarely receive accurate estimates of medical procedures prior to an appointment. This makes it difficult to prepare financially, as the bill often depends on insurance coverage.

Medxoom’s healthcare marketplace app simplifies pricing for medical procedures. It is provided as a company benefit to employees, who receive access to the app via their HR team.

Since the app is already familiar with their employer’s healthcare plan, it displays an accurate price for procedures across a physician marketplace. This helps the employee make an informed decision based on their budget.

“Our mission is to put more of this information out in the sun and help consumers and employers know what these price benchmarks are,” Toewe told Hypepotamus last year.

“The Medxoom product suite empowers consumers with a financial decisioning tool for their healthcare spend, while expanding the coverage options for self-insured employers who have the opportunity to optimize their health benefits experience,” says Atlanta-based TTV Capital’s Sean Banks in a statement.

The Atlanta-based SaaS startup will grow its team to roughly 15 employees, says Toewe. They’ve onboarded more than 40 clients at this time.

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Golden Gate Capital invests in Ensemble Health Partners

Golden Gate Capital

MASON, Ohio and SAN FRANCISCO, May 29, 2019 /PRNewswire/ — Ensemble Health Partners (“Ensemble” or “the Company”), an industry-leading national revenue cycle management provider, announced today that Bon Secours Mercy Health will sell 51 percent of the equity in Ensemble to Golden Gate Capital, a leading private equity investment firm. Bon Secours Mercy Health will continue as a commercial partner to Ensemble, as well as remain a minority owner in the Company and continue to serve on the Company’s board.

Founded in 2014, Ensemble partners with hospitals across the United States to create real and lasting value through revenue cycle outsourcing and other services aimed at improving healthcare operations. The Ensemble leadership team is differentiated by its extensive experience as hospital and physician practice operators, as well as its hands-on, client-first mindset. Addressing the shift to value-based care and the changing regulatory landscape, Ensemble’s proven collaborative partnership approach uses operational and process best practices, analytics and technology to craft comprehensive solutions for its clients.

With the exponential growth Ensemble has achieved, Golden Gate Capital’s investment will ensure continued delivery of exceptional results for current and future partners through enhancements in technology, services and people. The transaction facilitates the next phase of growth for Ensemble, which has grown to 3,600 employees serving customers in 30 states, and more than 60 full outsource partner hospitals. Ensemble’s current management team and best-in-class associates, along with its culture of transparency and mission to improve the quality and affordability of healthcare, will remain central to the Company’s and Golden Gate Capital’s long-term growth strategy. Following the close of the transaction, Ensemble is expected to be conservatively leveraged to ensure continued stability.

“Healthcare and the relationship between providers and payors are becoming increasingly complex, and the demand for our services is expanding significantly,” said Judson Ivy, founder and CEO of Ensemble. “This partnership will support our continued growth and allow us to invest in new technologies, positioning Ensemble as a leading innovator in our field and allowing us to continue to deliver outstanding results and best-in-class services. This is not a sale of the Company, but the addition of a new value enhancing investment partner that is fully committed to our philosophy and mission. We are confident Golden Gate Capital is the right partner as we embark on this exciting next chapter and look forward to what we can achieve together.”

Ensemble credits its associates for its exceptional growth and believes in putting its associates first, last, and always. “We believe that people are the most important part of our success,” continued Ivy. “When you take care of your people, they pay it forward by continuing to deliver outstanding results and best-in-class service.”

Rishi Chandna, Managing Director at Golden Gate Capital, said, “Ensemble has established itself as the clear leader in revenue cycle management and is highly respected for its approach, as it partners with clients, identifies the root cause of issues within the revenue cycle and provides customized, innovative solutions for its clients’ future success. The Company is also differentiated by its commitment to empower both its people and its clients to realize their full potential and create a better, more sustainable healthcare system. Ensemble is incredibly well positioned to continue its outstanding growth, and we have the utmost confidence in Judson and the world-class Ensemble team. We look forward to working with Bon Secours Mercy Health to collectively support Ensemble’s growth in the years ahead.”

This transformational and unique transaction helps Bon Secours Mercy Health continue to fulfill its Mission. The sale of Ensemble shares will deliver cash at closing and provide ongoing cash distributions to Bon Secours Mercy Health. These proceeds will ensure the ministry can continue to make significant investments in the communities it serves, providing better access to high quality healthcare for all.

“As the health care category continues to experience dramatic shifts, it is more essential than ever to work efficiently and effectively with healthcare partners to help ensure a positive patient experience through every point in the care process. Since its inception, Ensemble has worked with a myriad of clients to bring excellence to their daily operations,” said Bon Secours Mercy Health President and CEO John M. Starcher, Jr. “This strategic infusion of additional capital will help Ensemble continue to expertly serve clients, while helping ensure Bon Secours Mercy Health can continue to improve the health and well-being of the communities we’re privileged to serve for generations to come.”

This deal is subject to standard regulatory approvals.

Guggenheim Securities served as exclusive strategic and financial advisor to Bon Secours Mercy Health and Ensemble throughout the process of securing the investment.

About Ensemble Health Partners: Now more than ever, a healthy revenue cycle is essential to survival, requiring innovative approaches and impeccable coordination. At Ensemble, we’ve assembled a team of talented and passionate operators who know our field firsthand. We partner with our clients, rolling up our sleeves to build real relationships, dig deep into the details and find solutions that deliver results that last. Ensemble specializes in full revenue cycle outsource solutions, denials and underpayments, analytics and workflow optimization, Epic optimization and management services designed to identify immediate wins and create sustainable solutions that ensure long-term results. For more information, visit www.EnsembleHP.com.

About Golden Gate Capital: Golden Gate Capital is a San Francisco-based private equity investment firm with over $15 billion of capital under management. The principals of Golden Gate Capital have a long and successful history of investing across a wide range of industries and transaction types, including going-privates, corporate divestitures, and recapitalizations, as well as debt and public equity investments. Notable investments sponsored by Golden Gate Capital include Infor, Neustar, Vector Solutions and 2020 Technologies. For more information, visit www.goldengatecap.com.

About Bon Secours Mercy Health: For nearly 200 years, the historical founders of Bon Secours Mercy Health have been providing care to those in need. Today, the ministry is one of the top 20 health systems in the United States and part of the top performing quartile of Catholic health systems for lowest cost per case for patient care. This quality care is provided by more than 57,000 employees serving communities throughout Florida, Kentucky, Maryland, New York, Ohio, South Carolina and Virginia. The healthcare ministry provided care for patients more than 10.3 million times in 2017 through its network of more than 1,000 care sites, including more than 40 hospitals, more than 50 home health agencies, hospice agencies, and skilled nursing and assisted living facilities. Consistent with its commitment to serve each patient with dignity, Bon Secours Mercy Health provides nearly $2 million per day in community benefit. The Mission of Bon Secours Mercy Health is to extend the compassionate ministry of Jesus by improving the health and well-being of its communities and bring good help to those in need, especially people who are poor, dying and underserved. For more information, visit www.bsmhealth.org.

Contacts

For Ensemble Health Partners:
Kendall Herold
Public Relations Manager
(859) 620-1222
Kendall.Herold@EnsembleHP.com

For Golden Gate Capital:
David Isaacs / Hayley Fahey
Sard Verbinnen & Co
(415) 618-8750 / (310) 201-2040

For Bon Secours Mercy Health:
Maureen Richmond
Vice President, Integrated Communications
(513) 222-3451
mnrichmond@mercy.com

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CORA Physical Therapy Expands Into Missouri; Acquires Additional Clinics in Florida and South Carolina

Gryphon Investors

Company Now Operates Over 200 Clinics

San Francisco, CA – May 30, 2019 —CORA Health Services, Inc., doing business as CORA Physical Therapy (“CORA” or “the Company”), a top-10 national operator of outpatient physical therapy services, announced today that it has expanded into Missouri with the acquisition of Elite Physical Therapy of St. Louis (“Elite PT” or “Elite”). The Company also announced its recent acquisition of Advanced Physical Therapy (“Advanced PT” or “Advanced”) of Central Florida. With Elite’s five clinics and Advanced’s six clinics, CORA now operates over 200 clinics in nine states.

Elite PT was founded in 2010 by Shane Lawler and Scott Schuessler with locations in Ballwin and Arnold, MO. The company has since added Missouri clinics in South County, Creve Coeur, and O’Fallon. The group offers a wide variety of services, including general physical therapy, spine, sport, vestibular and pre- and post-operative rehab, orthopedics, orthotics, workers’ compensation solutions, women’s health, and golf therapy.

Advanced PT was started in 2011, when founder Lester “Trey” Hammond, PT opened the first Advanced clinic in The Villages, FL, near Ocala. Trey and Cara Hammond, CEO of Advanced PT, have since expanded into West Ocala, Belleview, East Ocala, and additional sections of The Villages. Along with general orthopedic rehabilitation, Advanced has specialized programs for Parkinson’s, fall prevention, osteoporosis, lymphedema, heart health, stroke, and TMJ treatment.

CORA also announced the acquisition of two additional clinics in South Carolina: Coastal Physical Therapy and Coastal Hand Therapy, a single location in Beaufort, and Dynamic Physical Therapy of Florence, a single location in Florence.

Dennis Smith, CEO and President of CORA Physical Therapy, said, “We are excited to expand into the Midwest and pleased to broaden the team in Florida and South Carolina. These clinic groups share CORA’s operating philosophy, and we’re delighted to be a part of the communities they serve. We’ll provide the resources needed for continued growth as we deliver personalized care with respect and consideration for our patients’ needs.”

CORA is a portfolio company of Gryphon Investors, a leading middle-market private equity firm based in San Francisco. Terms of these transactions were not disclosed.

About CORA
CORA Health Services, Inc./CORA Physical Therapy (www.coraphysicaltherapy.com) is an outpatient rehabilitation company that uses proven clinical practices and cost effective treatment protocols to return patients to their jobs and lifestyles as soon as possible. Their clinics offer a complete range of treatment, including outpatient physical therapy and general rehabilitation, worker’s compensation therapy, sports and auto injury rehabilitation, and rehabilitation for seniors. CORA operates more than 200 clinics in Florida, Georgia, North Carolina, South Carolina, Virginia, Tennessee, Kentucky, Illinois, and Missouri.

About Gryphon Investors
Based in San Francisco, Gryphon Investors (www.gryphoninvestors.com) is a leading private equity firm focused on profitably growing and competitively enhancing middle-market companies in partnership with experienced management teams. The firm has managed over $4.8 billion of equity investments and capital since 1997. Gryphon targets making equity investments of $50 million to $200 million in portfolio companies with sales ranging from approximately $100 million to $500 million. Gryphon prioritizes investment opportunities where it can form strong partnerships with owners and executives to build leading companies, utilizing Gryphon’s capital, specialized professional resources, and operational expertise.

Contacts

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