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.

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 OcalaTrey and Cara Hammond, CEO of Advanced PT, have since expanded into West OcalaBelleviewEast 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 FloridaGeorgiaNorth CarolinaSouth CarolinaVirginiaTennesseeKentuckyIllinois, 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.

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Ampersand Capital Partners to Acquire Vibalogics GmbH

Vibalogics will expand capabilities to meet rapidly growing demand for development and manufacturing of complex viral products

CUXHAVEN, GERMANY and WELLESLEY, MA – May 29, 2019 – Vibalogics GmbH, a contract development and manufacturing organization (CDMO) focused on complex live biological products, is being acquired by Ampersand Capital Partners, a private equity firm specializing in growth equity investments in the healthcare sector. Ampersand’s growth investment will be used to expand Vibalogics’ capabilities to meet rapidly growing industry demand for the development and manufacturing of complex viral products.

Vibalogics offers process development, manufacturing and fill & finish of products for biopharmaceutical companies involved in the development of oncolytic viral therapies, gene therapies, and vaccines. With a specific focus on viruses, live bacteria, and aseptic processing, the company’s 50 employees work in full compliance with international GMP standards in a BSL-2 classified state of the art, 27,000 sq. ft. (2,500 m2) facility in Cuxhaven, Germany.

Stefan Beyer, Ph.D., CEO of Vibalogics commented, “With the benefit of Ampersand as our partner, Vibalogics will now strengthen and expand its position in the US and European markets while further investing in additional process development and GMP manufacturing capabilities. The partnership solidifies Vibalogics’ existing presence in the biologics manufacturing space and will allow the company to continue to exceed our customers’ expectations by facilitating the development of innovative therapeutic approaches that significantly improve the treatment of patients suffering from cancer and genetic disorders. We are very pleased to have Ampersand on board as we take Vibalogics through to its next phase of growth.”

David Anderson, General Partner at Ampersand said, “Vibalogics is a leading company in its field. Given the exciting developments within the complex virus market this is an excellent time for an investor with deep experience in the viral vector contract manufacturing sector to partner with the company. We are looking forward to working with the team at Vibalogics to accelerate and continue its success in delivering cutting edge therapies to patients in need.”



About Vibalogics GmbH

Vibalogics is a contract development and manufacturing organization (CDMO) with facilities in Cuxhaven, Germany, providing process development and GMP manufacturing services. Founded in 2002, the company is recognized as a leading service provider within the live biologics development and manufacturing industry. For more information, please visit www.vibalogics.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 www.ampersandcapital.com.

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CipherHealth Names New CPO & COO as Company Accelerates Growth

JMI Equity

NEW YORK, May 29, 2019 /PRNewswire/ — As part of its expansion and strategic growth initiative, CipherHealth, the leading patient engagement software company, has announced the new roles of Chief People Officer (CPO) and Chief Operating Officer (COO).

Jennifer Compagni has joined CipherHealth as Chief People Officer and Jake Pyles, the current Chief Financial Officer at the company, is expanding his role to include Chief Operating Officer.

Both will help further CipherHealth’s mission of empowering healthcare providers across the care continuum with integrated patient engagement solutions that improve patient communication and care coordination.

Compagni has an extensive background in corporate business, research, government and educational institutions as an HR executive. She has led HR teams and projects at Warner-Lambert Company, (Pfizer, Adams USA), Antenna Software, Revlon, Alpharma Inc. and The National Research Council of the National Academies. Prior to CipherHealth, Compagni also led the HR organization at SmartLinx Solutions, a growing SaaS company in the workforce management space.

As CPO at CipherHealth, Jennifer Compagni ensures a fluid human resource strategy that supports the overall business plan and strategic direction at the company to attract and retain great talent and make sure employees have an amazing career experience. She also provides strategic leadership by articulating HR needs and plans to the executive management team, shareholders and the board of directors.

“The award winning patient engagement product suite and mission-driven culture attracted me to CipherHealth. The team is an amazing, smart, cohesive group of people working together to enable patients to heal and thrive,” said Compagni.

Jake Pyles, who became CipherHealth’s CFO in August 2018, will now also lead the company’s operations function. With more than twenty-five years of financial and operations experience at various software companies, Pyles has a significant amount of experience with managing high-growth technology companies. Prior to CipherHealth, Pyles spent four years as CFO at Paradigm Geophysical, leading the company to its eventual sale to Emerson Electric.

“We are thrilled with the addition of Jennifer and Jake’s expanded role to help us continue delivering solutions that ensure patients get the best care possible,” said CipherHealth CEO and Co-Founder Randy Cheung.

ABOUT CIPHERHEALTH
Ranked as the top-performing vendor for patient outreach and digital rounding by KLAS in 2019, CipherHealth is a proven healthcare technology partner committed to enhancing communication and care team coordination throughout the patient journey. CipherHealth’s suite of integrated patient engagement solutions empowers healthcare organizations across the continuum to achieve the Quadruple Aim.

Eurazeo Patrimoine supports the acquisition of the Belledonne Clinic by C2SGroup

Eurazeo

Paris, May 23,2019 –Eurazeo Patrimoine, Eurazeo’s investment division specializing in real estate and companies holding and operating real assets, announces the acquisition of the Belledonne Clinic,located near Grenoble(Isère, France) by C2SGroup. Created in 1967 in Saint-Martin-d’Hères,near Grenoble, the Belledonne Clinic offers a diversified and comprehensive range of medical services organized around seven activity sectors and particularly, cardiology, cancer surgery and maternity services. It has a capacity of 290 medical beds and 23 procedure rooms, thus becomingC2S Group’s largest clinic. Its reputation is regularly upheld by national private hospitals rankings.

With over 1,900 beds and places and an annual revenue of around €250 million, C2S Group is a major private hospital player in France. It is present in the Rhône-Alpes Auvergne and Bourgogne Franche-Comtéregions, where it has 14 clinics. C2S Group comprises around 710 doctors, who are partners in the Group’s governance, and nearly 2,500 employees. Through its presence in the Center-East region, combining state-of-the-art and local establishments, C2S Group clinics treat over 300,000 patients each year.

Eurazeo Patrimoine has supported C2S’s development since its acquisition in March2018, backing the Group’s external growth policy and helping it invest in capacity and modernization to strengthen the quality and attractiveness of its clinics.Eurazeo Patrimoine contributes financial and human resources and its investment and real estate transformation experience. The integration of the Belledonne Clinic in the Group forms part of this strategy and is a major step in C2S’s development, confirming its position as a key player in the Center-East region.

Renaud Haberkorn,Director of Eurazeo Patrimoine said: “We’re delighted to support C2S in its acquisition of the Belledonne Clinic, a top-tier asset both on operations and real estate level. The management team has demonstrated its ability to rapidly expand the Group, both organically and through instrumental acquisitions.

Eurazeo Patrimoine supports and encourages C2SGroup to achieve its ambitions.”Jean Rigondet, Chairman of C2SGroup, added: “It is essential for patients to be treated by talented practitioners, working together as a team,and to have access to well-organized and broad medical care. The acquisition of the Belledonne Clinic provides us with a high-level, comprehensive technical platform in Greater Grenoble. We’re extremely proud to integrate this reference clinic into our Group.”***

HAVAS PARISMAEL EVINE-mail: mael.evin@havas.comTel: +33 (0)6 44 12 14 91For more information, please visit the Group’s website: www.eurazeo.com Follow us on Twitter,LinkedIn, and YouTube

PRESS CONTACT EURAZEO

CONTACTS CAROLINE COHEN Head of Investor Relations ccohen@eurazeo.comTel.: +33 (0)1 44 15 16 76

VIRGINIE CHRISTNACHT Head of Communicationsvchristnacht@eurazeo.comTel: +33 1 44 15 76 44

About Eurazeo

Eurazeo is a leading global investment company, with a diversified portfolio of €17 billion in assets under management, including nearly €11 billion from third parties, invested in over 300 companies. With its considerable private equity, real estate, private debt and fund of funds expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its 235 professionals and by offering deep sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term.

Eurazeo has offices in Paris, New York, Sao Paulo,Buenos Aires,Shanghai, London, Luxembourg, Frankfurt and Madrid.

Eurazeo is listed on Euronext Paris.oISIN: FR0000121121 -Bloomberg: RF FP -Reuters: EURA.PA

About C2 SGroup

C2S Group is a multi-regional group of clinics specializing in general medicine and a leader in Auvergne-Rhône-Alpes and Burgundy Franche-Comté, with 14 clinics. C2S Group is currently implementing a sustained acquisition strategy to provide uniform and consistent geographic coverage. Medical practitioners and health professionals in these two regions are closely involved with the Group, which adopts a sustainable and high-performing outlook to human health. It has developed a patient-centric health ecosystem and is committed to offering a comprehensive range of treatments, which anticipates the needs of each patient to provide healthcare excellence.

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CDPQ provides financing to Medavie Inc. to support advancement of strategic objectives

Cdpq

La Caisse de dépôt et placement du Québec (“CDPQ”) today announced $75 million in financing, which could be increased to $100 million, in the form of a subordinated private debt, to Medavie Inc. (“Medavie”), a Canadian non-profit organization.

Medavie operates Medavie Blue Cross, a premier all-in-one insurance carrier that provides health, dental, travel, life and disability benefits, and administers various government-sponsored health programs, along with Medavie Health Services.

“As a leading health solutions partner in Canada, we are continually reinvesting in our business to help improve the wellbeing of Canadians,” said Bernard Lord, CEO, Medavie. “Our financials are strong and trending for continued growth, and we are pleased to work with CPDQ on an investment structure that best suits our overall needs.”

This transaction, structured directly by CDPQ, will provide Medavie with additional capital as it continues to advance its growth initiative.

“Because of its resilience to economic cycles and the stable returns it generates over a long-term horizon, the insurance sector is perfectly in line with our credit strategy,” said Marc Cormier, Executive Vice-President, Fixed Income, at CDPQ. “CDPQ is delighted to support Medavie, a high-quality organization that has diversified its services to provide health care solutions across Canada.”

In addition to its interests in certain Québec insurers, CDPQ carried out major transactions in this sector abroad in the past few years, with investments in Greenstone in Australia, USI and Sedgwick in the United States, and U.K.-based Hyperion Insurance Group.

ABOUT MEDAVIE

Medavie is a national health solutions partner. Together, with our more than 6,400 employees, we are committed to improving the wellbeing of Canadians.

As a not-for-profit organization, Medavie oversees Medavie Blue Cross, a premier all-in-one benefits carrier and public health program administrator, and Medavie Health Services, a national primary health care solutions organization and the largest private provider of EMS management services in Canada.

We don’t have shareholders. Instead, we are proud to invest in the Medavie Health Foundation to address some of our country’s most pressing physical and mental health care challenges.

ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC

Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at December 31, 2018, it held CA$309.5 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.

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AnaCap acquires leading independent Danish private health insurance business

Anacap

21 May 2019

AnaCap Financial Partners(“AnaCap”), the specialist European financial services private equity firm, today announces the acquisition of a majority stake in SundhedsGruppenA/S (“SundhedsGruppen”), which consists of Dansk Sundhedssikring A/S a leading independent Danish private health insurance provider, and PrimaCare A/S a quality provider of healthcare networks.

AnaCap is acquiring the majority stake in SundhedsGruppen from the Company’s Founders, who will retain a minority.

SundhedsGruppen, provides health insurance and claims management services to clients’ employees and has built a market-leading technological infrastructure that also white labels to other providers in adjunct insurance areas.

The Company has a unique partnership arrangement with medical clinics throughout Denmark that allows for best-in-class provision of healthcare services to its customers’ employees, with a clear focus on specialist support and local availability.

SundhedsGruppen’s proprietary technological platform facilitates accurate identification of optimal healthcare access as well as reporting, feedback and claims management respectively. AnaCap will now look to leverage its deep insurance sector understanding and expertise in improving both technological and digital infrastructure to support enhancements in the customer experience as well as drive growth in new and existing markets.

The business currently provides insurance cover for approximately 250,000 individuals in Denmark, through a client list comprising several of the Nordics’ largest blue-chip companies, having grown from a founder-backed start-up in 2012. Driven by unique market positioning, the Company generated a c.70% CAGR in premiums during the period 2012-2018 vs. a 5% market norm.

AnaCap will also deploy its expertise in the insurance sector to support management’s ambition to grow market share internationally, into the Nordics and wider geographical markets, as well as through additional insurance market channels. The growth of the business will be through organic expansion models as well as identifying attractive bolt-on acquisition opportunities.

Tassilo Arnhold, Managing Director at AnaCap, comments:“AnaCap is delighted to be partnering with SundhedsGruppen.The Company has created a great insurance technology and data-driven platform with a uniquely differentiated insurer challenger proposition, high customer service standards and competitive underwriting. We are confident that our long-standing expertise in backing businesses poised for international growth will actively support this ambitious growth plan and management team, both through technological and operational investments.

” Klaus Busch, Chairman at SundhedsGruppen, comments:“By combining technology with industry expertise and a unique customer proposition, we have built a fast-growing business aiming to grow internationally and into other related industry verticals.One Stephen StreetLondonW1T 1ALPhone: +44-207-070-5250Fax: +44-207-070-5290E-mail: contact@anacapfp.comTransforming Financial Services Across Europe

We are very pleased to have identified AnaCap as a partner for the next stage of our growth and look forward to their support throughout.

”Kent Jensen, CEO at SundhedsGruppen, comments:

“We are extremely proud of the progress we have made in recent years, during which time we have built and strengthened a leading market position. Together with our highly experienced management and staff, we intend to rapidly expand our differentiated offering into new markets, both geographically and sector specific, where there is clear demand for best-in-class private health insurance.”AnaCap was advised during the process by Deloitte, Carey Olsen and Plesner.

The owners of Dansk Sundhedssikring were advised by Nordic M&A, Omera Consulting, and Moalem Weitemeyer Bendtsen.The financial details for this arrangement were not disclosed.

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CSAM Announces Deal to Acquire KIBI

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The transaction expands CSAM’s leadership in the Nordic niche eHealth market OSLO, Norway(May21, 2019) –CSAM announced today that it has entered into an agreement to acquire KIBI –a medical diagnostics and documentation company with offices in Sweden, Finland and Denmark.

KIBI’s medical imaging solutions are used by more than 100 Nordic hospitals and healthcare centreswithin primary, outpatient and inpatient care.The company is one of relatively few in the Nordics that addresses both DICOM and non-DICOM formats, with full integration of all medical imaging components with various electronic patient record (EPR) systems. KIBI’s headquarters are located in Stockholm,Sweden.

-KIBI’s solutions are a strategic complement to CSAM’s strong offerings in medical imaging and connected healthcare domains, said Sverre Flatby, CSAM CEO. –Together, CSAM and KIBI will offer an unmatched portfolio of scalable, integrated and innovative solutions that provide significant value to our customers and their patients. -I am excited for the opportunity ahead as KIBI and CSAM join our visions, solutions and specialised teams, said Robert Cygnaeus, KIBI CEO.

–CSAM has built a strong reputation as a leader in the Nordics, and I am confident that together we can strengthen our presence further indeliveringnicheeHealth solutions that improve healthcare throughout the Nordics and beyond. The acquisition of KIBI is consistent with CSAM’s strategy to pursue growth through a combination of strategic M&As and organic sales. The transaction is estimated to close by the end of May.

-KIBI’s specialised solutions and highly skilled employees are a strong fit with CSAM’s and will help us achieve our short-and long-term growth ambitions, said Flatby. -With this acquisition, CSAM expands its position across the Nordics, increasing our customerbase in Denmark, Finland and Sweden.

CSAM has been a leading provider of medical imaging and connected healthcare solutions in the Nordics for more than a decade. The company works closely with healthcare professionals and organisations to develop software solutions that deliver the highest value for their operations.

About CSAM

CSAM has established itself as a leading Nordic niche player in the specialised eHealth market with a unique blend of best-in-class innovative technology, and outstanding human skills. The company’s diverse portfolio of software solutions enables healthcare providers to access relevant clinical information at the point of care. CSAM’s commercial headquarters are located in Oslo, Norway. The company also has local offices in Stockholm, Karlstad, Gothenburg, Helsinki, Oulu, Tampere, Tromsø and Warwickshire, as well as a wholly owned software engineering subsidiary in the Philippines.A privately-owned company backed by strong financial partners, CSAM aspires to achieve continued growth both organically and through selected mergers and acquisitions. For more information, visit www.csamhealth.com.

For more information, please contact:

Sverre Flatby, CEOJennifer Goode, Communications Directorsverre.flatby@csamhealth.comjennifer.goode@csamhealth.com+47 9159 9159+1-705-760-0782KIBI contact:Robert Cygnaeus, CEOAnn-Christine Jungmar, CCOrobert.cygnaeus@kibi.seann-christine.jungmar@kibi.se+46 58 23951+46 70912 31 11