Stamina Group AS sold to a fund managed by Norvestor Equity AS
Herkules Private Equity Fund III was advised by DNB Markets, Schjødt, and PwC.
Contact information:
Gaute Gillebo, Co-Managing Partner at Herkules Capital, +47 45 83 00 00
Herkules Private Equity Fund III was advised by DNB Markets, Schjødt, and PwC.
Contact information:
Gaute Gillebo, Co-Managing Partner at Herkules Capital, +47 45 83 00 00
Toronto, December 10, 2018 – Onex Corporation (“Onex”) (TSX: ONEX) and its affiliates
(the “Onex Group”) today announced they have agreed to sell BrightSpring Health Services
(“BrightSpring”), the leading provider of comprehensive home and community-based health
services to complex populations in need of specialized care. The transaction is expected to close
in the first quarter of 2019 subject to customary closing conditions, including regulatory approval.
The terms of the transaction are not being disclosed.
“Over the course of our ownership, BrightSpring has significantly increased the breadth and depth
of its services through a combination of organic growth, add-on acquisitions and improvements in
its service-delivery model – striving to be a leading partner to states and payors in its markets. In
the process, the company has built a full suite of clinical and non-clinical services, the delivery of
which make a difference in people’s lives and in the communities BrightSpring serves,” said Josh
Hausman, a Managing Director of Onex. “We’d like to thank Jon Rousseau, BrightSpring
management and all of the company’s service professionals for being great partners to Onex and
its investors. We’re extremely proud of the company’s mission to help people live their best life,
and we wish the team continued success in the future.”
“Onex has been a terrific partner. We’re grateful for its commitment and support, which has
allowed us to expand our reach and impact more lives, invest in technology and standards, and
provide quality and compassionate care where and when our clients and patients need it most,”
said Jon Rousseau, President and Chief Executive Officer of BrightSpring. “Onex’ commitment
to our employees, the people we serve, and quality and service has been unwavering, and it has set
the tone throughout our organization.”
In June 2004, Onex made an initial minority investment in BrightSpring (formerly ResCare)
through Onex Partners I and, in November 2010, invested additional capital through Onex
Partners III to acquire a majority stake in a take-private transaction. Onex’ portion of the sale
proceeds as a Limited Partner in the Funds is expected to be approximately $190 million, including
carried interest of $39 million. This results in a blended gross multiple of invested capital of
5.7 times. BrightSpring is the last investment in Onex Partners I. In total, this fund made ten
platform investments and generated a gross multiple of invested capital of 4.0 times (net multiple
of invested capital of 3.1 times) and an approximate 55% gross rate of return (net rate of return
of 38%).
About Onex
Onex is one of the oldest and most successful private equity firms. Through its Onex Partners and
ONCAP private equity funds, Onex acquires and builds high-quality businesses in partnership with
talented management teams. At Onex Credit, Onex manages and invests in leveraged loans,
collateralized loan obligations and other credit securities. Onex has more than $33 billion of assets
under management, including $6.9 billion of Onex proprietary capital, in private equity and credit
securities. With offices in Toronto, New York, New Jersey and London, Onex and the team are
collectively the largest investors across Onex’ platforms.
Onex’ businesses have assets of $52 billion, generate annual revenues of $32 billion and employ
approximately 218,000 people worldwide. Onex shares trade on the Toronto Stock Exchange
under the stock symbol ONEX. For more information on Onex, visit its website at
www.onex.com. Onex’ security filings can also be accessed at www.sedar.com.
This news release may contain forward-looking statements that are based on management’s current
expectations and are subject to known and unknown uncertainties and risks, which could cause
actual results to differ materially from those contemplated or implied by such forward-looking
statements. Onex is under no obligation to update any forward-looking statements contained herein
should material facts change due to new information, future events or otherwise.
For further information:
Emilie Blouin
Director, Investor Relations
Tel: 416.362.7711
BOSTON and OVERLAND PARK, KS – TA Associates, a leading global growth private equity firm, today announced that it has signed a definitive agreement to invest, alongside GI Partners, in Netsmart Technologies, Inc. (“Netsmart” or “the Company”).
Netsmart is a leading healthcare software company delivering management process solutions and electronic medical records to the health and human services (HHS) and post-acute end markets. TA Associates and GI Partners, a current shareholder in Netsmart, will acquire the stake in Netsmart held by Allscripts Healthcare Solutions, Inc. (NASDAQ: MDRX). The transaction is expected to close in the fourth quarter of 2018 and is subject to customary closing conditions. Financial terms of the transaction were not disclosed.
Founded in 1968, Netsmart provides software and services to the HHS and post-acute markets. The Company’s products, comprised primarily of electronic health records (EHRs) and related offerings, address the clinical, financial and administrative needs of its clients. The Netsmart suite includes care coordination, connectivity and integration, analytics, benchmarking, consumer engagement, mobility and telehealth offerings, among others. The largest provider of its kind in the United States, Netsmart serves more than 600,000 users from over 25,000 organizations across the country within four core areas: behavioral health, social services, care at home and senior living. The Company is headquartered in Overland Park, Kansas, with additional offices in Arkansas, California, Illinois, Missouri, New York, North Carolina and Ohio.
“We are excited to partner with the leading healthcare technology provider serving these growing and important end markets,” said Mark H. Carter, a Managing Director at TA Associates who will join the Netsmart board of directors. “Netsmart’s compelling attributes include a high-quality business model, a large and diversified customer base and software solutions that we believe are mission critical. We welcome the opportunity to work with Netsmart CEO Mike Valentine, whom we have known for many years, and with the investment professionals at GI Partners.”
“Since our founding, Netsmart has sought partners who share our commitment to excellence and quality healthcare outcomes,” said Mike Valentine, CEO of Netsmart. “TA Associates brings decades of experience investing in the healthcare industry and supporting efficiency, quality care and cost containment. Along with the team at GI, I am delighted to welcome TA as an investor and look forward to a close collaboration in continuing the evolution of Netsmart.”
Netsmart estimates the addressable market for HHS, home health, and long-term care software and technology solutions at $25 billion annually. According to the Company, the U.S. market for its core product offering is approximately $14.5 billion, with behavioral health comprising nearly half of that figure.
“Increasingly complex clinical, billing and regulatory requirements, and the need to measure and report patient outcomes, are accelerating the adoption of Netsmart’s software solutions,” said Hythem T. El-Nazer, a Managing Director at TA Associates who also will join the Netsmart board of directors. “In addition, as the HHS and post-acute industries continue to consolidate and expand, the need for technology solutions to coordinate care and drive efficiency will grow. As the leader addressing the unique and complex billing needs of customers spanning the continuum of care, we believe that Netsmart is very well positioned for continued growth.”
Kirkland & Ellis is providing legal counsel and Deloitte is serving as financial advisor to TA Associates.
About Netsmart
Netsmart designs, builds and delivers electronic health records (EHRs), solutions and services that are powerful, intuitive and easy-to-use. The Company’s platform provides accurate, up-to-date information that is easily accessible to care team members in behavioral health, care at home, senior living and social services. Netsmart makes the complex simple and personalized so clients can concentrate on what they do best: provide services and treatment that support whole-person care. By leveraging the powerful Netsmart network, care providers can seamlessly and securely integrate information across communities, collaborate on the most effective treatments and improve outcomes for those in their care. The Company’s streamlined systems and personalized workflows put relevant information at the fingertips of users when and where they need it. To learn more about how Netsmart is changing the face of healthcare today, please visit www.ntst.com.
About TA Associates
Now in its 50th year, TA Associates is one of the largest and most experienced global growth private equity firms. Focused on five target industries – technology, healthcare, financial services, consumer and business services – TA invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 500 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in growth companies. TA has raised $24 billion in capital since its founding in 1968 and is committing to new investments at the pace of $1.5 to $2 billion per year. The firm’s more than 85 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA Associates can be found at www.ta.com.
Gaute Gillebo commented: “We are very pleased with the company’s development following the comprehensive strategy change in 2016. We are impressed by how management and the employees have responded following the changes and by the strong results they have generated. Stamina is now stronger than ever and ready to realize its full potential.”
The Herkules transaction team was led by Gaute Gillebo and supported by Fredrik Toft Bysveen.
Herkules Private Equity Fund III was advised by DNB Markets, Schjødt, and PwC.
Contact information:
Gaute Gillebo, Co-Managing Partner at Herkules Capital, +47 45 83 00 00
Along with LSP as lead investor, the finance was provided by MTIP and current investors Gilde, Amadeus Capital Partners, IPF Partners and Cedars-Sinai Medical Center.
About Lumeon
Lumeon enables healthcare organizations to orchestrate and automate systems and processes, bringing situational awareness to care operations to deliver high performance, team-centered healthcare. The industry-leading Lumeon Care Pathway Management (CPM) platform and suite of solutions empower health organizations to take control of their end-to-end care delivery model and maximize the use of resources. By iteratively designing and deploying efficient pathways, organizations reduce cost and minimize unwarranted variation, while flexibly adapting to emerging needs.
With headquarters in the USA and Europe, Lumeon serves some of the largest health enterprises across the globe, managing over six million patients on its platform. Find out more at www.lumeon.com.
About Gilde Healthcare
Gilde Healthcare is a specialized European healthcare investor managing €1 billion across two business lines: a venture & growth capital fund and a private equity fund. Gilde Healthcare’s venture & growth capital fund invests in medtech, digital health and therapeutics. The portfolio companies are based in Europe and North America. Gilde Healthcare’s private equity fund invests in profitable European lower mid-market healthcare services companies with a focus on the Benelux and DACH-region. The portfolio consists of healthcare providers, suppliers of medical products and other service providers in the healthcare market. For more information, visit the company’s website at www.gildehealthcare.com.
Munich/London, December 3, 2018 – Nestor Primecare Services Limited, which is owned by the AURELIUS Group (ISIN DE000A0JK2A8), sold part of its homecare services business in England, Scotland and Wales to the Health Care Resourcing Group (CRG), Prescot, UK.
CRG is one of the biggest British staffing services providers in the healthcare and nursing sector in Great Britain. It will combine the acquired business with its own activities, creating one of the biggest British providers of homecare services. The homecare services business in Northern Ireland and Ireland is not affected by this sale and will remain with AURELIUS. The parties agreed to keep the purchase price secret.
AURELIUS acquired the business operated under the brand names “Allied Primecare” and “Allied Healthcare” from Saga plc. in late 2015 and has restructured it extensively since that time.
Stockholm (Sweden), Gothenburg (Sweden) 03 December 2018 – After receiving the required approvals, funds advised by Triton (“Triton”) have successfully completed the acquisition of the business unit SKF Motion Technologies (“SMT”) from the SKF Group listed on Nasdaq Stockholm.
SMT is a global provider of electrical linear actuator components- and systems as well as linear motion products, with market leading positions and differentiated offerings in global niche markets, including high end medical and industrial actuators and roller screws. Headquartered in Gothenburg, Sweden, the company operates nine production sites, 13 dedicated sales units and employs approximately 1,200 employees.
With the closing Triton takes over all entities of the former business unit, as well as all staff. From now on SMT will be further developed as a standalone company under Triton’s ownership. A new brand name will be rolled out during 2019 and the company will continue to be known as “SKF Motion Technologies” and retain legal right to use the abbreviation SKF until introduction of the new brand.
“We look forward to actively supporting SMT’s management and employees by investing in and supporting the growth and development of the company. Our industry expertise from other investments in the sector and our strong network of senior industry experts, will contribute to further develop the company.” said Peder Prahl, Director of the General Partner for the Triton funds.
About Triton
The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe, focusing on businesses in the Industrial, Business Services and Consumer/Health sectors.
Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth. The 37 companies currently in Triton’s portfolio have combined sales of around € 12.9 billion and around 83,000 employees.
The Triton funds are advised by dedicated teams of professionals based in Germany, Sweden, Norway, Finland, Denmark, Italy, the United Kingdom, the United States, China, Luxembourg and Jersey.
Press contacts:
Triton
Fredrik Hazén +46 70 948 38 10
SKF
Theo Kjellberg +46 72 577 65 76
Ingerø Reiten Investment Company AS (“IRIC”) has today acquired 2.916.667 shares in Navamedic ASA, representing an ownership of 26.84% in the company. IRIC and related parties did not own any shares in Navamedic ASA prior to this transaction, and following the transaction holds 2.916.667 shares in total.
Paris, November 29, 2018 – happytal, French startup specializing in enhancing inpatient experience, announces it
has closed a €20 million equity fundraising led by AXA Venture Partners (AVP) and backed by existing shareholders
Partech and Compagnie d’Anjou and new shareholder Alliance Entreprendre, together with a €3 million loan from
Bpifrance.
Funds raised will allow happytal to step up its roll-out in hospitals, medical centres and retirement homes in France
and abroad. As Pass French Tech prize-winner last July, happytal will also draw on funds raised to enhance its hightech platform, which is blazing a trail in making online patient procedures user-friendly and easy.
To support its growth, 200 new top-class staff will be hired in 2019, primarily for business development, tech and
operations.
happytal was founded in 2013 by health industry-savvy founders and strives to revolutionize patients’ quality of life
throughout their healthcare journey from pre-admission until they return home. Patients and their loved ones can
carry out pre-admission procedures online, request a private room, instantly give a satisfaction rating and enjoy a
broad concierge services offering to smooth and improve their inpatient stay, including wellbeing, delicacies,
flowers, health products and home help. To provide such services, happytal engages personally selected artisans
and carers from nearby the health establishment, thereby contributing to local economies.
Five years since it was founded, happytal is now present in over 70 healthcare establishments in France and
Belgium, and has so far created over 300 jobs in the regions and at its Paris head office. Over 25,000 patients, their
loved ones and hospital staff have been won over by happytal and use it every month with a 95+ per cent
satisfaction score!
Pierre Lassarat, happytal co-founder and CEO, said: “Our rapid growth testifies that our people-focused and techbased services are very popular with healthcare establishments, which increasingly need user-friendly and nimble
systems. Our vibrant and dynamic people and the trust our users have in us mean we can expand our offering, take
on more staff and continue to invest”.
Romain Revellat, happytal joint founder and chairman, exclaimed: “We are thrilled to welcome new investors – AXA
Venture Partners (AVP) & Alliance Entreprendre – while pursuing our new business venture with our existing
shareholders – Partech and Compagnie d’Anjou. Their trust in us and this additional big equity investment are
testimony to our success while also reflecting our determination to maintain growth and make happytal a partner
of choice for patients and their loved ones”.
About happytal
The startup Happytal seeks to revolutionize hospital inpatient experience end-to-end by helping patients through all procedures right from
pre-admission to returning home, while providing concierge services, which smooth their stay and make it easier for their loved ones to help
them remotely. happytal’s solution also extends to a broad range of hospital services designed to enhance hospitals’ appeal and put patient procedures online – online pre-admission, online private room request, discharge lounges, real-time satisfaction measures etc.
happytal was set up in 2013 by healthcare industry-savvy founders and is now present in over 70 healthcare establishments in France and Belgium and every month attracts 25,000-plus patients, loved ones and hospital staff users. To learn more go to www.happytal.com
happytal is a Silver Alliance member. Silver Alliance, comprising 18 companies engaged in old people care, was formed in 2018 to bring about teamwork among entrepreneurs in ways that will benefit society at large, stimulate the economy and create local jobs. To learn more go to www.silveralliance.fr
About AXA Ventures Partners
AXA Venture Partners (AVP) is a venture capital fund investing in high-growth, technology-enabled companies. AVP manages $450m broken down between $275m direct investments and $175m for its Fund of Funds business. To date, AVP has invested in some forty seed and growth equity deals. AVP teams operate globally backed by offices in San Francisco, New York, London, Paris and Hong Kong.
To learn more go to www.axavp.com. Contact: François Robinet (francois@axavp.com) / Sébastien Loubry (sebastien@axavp.com)
About Partech
Partech is a big private equity investor in grand-breaking businesses from its offices in San Francisco, Paris, Berlin and Dakar. The firm’s people provide funds, operational experience and strategic advice to entrepreneurs at all stages of development including seed, venture and growth investments. The firm’s investment capacity exceeds €1 billion. Equity investments range from €200,000 to €50m and cover a broad range of technologies, goods and corporate and consumer services including IT systems, online brands, services, hardware and deep tech. To date,
Partech-backed companies have completed 20-plus IPOs and the firm has sold over 50 $100m-plus strategic investments. Partech’s current portfolio: https://partechpartners.com/companies/
Press Contact
Agence Ballou PR
Mickaël Barreteau & Isabelle Renard
Nordstjernan’s subsidiary Lideta, which also includes the Mama Mia health care group, has signed an agreement to acquire the Primary Health Care business area from Aleris. The acquisition covers a total of eleven health care centers in the Stockholm region and Uppsala, with 107,000 listed patients. The company has 275 full-time employees, and sales for 2018 were estimated at SEK 325 million. The acquisition is conditional upon approval from the relevant competition authorities. After the acquisition, Lideta will have 247,000 listed patients and approximately 775 employees, and it is estimated that sales will increase around 40 percent to just over SEK 1 billion. Lideta will thus become Sweden’s third largest private operator in primary health care.
In 2017, Nordstjernan acquired the health care companies Lideta and Mama Mia with the intent of developing a high-quality operator in Swedish health and medical care, with a focus on primary health care. The acquisition of Aleris’s Primary Health Care business area is part of its focus on primary health care.
“Nordstjernan believes that private health and medical care will play a central role in meeting patients’ growing needs for accessibility and quality. We believe that much of this future expansion will take place in the important field of primary health care. With Lideta’s acquisition of health care centers from Aleris, we will continue to expand in the welfare sector as a long-term owner,” said Nordstjernan’s President and CEO Tomas Billing.
Tomas Billing
President and CEO
Nordstjernan AB
Questions will be answered by:
Tomas Billing, CEO, Nordstjernan
Telephone: +46 8 788 50 18
E-mail: tomas.billing@nordstjernan.se
Stefan Stern, Senior Advisor, Nordstjernan
Telephone: +46 70 636 74 17
E-mail: stefan.stern@nordstjernan.se