Cencora to Acquire Majority Stake in OneOncology from TPG

TPG and AmerisourceBergen Acquire OneOncology from General Atlantic

April 20, 2023

Healthcare Services

TPG has agreed to acquire a majority interest in OneOncology and AmerisourceBergen will take a roughly 35% minority stake for approximately $685 million, valuing OneOncology at $2.1 billion. OneOncology's affiliated practices, physicians, and management will retain minority ownership as the parties form a new joint venture; the network includes over 900 affiliated providers across 14 states and the deal is expected to close by the end of September 2023.

Cencora To Acquire Retina Consultants of America in $4.6 Billion Deal

November 10, 2024

Healthcare Services

Cencora entered into a definitive agreement to acquire Retina Consultants of America (RCA), a leading retina specialist management services organization (MSO), from Webster Equity Partners. The deal values RCA at approximately $4.6 billion in cash, with additional potential contingent consideration of up to $500 million, and is expected to close subject to customary regulatory approvals.

Cencora and Covetrus to Merge with MWI Animal Health

February 18, 2026

Healthcare Services

Cencora and Covetrus have entered into a definitive agreement to merge Covetrus with MWI Animal Health (MWI), creating a comprehensive animal health platform. The transaction values MWI at an enterprise value of $3.5 billion, with Cencora receiving cash and preferred equity proceeds while retaining a non-controlling 34.3% common equity stake in the combined company.

TPG Completes Majority Investment in iNova Pharmaceuticals

October 31, 2022

Pharmaceuticals

TPG (through its Asia platform) completed a majority investment in iNova Pharmaceuticals, a multinational consumer health and pharmaceutical company, with existing investor Pacific Equity Partners re-investing as a minority co-investor. The deal will support iNova's regional expansion and growth strategy across Southeast and North Asia, and fund channel expansion, product-in-fill and technology investments.

Advent International Acquires Majority Stake in Encora

December 21, 2021

IT Services

Advent International has acquired a majority stake in Encora, a global digital engineering and software product development services provider. Warburg Pincus, the prior majority shareholder, retains a minority stake; Advent will partner with Encora's management to accelerate global growth, expand capabilities, and pursue targeted M&A.

CD&R and TPG Capital to Acquire Covetrus in ~$4B Deal

May 25, 2022

Healthcare Services

Covetrus entered into a definitive agreement to be acquired by funds affiliated with Clayton, Dubilier & Rice (CD&R) and TPG Capital for $21.00 per share in cash, implying an enterprise value of approximately $4 billion. The transaction is expected to close in the second half of 2022, subject to regulatory approvals and Covetrus shareholder approval, after which Covetrus will become a private company.