Healthcare Services Acquisitions in 2017

FFL Partners, a San Francisco-based private equity firm, has completed its acquisition of Autism Learning Partners (ALP), a Southern California provider of Applied Behavior Analysis (ABA) therapy for children and young adults with autism. Terms were not disclosed; FFL said it will work with ALP management to expand the company’s multi-state platform and grow its clinical services.

Carlyle Growth Investments IV, an affiliate of Carlyle Asia Growth Partners V, has acquired a significant majority stake in Visionary RCM Infotech (India) Pvt. Ltd., a Chennai‑headquartered provider of offshore risk adjustment, medical coding and revenue cycle management services. The investment will support VRCM's growth and expansion of service offerings as the company continues to serve payers and providers across Medicare, Medicaid and commercial health plans.

IntriCon Corporation completed its acquisition of the remaining 80% stake in Hearing Help Express, a DeKalb, Illinois-based direct-to-consumer mail-order hearing aid provider. The transaction included $650,000 in cash, repayment of approximately $1.83 million in debt and an earn-out; IntriCon said the deal gives it direct access to consumers and the value-based hearing healthcare market.

Express Scripts Holding Company completed the acquisition of eviCore healthcare for $3.6 billion on Dec. 15, 2017. The deal combines Express Scripts' pharmacy benefit management platform with eviCore's evidence-based medical benefit management capabilities to expand clinical services, improve outcomes and reduce healthcare costs.

New Mountain Capital has acquired a majority ownership interest in CenseoHealth and Advance Health through a recapitalization announced December 7, 2017. The investment combines the two technology-enabled payer service providers to create a scale platform offering in-home health assessments, chronic care management and care coordination for health plans and providers across the United States.

Everyday Health Professional, a subsidiary of j2 Global, acquired Health eCareers from DHI Group, Inc. for approximately $15 million in cash. The transaction closed on December 4, 2017; DHI said it will use the proceeds to reduce debt and focus on its core technology-focused talent businesses.

Royal Philips has acquired US-based startup Analytical Informatics, Inc. to integrate the company's vendor-agnostic radiology workflow and analytics tools into Philips' PerformanceBridge radiology portfolio. The acquisition is intended to accelerate Philips' roadmap for Radiology Solutions by expanding operational intelligence, workflow optimization and data-driven decision support for imaging departments and enterprise customers; financial terms were not disclosed.

Epiphany Dermatology has expanded its Dallas/Fort Worth footprint by acquiring R. Todd Plott, MD, PA, doing business as Dermatology Alliance. The providers and support staff from the three-clinic practice have joined Epiphany; Dr. R. Todd Plott will serve as Epiphany’s DFW Market Medical Director to support expanded patient access and clinical leadership.

ExlService Holdings, Inc. (EXL) acquired Tampa-based care management firm Health Integrated, Inc. in a transaction announced October 2017. The deal expands EXL's healthcare operations and analytics capabilities by adding Health Integrated's technology- and analytics-enabled care management, utilization and disease management services (which serve Medicaid, Medicare and dual-eligible populations).

Theraplay, Inc. has partnered with Pittsburgh-based Positive Steps Therapy, LLC to expand its pediatric occupational, physical and speech therapy services into western Pennsylvania. The announcement also references a partnership with Graycliff (an independent middle‑market investment firm) to support continued expansion of the Theraplay family of companies.

Lindsay Goldberg has completed a recapitalization of Women's Care Florida, a Tampa-based multi-specialty women's health physician group. Hyde Park Capital served as exclusive investment banker for the transaction; the partnership aims to support WCF's growth and pursue broader geographic expansion and capability development.

Tenex Capital Management has acquired Team Select Home Care, a Phoenix-based provider of post-acute home healthcare services that operates seven offices across Arizona, Colorado, Oklahoma and Missouri. Team Select offers Medicare home health, pediatric/long-term private duty nursing, mobile outpatient therapy and CNA training supported by a proprietary data analytics and technology platform; Dinan Capital Advisors served as exclusive financial advisor to Team Select and its shareholders.

PatientSafe Solutions, a San Diego–based provider of the PatientTouch mobile clinical workflow and communication platform, closed a $25 million financing led by HighBar Partners. The round included participation from Merck Global Health Innovation Fund, Camden Partners, Psilos Group, and TPG and will be used to scale operations, accelerate sales and customer success, and further develop clinical communications capabilities.

Value Drug, through its Value Specialty Pharmacy subsidiary, has acquired Restore Rx, a Brunswick, Tennessee–based specialty pharmacy. The acquisition will expand Value Specialty Pharmacy’s scope and give Value Drug a nationwide patient footprint while retaining Restore Rx’s location, leadership and employees.

Vestar Capital Partners has acquired Quest Analytics, a provider of health plan provider network management software and services based in Appleton, Wisconsin. Quest's founders will remain active in the business with a substantial minority stake; Vestar said the investment will provide capital and sector expertise to accelerate product and market growth.

Swisslog Healthcare has acquired Talyst Systems, LLC, a Kirkland, Washington–based provider of pharmacy automation hardware and medication management software, to expand its inpatient and outpatient pharmacy automation offering. The deal integrates Talyst's AutoCarousel, AutoPack and AutoSecure products with Swisslog's transport and analytics capabilities to strengthen Swisslog's position in North America and globally.

MedExpress has acquired Linc Care, a small chain of outpatient/urgent-care clinics operated by Catholic Health Initiatives, expanding MedExpress’s neighborhood medical presence in Lincoln, Nebraska. The deal was completed with advisory involvement from a 7 Mile banker who executed the transaction while at another firm.

Boyne Capital Partners partnered with AmeriBest Home Care management to acquire AmeriBest, a Medicare-certified home health and personal care provider based in Philadelphia, Pennsylvania. The transaction is a platform investment by Boyne's BCM Fund I to support growth as healthcare delivery continues shifting to the home setting.

MatrixCare has acquired SigmaCare, a New York City–based electronic health record (EHR) vendor serving the long-term and post-acute care market. The deal expands MatrixCare’s footprint in the New York area and enables SigmaCare customers to access MatrixCare’s CareCommunity, revenue cycle management, and analytics capabilities; financial terms were not disclosed.

Riverchase Dermatology, a portfolio company of GTCR, has acquired Bowes Dermatology, a Miami-based medical and cosmetic dermatology practice founded by Dr. Leyda Bowes. Dinan Capital Advisors served as exclusive financial advisor to Bowes and its shareholders in the transaction, which expands Riverchase's clinical footprint and capabilities in Florida.

Epiphany Dermatology, a Texas-based dermatology group, has expanded into Oklahoma by acquiring Dermatology Associates of Oklahoma (DAO), adding DAO's three centers in Oklahoma City, Tulsa, and Muskogee to Epiphany's existing network. The deal brings DAO's providers and staff into Epiphany's platform to improve patient access and provide operational support across managed care, marketing, HR, compliance, and recruiting.

VRI, a portfolio company of Pamlico Capital, has acquired Healthcom Inc., a Sullivan, Illinois-based provider of medical alert, medication management and telehealth solutions. The deal, announced by Woodbridge International, expands VRI's remote monitoring and adherence services and adds Healthcom's provider partnerships and technology to VRI's platform.

Keais Record Retrieval, a portfolio company of The CapStreet Group, acquired National Legal Services, LLC (NLS), a provider of medical-record retrieval and related document management services for insurance carriers and law firms. NLS had minority investors NewSpring Mezzanine Capital and CVF Capital Partners; Cleary Gull served as exclusive financial advisor to NLS on the transaction.

Zenith American Solutions has acquired Pacific Federal, a California-based employee benefits administrator, to deepen its West Coast presence and expand its national third-party administration capabilities. PacFed serves more than 200 employers and 30,000 members in Southern California; PacFed's president Jim Garrison will continue to lead the business and report to Zenith's CEO. Financial terms were not disclosed.

NFP Corp. has acquired Valued Pharmacy Services of the Midwest, Inc. and Healthcare Coalition for the Uninsured, LLC (collectively, VPS), a Chesterfield, Missouri–based pharmacy benefit management consulting firm. The acquisition, which closed December 29, 2016, expands NFP's pharmacy benefit management consulting capabilities and enhances its employee benefits consulting offering.

Career Step, a Revelstoke Capital Partners portfolio company, has acquired the Revenue Capture and Coding and Documentation divisions of Panacea Healthcare Solutions. The deal brings Panacea's coding, compliance, consulting and data-analytics capabilities into Career Step's Professional Training Division to create an end-to-end education, consulting and analytics offering for healthcare revenue cycle customers.

SpecialtyCare has acquired Trident Health Resources, a Dunedin, Florida-based perfusion services provider. The acquisition brings Trident's perfusion staffing and clinical management capabilities into SpecialtyCare's portfolio to expand clinical services and support hospital cardiac surgery programs.

MedExpress has acquired FirstMed Urgent Care. The deal expands MedExpress's urgent care footprint by adding FirstMed's clinic(s); no seller was disclosed and the transaction was noted as completed by a 7 Mile banker who executed the deal while at another firm.