Healthcare Services Acquisitions in 2020

Accel-KKR acquired OrthoBanc, LLC and combined it with its existing portfolio company OrthoFi to create a larger orthodontic patient acquisition and financial management platform operating under the OrthoFi name. The combined business will offer patient acquisition software and revenue cycle/payment management services for orthodontic practices, with David Ternan continuing as CEO of OrthoFi.

HealthEdge Software, Inc. completed the acquisition of Altruista Health, Inc., adding Altruista’s GuidingCare cloud-based care management platform to HealthEdge’s health payer technology suite. The combination expands HealthEdge’s capabilities across claims adjudication, payment integrity, and care management for commercial and government health plans. Transaction terms were not disclosed.

IBH Population Health Solutions (Integrated Behavioral Health, Inc.) completed its acquisition of HMC Healthworks. The deal expands IBH’s portfolio by adding chronic condition management, data analytics, wellness, and pharmacy specialty services, while strengthening capabilities in managed behavioral health, EAP, and opioid & pain management.

Apara Autism Centers acquired Behavior Pioneers, a Dallas, Texas-based provider of applied behavior analysis (ABA) services for children on the autism spectrum. American Healthcare Capital served as exclusive advisor to Behavior Pioneers on the transaction.

BayMark Health Services acquired Choices of Louisiana, an opioid treatment provider operating three opioid treatment programs (OTPs) in Alexandria and the New Orleans market. The clinics will continue providing medication-assisted treatment and counseling services under BayMark’s BAART Programs brand, expanding BayMark’s footprint in Louisiana.

The Care Team (TCT), a Revelstoke Capital Partners portfolio company, has acquired InTeliCare Home Health and Hospice (InTeliCare/ITC). The deal represents TCT’s first acquisition since partnering with Revelstoke and expands TCT’s home health and hospice coverage across Michigan’s lower peninsula. Previous InTeliCare owners Irene Tuttle and Todd Josephson will remain involved in an advisory capacity.

Traditions Health, LLC acquired Centennial Hospice, a provider of hospice services in Oklahoma. The deal strengthens Traditions Health’s presence in the Oklahoma City market, and Centennial’s President & CEO Kevin Offel will take on a regional leadership role post-transaction. Traditions Health is a portfolio company of Dorilton Capital.

TRIMEDX acquired Centurion Service Group to expand TRIMEDX’s Clinical Asset Management offering for healthcare providers. Centurion’s surplus medical equipment management and auction/e-commerce capabilities, including proprietary pricing data, will be integrated to help clients monetize or reallocate excess equipment and optimize capital spend. Centurion will operate as a subsidiary of TRIMEDX, and TripleTree LLC advised Centurion on the transaction.

Select Rehabilitation announced it has acquired RehabCare from Kindred Healthcare, LLC; financial terms were not disclosed. The acquisition expands Select’s contract therapy and rehabilitation services footprint across post-acute and other care settings in the United States.

Signify Health has acquired PatientBlox, a healthcare technology company specializing in distributed ledger (blockchain) solutions. Signify plans to integrate PatientBlox’s technology into its value-based care platform to enhance prospective episode-of-care payment capabilities and support the transition away from fee-for-service models.

New Harbor Capital portfolio company FYZICAL completed an add-on acquisition of two Michigan-based franchisee physical rehabilitation clinics. The deal expands FYZICAL’s corporate-owned footprint in the Midwest and supports broader rollout of pilot initiatives and best practices across its franchise network.

One Equity Partners completed the sale of Simplura Health Group, a provider of home care services for the elderly and disabled, to Providence Service Corporation. Simplura is headquartered in Valley Stream, New York and operates across multiple U.S. states with a large caregiver network.

Epiphany Dermatology acquired Dermatology Associates, Inc., expanding its dermatology platform into the St. Louis, Missouri market. As part of the transaction, Dr. Oliver McKee and his staff joined Epiphany Dermatology, gaining additional operational and administrative resources while continuing to provide dermatology services locally.

Vision Innovation Partners acquired Omni Eye Specialists, a multi-specialty ophthalmology group serving the Baltimore metro area with six locations. The deal expands Vision Innovation Partners’ Mid-Atlantic ophthalmology platform and strengthens its presence in the Baltimore, Maryland market.

Osprey Capital, LLC acquired Global Jetcare, Inc., a provider of fixed-wing air ambulance transport services domestically and internationally. Three Sixty Seven Advisors served as the exclusive advisor to Global Jetcare on the sale. Global Jetcare’s founders, Bart and Christina Gray, noted the process support provided during the transaction.

RLDatix acquired Verge Health, a credentialing and governance, risk, and compliance (GRC) software provider purpose-built for healthcare. The combination expands RLDatix’s safety-led compliance, provider management, and analytics capabilities to create a larger integrated patient safety and risk mitigation software platform for healthcare organizations.

Pharos Capital Group’s primary care platform, Complete Health, acquired two Birmingham-area primary care practices: Northside Medical Associates and Adamsville Family Medicine. The acquisitions expand Complete Health’s value-based primary care footprint in Alabama; financial terms were not disclosed.

Linden Capital Partners made a majority investment in Vital Care, Inc., partnering alongside the company’s existing shareholders (the Bell family) and management. Vital Care, founded in 1986 and headquartered in Meridian, Mississippi, is a franchisor of home infusion pharmacy services operating through more than 50 franchise locations across 20 states.

The Vistria Group signed a definitive agreement to sell St. Croix Hospice to an affiliate of H.I.G. Capital for undisclosed terms. St. Croix Hospice, founded in 2008 and headquartered in Oakdale, Minnesota, provides hospice and related comfort/support services across the Midwestern United States.

The Stepping Stones Group acquired Ardor School Solutions, the school division of Ardor Health Solutions. The deal expands Stepping Stones’ geographic footprint, including into New Mexico and Arizona, and supports its growth strategy as a portfolio company of Five Arrows Capital Partners.

IVX Health acquired Precision Healthcare, an operator of 12 infusion centers across Tennessee and northern Arkansas, to expand IVX Health’s ambulatory infusion footprint in the Southeast. Precision Healthcare was formerly a subsidiary of BAI Healthcare Services, Inc., and its corporate operations will rebrand as IVX Health. Acquisition financing was led by a preferred equity investment from Linden Capital Partners, alongside existing institutional investors McKesson Ventures, Health Velocity Capital, and Nueterra Capital.

Monte Nido & Affiliates, a portfolio company of Levine Leichtman Capital Partners (LLCP), has acquired Rosewood Ranch, L.P., an operator of three eating disorder treatment facilities in the greater Phoenix, Arizona market. The acquisition expands Monte Nido’s treatment offerings and geographic reach, adding Rosewood’s inpatient-focused capabilities to Monte Nido’s national eating disorder treatment platform.

VSS Capital Partners completed a growth investment in Podiatry Growth Partners (PGP), a podiatry practice management platform operating a national network of regionally branded podiatric clinics. Headquartered in St. Louis, Missouri, PGP provides back-office services to help independent podiatrists scale, and VSS’ investment will support accelerated expansion through new physician partnerships and acquisitions of complementary podiatry practices across the United States.

The Speech Pathology Group (SPG), a portfolio company of Ridgemont Equity Partners, acquired Family Support Center (FSC). FSC is a Colorado Springs-area provider of applied behavioral analysis (ABA) therapy for children and families, operating four outpatient clinics in and around Colorado Springs, Colorado.

Center for Social Dynamics, LLC (CSD), a portfolio company of NMS Capital, announced it has partnered with and acquired Behavior & Development Center, LLC (BDC). BDC is an applied behavioral analysis (ABA) provider focused on home-based, evidence-based autism spectrum disorder treatment across Southern California, and will operate within the broader CSD platform as CSD’s second add-on since partnering with NMS.

Sentrics Holdings, LLC acquired Luna Lights, a provider of automated lighting and sensor-based safety technology for senior living communities. The Luna Lights solution will be integrated into Sentrics' Ensure360SM platform (part of the Sentrics360 suite) to improve resident safety, reduce nighttime fall risk, and provide sleep/behavior trend reporting that can also feed into Enrich360SM analytics.

CATO SMS acquired Wilmington, North Carolina-based Array Biostatistics to expand its specialized clinical research and biostatistical consulting capabilities. CATO SMS plans to invest in growing Array’s team and biometrics offerings, with Array CEO Sandy Ferber continuing to lead the business. The acquisition supports CATO SMS’ strategic expansion alongside its healthcare investors, Water Street Healthcare Partners and JLL Partners.

Women's Care Enterprises announced an expansion in Southern California through a partnership with Complete Women Care, a leading women's health practice in Los Angeles. As part of the transaction, Complete Women Care will join Women's Care Enterprises' broader women's health platform alongside Southern California Reproductive Center (SCRC) to build a comprehensive care model for women in the region.

CAI Capital Partners closed an investment in RebalanceMD Canada Ltd., a Victoria, British Columbia-based operator of musculoskeletal care medical clinics offering orthopedic surgical procedures and non-surgical services. The investment will fund RebalanceMD’s growth through opening new clinics initially in British Columbia and Alberta, with longer-term expansion across Canada.

Pace Analytical Services, LLC announced it has acquired Emerson Resources, Inc., a pharmaceutical contract development and manufacturing organization (CDMO). The acquisition adds dosage form development and clinical trial material manufacturing capabilities to Pace Life Sciences and expands its support for pharmaceutical and biopharmaceutical clients through phase 2 clinical trial material production.

Experity, a provider of clinical and practice management software for urgent care, has acquired Calibrater Health, a feedback management and reputation management solutions provider. The deal expands Experity’s patient engagement platform by adding capabilities such as reputation management, AI-powered issue tracking, and text-based patient surveys for urgent care clinics.

Caregiver Inc., a provider of long-term care services and supports for people with intellectual and developmental disabilities, has acquired Soto ALG. The deal marks Caregiver’s expansion into Georgia, its fifth state of operations, and represents its seventeenth acquisition since 2015. The acquisition closed on August 19, 2020.

Centauri Health Solutions acquired all key assets of HCFS, Inc., a Texas-based provider of self-pay management solutions for hospitals and health systems. The deal expands Centauri’s national footprint and strengthens its hospital revenue cycle optimization and management offerings, with support from investors Abry Partners, Silversmith Capital Partners, and SV Health Investors.

BlueSprig Pediatrics, Inc. acquired the assets of Aptitude Habilitation Services, a multi-state provider of Applied Behavior Analysis (ABA) therapy services for children with Autism Spectrum Disorder. The acquisition expands BlueSprig’s presence into additional states including Colorado, North Carolina, Tennessee, Hawaii, and Virginia. Financial terms were not disclosed.

Pinnacle Dermatology, a portfolio company of Chicago Pacific Founders, acquired Gary D. Waldman Dermatology and its two clinic locations in Monroe and Charlotte, North Carolina. The acquisition marks Pinnacle Dermatology’s entry into the North Carolina market as part of its strategy to expand its multi-site dermatology practice.

Centauri Health Solutions acquired Applied Revenue Analytics (AppRev), a Temple, Texas-based healthcare business intelligence company, from OSG Billing. The deal adds SaaS-based hospital revenue cycle analytics and optimization capabilities to Centauri’s healthcare technology and services offerings, and was supported by Centauri’s investors including Abry Partners, Silversmith Capital Partners, and SV Health Investors.

US Foot & Ankle Specialists, LLC (USFAS), a portfolio company of NMS Capital, announced it has partnered with Chapel Hill Foot and Ankle Associates. The Chapel Hill, North Carolina-based podiatry practice will continue operating at its current location while leveraging USFAS’s administrative and support services.

ClareMedica Health Partners, LLC completed the acquisition of two Medicare Advantage-focused primary care practices in Florida: the practice of Dr. Prabhavathi Viralam in Palm Beach Gardens and the practice of Dr. Todd K. Rosenthal in Tampa. The acquisitions expand ClareMedica’s physician network and strengthen its presence in both Central Florida (Tampa area) and Palm Beach Gardens.

Center for Social Dynamics, LLC (CSD), a portfolio company of NMS Capital, announced it has partnered with Rocky Mountain Applied Behavior Analysts, LLC. Rocky Mountain, an applied behavioral analysis (ABA) services provider focused on home-based autism spectrum disorder (ASD) treatment, will join the CSD platform as CSD expands into Colorado. The deal is described as CSD’s first add-on acquisition, and founder Brittany Warsing will remain post-close in a senior clinical leadership role.

Enhanced Healthcare Partners (EHP) announced a joint investment in the simultaneous business merger of Synergy Surgicalists and EA Health, forming a combined company branded as EA-Synergy. The merged platform will provide integrated clinical staffing and management services spanning emergency medicine, orthopedic and general surgery staffing, and specialty on-call services. Terms of the transaction were not disclosed.

Therapeutic Research Center, LLC (TRC), a portfolio company of Levine Leichtman Capital Partners (LLCP), acquired CriticalPoint, LLC and Clinical IQ, LLC. CriticalPoint provides training and educational offerings focused on sterile and non-sterile compounding, while Clinical IQ provides consulting services related to compounding, CGMP aseptic processing, and USP compliance. The acquisitions expand TRC’s education platform and domain expertise in sterile compounding for compounding pharmacies.

West Coast Fitness LLC acquired a Northern California-based franchisee of Orangetheory Fitness, advised by Cascadia Capital. The acquired Bay Area studios will be integrated into West Coast Fitness’ platform of 54 Orangetheory studios across California and Ohio, and West Coast Fitness is backed by Castanea Partners.

Refresh Mental Health has acquired Cielo House, an eating disorder treatment provider with four facilities in the San Francisco Bay Area. The acquisition expands Refresh Mental Health’s footprint to the West Coast and establishes a presence in the San Francisco metro area, with plans to grow Cielo House’s teletherapy and telemedicine capabilities.

Eye Health America (EHA) announced the acquisition of two optometry practices in South Carolina’s Pee Dee region: Dillon Eyecare Associates and Pee Dee Eye Associates. The partnerships expand EHA’s regional network and support an integrated continuum of eye care, with continued coordination alongside surgeons at Carolinas Centers for Sight.

BlueSprig Pediatrics acquired Florida Autism Center / Fusion Autism Center (FAC), an autism services provider with locations across Florida and Georgia, from Shore Capital Partners. Shore initially partnered with FAC in 2015 to build an autism services platform in the Southeast, which grew to 52 locations. The transaction closed on March 4, 2020 and financial terms were not disclosed.

PharmaLex Group completed the acquisition of Arbour Group, LLC from Keystone Capital, Inc.; financial terms were not disclosed. Arbour provides regulatory compliance solutions for the global life sciences industry and is headquartered in Chicago, Illinois.

Harris Healthcare Group, a division of N. Harris Computer Corporation, completed the acquisition of Doc-Tor.Com L.L.C., a cloud-based practice management system for physician offices. The transaction also included the acquisition of New Ultimate Billing LLC, a full-service revenue cycle management provider. Doc-Tor.com will operate within the Amazing Charts business unit, while Ultimate Billing will be a stand-alone unit within Harris’ healthcare suite.

Edgewater Growth Capital Partners IV, L.P., through its newly formed portfolio company RCM Holdings, LLC, completed the acquisition of MedData, a technology-enabled revenue cycle management services provider. MedData was acquired from its parent company MEDNAX, Inc., and will operate under RCM Holdings with Mike Shea as CEO.

CareFirst BlueCross BlueShield acquired Trusted Health Plan, a Medicaid managed care organization serving the District of Columbia. Trusted is a portfolio company of Juggernaut Capital Partners and serves more than 34,000 enrollees through the DC Healthy Families Medicaid Program and DC Healthcare Alliance Program.

Kinderhook Industries entered into a definitive agreement to sell Stratus Video to AMN Healthcare Services for $475 million, subject to regulatory approvals and customary closing conditions. Stratus Video, headquartered in Clearwater, Florida, provides video remote language interpretation services for the healthcare industry and is expected to join AMN by early March 2020.

Fitness Holdings North America (FHNA), a major Crunch Fitness franchisee, completed a minority recapitalization and growth financing led by Seacoast Capital alongside E2 Venture Partners. The investment will support FHNA’s expansion across the Northeast through new club openings and acquisitions, building on prior backing from RLB Holdings and Synergy Capital Investments.

Latticework Capital Management made a strategic investment in Beacon Behavioral Hospital, a leading provider of psychiatric and mental health treatment programs in Louisiana. Beacon is headquartered in Baton Rouge, Louisiana and operates multiple inpatient and outpatient programs across the state. The investment is intended to support Beacon’s continued growth and expansion of service capabilities.

Marlin Equity Partners announced the acquisition of Yaro, LLC, a provider of benefits navigation and care guidance solutions. Yaro will be merged into Virgin Pulse, a Marlin portfolio company, to expand Virgin Pulse’s benefits navigation capabilities and support the launch of Virgin Pulse Navigate.

Healthgrades announced it has acquired Evariant, a healthcare consumer and physician engagement company, to create a more comprehensive end-to-end engagement platform for health systems and life sciences customers. Transaction terms were not disclosed, and Evariant shareholders will retain a minority stake in the combined company with board representation. Healthgrades is a portfolio company of Vestar Capital Partners.