Doubling down: Advent builds out healthcare portfolio with add-ons

The Wire

Dec. 11, 2020

Advent's healthcare portfolio steers busy 2020, Cinven's Bioclinica unites with Nordic, Astorg-backed ERT, TPG-sponsored SPAC merges with electric-vehicle technology EVBox

It's Friday, we made it!

Portfolio-driven M&A has fueled a proactive pandemic year in healthcare for Advent International, whose senior members are closely watching how technology adoption lends to new pockets of opportunity.

I recently caught up with Advent's John Maldonado and Tom Allen, who said dealmaking across Advent’s existing healthcare portfolio (totaling eight add-ons) this year translates to combined enterprise value of nearly $2 billion. All but one healthcare investment this year was a portfolio tuck-in, with the exception being RxBenefits, a sizable transaction in the healthcare benefits arena PE Hub uncovered last month.

Advent spoke to portfolio strategies at AccentCare and Mediq, while also digging into the acceleration of telehealth and virtual trials. Check out my full report.

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Note to Readers: It's that time of year ... for the 21st time, the editors of PE Hub and Buyouts honor exceptional buyouts with our Deal of the Year Awards.

Winners are chosen in seven categories: Deal of the Year, Large-Market Deal of the Year, Middle-Market Deal of the Year, Small-Market Deal of the Year, Turnaround of the Year, International Deal of the Year, and Secondaries Deal of the Year.

Go here for more information and to read about rules and methodology. Also check out past winners. Last year, New Mountain took the crown with its exit of Equian.

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Also of note (may require subscriptions)

On the move: Jeff Zients, CEO of Cranemere Group, a long-hold-focused private investment firm, resigned to join the incoming administration of president-elect Joseph Biden, sources told Buyouts. Read more here.