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The Wire July 15, 2021
Varsity Healthcare Partners gears up for sale of Probo Medical, Veritas' Cotiviti reportedly evaluates $15b-plus IPO Morning!
In today’s rundown, we've got the scoop on Varsity Healthcare Partners' plans to exit another portfolio business -- this time, one that helps extend the life of medical equipment. The Los Angeles firm is poised to formally launch a process for Probo Medical via Cain Brothers in about two weeks, sources familiar with the firm's plans told me. Originally a reseller of refurbished ultrasound systems and ultrasound probes in the US only, Probo under Varsity has expanded considerably. The company has grown both horizontally, into other imaging modalities including MRI and CT, as well as vertically, adding new, complementary services including repair, rental services and an inventory parts business. Projecting approximately $29 million in 2021 EBITDA, interest in Probo heightened after folks got educated about...
In other big headlines, another big private equity-backed player operating at the nexus of healthcare and technology appears to be in the works. According to a Bloomberg report, Veritas Capital is considering an initial public offering of Cotiviti that could value the health-care information and analytics company at more than $15 billion. Cotiviti’s next stage of growth has long been speculated about, with the buzz heating up after Hellman & Friedman-backed MultiPlan last summer surprised the market with an agreement to merge with a SPAC in an $11 billion deal. “Cotiviti might be a good SPAC deal or partner [for MultiPlan],” one source told me at that time. “Cotiviti would be crazy not to think about something like this assuming they can tell a good story,” another source added.
Read the full wire commentary on PE Hub...
That’s it for me! As always, hit me up at [email protected] with any tips, feedback or comments. Have a great week ahead!
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Also of note (may require subscriptions) Podcast: Is action living up to the rhetoric on gender diversity?Journalists across the PEI stable share their insights on an issue that has become top of mind for private fund managers and investors. Listen here.
HCIT: Bloomberg writes that EQT-backed Waystar is buying Patientco in a deal that bolsters its ability to collect payments from patients who have become responsible for an increasing share of health-care bills in the U.S. The deal, which could be announced as soon as Thursday, is valued at more than $450 million, the report said. Read it here.
Fundraising: WSJ Pro writes that growth-investor Aldrich Capital Partners’ second fund could raise up to $450 million amid strong investor demand, according to Mark Evans, principal investment officer at the Connecticut Retirement Plans and Trust Funds. Read it here.
PE Deals
They said it “Deal value in the last four to five years has bounced around $500billion-$600 billion. Getting to a trillion this year is double what the industry did in 2020 – a gigantic accomplishment if the rest of the year continues to play out like the first half.” Hugh MacArthur, global head of PE at Bain & Co, told Private Equity International.
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