Healthcare Services Acquisitions in 2021

Babylon announced it closed its acquisition of Higi SH Holdings Inc. on December 31, 2021. The deal combines Babylon’s digital-first healthcare and virtual care platform with Higi’s consumer health engagement and remote monitoring capabilities, including its Smart Health Stations network and connected devices, to expand access to care across the United States.

A consortium comprising New Zealand Super Fund, Pioneer Capital and Comprador Holdings acquired a 70% stake in Fertility Associates in late 2021. The remaining 30% continues to be owned by Fertility Associates’ doctors and management team, with the investors supporting expansion in Malaysia and other Asia-Pacific markets.

Omnicell, Inc. acquired MarkeTouch Media, LLC for $82 million in cash (subject to customary adjustments), financing the deal with cash on hand. The transaction expands Omnicell’s EnlivenHealth division in retail pharmacy and adds mobile/web patient engagement and pharmacy software capabilities to support its SaaS roadmap. The acquisition closed on December 31, 2021 and is expected to be immediately accretive to Omnicell’s non-GAAP EBITDA and EPS.

Vision Innovation Partners announced it has acquired Advanced Eye Care, a comprehensive ophthalmology and eye care practice with an onsite med spa in Bel Air, Maryland. The deal expands Vision Innovation Partners’ Mid-Atlantic footprint, deepening its presence in the Baltimore–Washington metropolitan area; Vision Innovation Partners is backed by private equity firm Centre Partners.

Physical Rehabilitation Network (PRN) acquired Bonney Lake Physical Therapy & Hand Rehab, PLLC, expanding PRN’s outpatient physical therapy footprint in Washington state to 22 clinics. The deal adds Bonney Lake PT’s outpatient clinic in Bonney Lake, Washington, which provides hand therapy and general outpatient physical therapy services. PRN is a portfolio company of Gryphon Investors.

Omnicell, Inc. completed its acquisition of ReCept Holdings, Inc., adding ReCept’s specialty pharmacy management implementation and managed services to Omnicell’s Advanced Services portfolio. The deal was valued at $100 million (subject to customary adjustments) and was funded with cash on Omnicell’s balance sheet, with the acquired business reported to have $24 million in annual recurring revenue for the 12 months ended September 30, 2021.

Golden Bear Physical Therapy, a holding of Shore Capital Partners, acquired Cleburne Physical Therapy & Sports Rehabilitation (dba Real Performance Physical Therapy). The transaction closed on December 28, 2021, and was advised by Generational Equity. Cleburne is an outpatient orthopedic physical therapy practice with locations in Cleburne and Burleson, Texas.

Sentinel Capital Partners acquired TTG Imaging Solutions, LLC, a Pittsburgh-based national provider of nuclear medicine and molecular imaging equipment and services, including maintenance/repair, refurbished equipment sales, clinical staffing, and radiopharmaceutical supply. TTG was previously a portfolio company of Chartwell Investments Entrepreneur & Founder Capital (Chief Capital). Brookside Capital Partners provided subordinated debt and an equity co-investment to support Sentinel’s acquisition; deal terms were not disclosed.

Fortive Corporation completed the acquisition of Provation Software, Inc., a provider of clinical workflow and documentation software and SaaS solutions for hospitals and ambulatory surgery centers. Provation, previously owned by Clearlake Capital Group, will operate within Fortive’s Advanced Healthcare Solutions segment.

Amador Bioscience, a translational sciences and clinical pharmacology CRO, has completed the acquisition of Ann Arbor Pharmacometrics Group (A2PG), a pharmacometrics consulting firm headquartered in Ann Arbor, Michigan. The combined organization aims to operate as a one-stop global translational science and clinical pharmacology CRO, expanding service offerings in modeling, simulation, and clinical pharmacology across development stages.

BayMark Health Services completed the acquisition of Riverwood Group, LLC, a medication-assisted treatment company operating 13 Opioid Treatment Programs across seven U.S. states. The deal expands BayMark’s opioid treatment program footprint into four new states and adds Riverwood’s methadone-based, counseling-supported opioid addiction treatment services to BayMark’s network.

BPOC made a strategic investment in Alliance Physical Therapy Partners, LLC, a national provider of outpatient physical therapy services with 90+ clinics across 14 states. BPOC will partner with Alliance’s existing management team to support and accelerate the company’s growth strategy; financial terms were not disclosed.

ARES, a Romanian interventional cardiology hospital group backed by Highlander Partners, acquired Cardiomed Cluj, a private outpatient cardiology and imaging clinic in Cluj-Napoca. The combination expands ARES’ outpatient, imaging, and diagnostic capabilities and creates an integrated cardiology services provider in the Cluj region. Cardiomed founder Carmen Mureșan will continue to lead and grow the Cardiomed business within the ARES group.

Diversified Medical Healthcare (DMH) acquired the ConfirmD mobile app, a digital health wallet and employer dashboard used to manage and report COVID-19 testing and vaccination status for OSHA mandate compliance. ConfirmD was created by Buddycheque LLC and will now be offered under Diversified Medical Healthcare’s portfolio, supported by its OnGen medical data management software platform.

NewSpring Healthcare, a dedicated healthcare strategy of NewSpring, made a recapitalization investment in Verisma, a provider of healthcare disclosure management technology and services. The GP-led secondary transaction, structured through a continuation vehicle managed by NewSpring Healthcare, provided liquidity to existing shareholders while injecting new capital to support Verisma’s growth and technology development. Triago served as exclusive financial advisor.

Clarivate Plc announced it has acquired Patient Connect, a provider of patient engagement solutions that measure clinical and commercial outcomes and support patient-centric healthcare decision-making. Clarivate plans to combine its real world data and life sciences intelligence offerings with Patient Connect’s patient-level insights to expand global patient journey data coverage and enhance customer engagement solutions for life science organizations.

FFL Partners and Two Sigma Impact acquired majority ownership of Community Medical Services (CMS), an opioid use disorder medication-assisted treatment (MAT) and opioid treatment program (OTP) clinic provider. CMS is headquartered in Scottsdale, Arizona and operates 45+ clinics across nine states; financial terms were not disclosed. The transaction closed on December 15, 2021, with Clearview Capital Fund III selling its majority interest.

BayMark Health Services acquired Granite Recovery Centers, adding two residential treatment facilities and multiple sober living homes in southern New Hampshire. The deal expands BayMark’s continuum of care in substance use disorder treatment, strengthening its residential treatment footprint across the region.

Emmes, a portfolio company of Behrman Capital, acquired Institut Dr. Schauerte (IDS), a Munich-based clinical research organization specializing in late-phase, non-interventional, and post-market clinical follow-up studies focused on real world evidence. The deal expands Emmes’ European presence in Germany and adds new electronic data capture capabilities to support RWE research.

DAS Health Ventures, LLC (DAS Health), a portfolio company of Sheridan Capital Partners, acquired Itentive, LLC. The acquisition expands DAS Health’s managed services provider (MSP) footprint and adds complementary health IT consulting, support services, and PM/EHR-related capabilities for physician practices and hospitals.

Elevate ENT Partners, a management services organization supporting ENT practices nationwide, acquired Orlando Ear, Nose & Throat, P.A. (Orlando ENT). The transaction expands Elevate’s footprint in Central Florida and brings Orlando ENT’s physician partners into the Elevate platform to support continued growth with added infrastructure and capital.

Argos Health announced it has merged with EnableComp, combining two providers of complex claims and revenue recovery solutions for healthcare providers. Welsh, Carson, Anderson & Stowe (WCAS), which acquired Argos Health earlier in 2021, will partner with management and Primus Capital to continue growing the combined business organically and through acquisitions.

Oracle Corporation announced an agreement to acquire Cerner Corporation via an all-cash tender offer priced at $95.00 per share, valuing Cerner at approximately $28.3 billion in equity value. Cerner provides digital health information systems, including electronic health records, used by hospitals and health systems. The transaction is expected to close in calendar year 2022, subject to regulatory approvals and other customary closing conditions.

Elite DNA Therapy Services acquired Impact Behavioral Health in Tallahassee, expanding its mental health services footprint in North Florida and the Panhandle. The deal supports Elite DNA’s broader plan to rapidly grow locations across Florida while expanding access to comprehensive behavioral health treatment programs and resources.

Advanced Dermatology and Cosmetic Surgery announced that Baltimore-area dermatology practice Englert Dermatology has joined its nationwide network of 150+ offices. The practice will operate under the names Advanced Dermatology Bel Air, Advanced Dermatology Hunt Valley, and Advanced Dermatology Towson, expanding Advanced Dermatology and Cosmetic Surgery’s presence in Maryland.

Francisco Partners acquired Office Ally, a U.S. provider of healthcare clearinghouse services, revenue cycle management, and healthcare software solutions serving payers and office-based physicians. The investment is intended to accelerate Office Ally’s product innovation and growth, including enhanced revenue cycle offerings. Concurrent with the transaction closing, founder and CEO Brian O’Neill will retire and Chris Hart will become CEO.

Solaris Health Holdings, the nation’s largest independent urological services provider, announced that Anne Arundel Urology has joined Solaris as an affiliate practice. The practice, founded in Annapolis, Maryland, adds 28 providers serving more than 44,000 unique patients annually across five sites in Maryland; financial terms were not disclosed. New York-based Lee Equity Partners is referenced as a financial partner in Solaris Health.

First Fertility, a nationwide fertility company, announced it has acquired The Fertility Institute of New Orleans. The deal expands First Fertility’s presence in Louisiana and is intended to increase access to infertility treatment across the Southern United States.

An affiliate of Waypoint Capital acquired a 70% (majority) stake in Allergy Partners, the largest U.S. group of single-specialty allergy and asthma practices. Allergy Partners will continue to be led by CEO David Brown, and financial terms were not disclosed.

Cinven agreed to invest in BioAgilytix and acquire a majority stake through a recapitalization, providing additional funding to support the CRO’s continued growth and expansion. Existing majority investor Cobepa will re-invest and remain a significant minority shareholder, while prior investor GHO Capital is realizing (exiting) its investment as part of the transaction. Financial terms were not disclosed and the deal is subject to customary regulatory approvals.

nThrive, Inc., a Clearlake Capital-backed healthcare revenue cycle management (RCM) SaaS platform, acquired TransUnion Healthcare, Inc., TransUnion’s healthcare data and analytics business. The combination creates an end-to-end RCM technology and software platform spanning patient access/front-end capabilities through middle- and back-office solutions for providers and payers.

Private equity firm Mackinaw Management acquired Claim Services, a provider of medical billing services for hospitals. Sun Acquisitions advised Mackinaw Management on the buy-side and sourced the opportunity through its proprietary deal flow.

Qualifacts + Credible, a provider of electronic health record (EHR) platforms for behavioral health and human services organizations, has acquired InSync Healthcare Solutions. InSync provides EHR and practice management software along with revenue cycle management services for behavioral, medical, and rehabilitative professionals. The acquisition expands Qualifacts + Credible’s portfolio and strengthens its offering for small to medium-sized practices and agencies.

ARCHIMED, in partnership with CAPZA, Siparex, management and founders, acquired a majority stake in Lyon-based CARSO via its MED Platform I fund. The stake was purchased from CARSO’s former shareholders, including EMZ Partners, RAISE, Siparex, Unigrains and Etoile Capital, with founder/CEO Bruno Schnepp retaining a minority stake as the business targets international expansion and broader service offerings.

David Lloyd Leisure (DLL) announced it has acquired three health clubs in Spain from Spanish fitness group Áccura, expanding its Spanish footprint to five clubs. DLL also noted it is set to open a new premium club in north-west London in Spring 2022 and plans to invest EUR 9 million to refurbish the acquired Spanish clubs.

Monument MicroCap Partners’ portfolio company Interlang, Inc. d/b/a Montgomery DME (MDME) recapitalized Premier Medical Equipment & Supply on December 16, 2021. Premier, based in Colton, California, rents durable and home medical equipment to hospice and home health care providers across San Bernardino County and other parts of Southern California.

Discovery Behavioral Health, Inc. acquired Awakenings KC Clinical Neuroscience Institute, an adult outpatient mental health treatment provider. Awakenings is based in Prairie Village, Kansas (outside Kansas City) and provides outpatient programs and therapies including CBT/DBT, medication management, TMS, and ketamine infusion therapy.

Afterburn Holdings, a leading Orangetheory Fitness franchisee backed by Brentwood Associates, acquired the Washington state area representative business, including 18 owned studios, 13 sub-franchised studios, and area development rights for Washington. Concurrent with the deal, Brentwood Associates partnered with Garnett Station Partners to help finance the acquisition and support Afterburn’s continued growth.

The Vistria Group sold its Fund II portfolio company FullBloom to American Securities LLC. American Securities will acquire 100% of FullBloom, a provider of special education and behavioral health solutions for children and families.

Care Options for Kids (OCI Holdings, LLC d/b/a Care Options for Kids) acquired The Missing Peace Autism Therapy Center, LLC, effective October 1, 2021. The Missing Peace will partner with Care Options for Kids to coordinate pediatric therapy and Applied Behavior Analysis (ABA) autism services across Texas, with founders Beth Worman and Megan Haupert continuing to lead the business.

Cloudmed acquired par8o, a healthcare technology company focused on 340B and patient referral management solutions for healthcare providers. The deal enhances Cloudmed’s 340B Discovery Services and elevates the CloudmedAI platform by adding par8o’s machine learning-driven capabilities to help providers identify savings and recover revenue across the revenue cycle.

Gympass announced it has acquired Trainiac, a 1-on-1 online personal training platform, which will be rebranded as Trainiac by Gympass. The acquisition adds personalized coaching and in-app training capabilities to Gympass’ corporate wellbeing offering, with initial availability for US customers planned for early 2022 and a broader global rollout thereafter.

Alcami Corporation, a pharmaceutical and biotech CDMO, completed the acquisition of Masy Systems Inc. (Masy BioServices), a provider of cGMP biostorage and pharma support services. The deal expands Alcami’s service offerings and adds significant cGMP biostorage capacity; financial terms were not disclosed. Masy’s co-founder Laurie Masiello noted the partnership, and Masy executive Steve Lane will continue in his leadership role.

ImageFIRST Healthcare Laundry Specialists acquired the HLAC-accredited linen processing facility and private sector operations of Puget Sound Laundry Services, a division of Northwest Center Services. The deal expands ImageFIRST’s healthcare laundry footprint in the Pacific Northwest and adds to its network of HLAC-accredited plants; terms were not disclosed.

Empower Community Care ("Empower") acquired F.F.T. LLC ("FFT"), which provides training and support services for the Functional Family Therapy evidence-based intervention model. FFT, founded in 1998 and headquartered in Seattle, Washington, will partner with Empower to expand FFT’s reach while continuing to operate as an independent model. Empower’s existing investors include its management team and Northlane Capital Partners.

CellCarta announced the acquisition of Biogazelle, a Ghent, Belgium-based provider of genomic testing solutions, to strengthen CellCarta’s genomic capabilities and expand into digital PCR (dPCR) services. Biogazelle will become CellCarta’s Center of Excellence for complex genomic biomarker assay development, enhancing support for biopharma and biotech clients across discovery through clinical settings.

Quest Diagnostics acquired substantially all assets of Labtech Diagnostics, an independent clinical diagnostic laboratory provider. The deal adds Labtech’s Anderson laboratory to Quest’s national network, expanding Quest’s full-service lab footprint and diagnostic services access across the Southeast.

Atlantic Vision Partners (AVP), a portfolio company of Sheridan Capital Partners, announced five new partnerships/acquisitions of ophthalmologic and optometric practices: Hanover Family Eyecare, Chesterfield Ophthalmology, Mid-Atlantic Eye Care, Becker Eye Care Center, and Mountain Empire Eye Physicians. The transactions deepen AVP’s presence in Virginia and expand its footprint into Tennessee through the Mountain Empire affiliation. Financial terms and sellers were not disclosed.

DispatchHealth announced it has acquired Dynamic Mobile Imaging (DMI), a leading provider of mobile diagnostic imaging services. The deal expands DispatchHealth’s in-home care platform and mobile diagnostics capabilities across multiple states in the eastern United States.

XIFIN, a healthcare IT company, announced the strategic acquisition of OmniSYS, a technology solutions provider for the retail pharmacy industry. NexPhase Capital exited its investment in OmniSYS through the sale, with OmniSYS to operate as a subsidiary/OmniSYS Division within XIFIN under continued leadership from CEO John King.

Mednow Inc., a Canadian on-demand virtual pharmacy, closed its acquisition of Infusicare Canada Inc. for a cash payment of C$1.85 million. Infusicare is a specialty pharmacy focused on biologic drugs and related patient support services, and generated C$9.3 million in revenue in its latest fiscal year. The transaction was structured as a share purchase and was disclosed as a related-party transaction due to overlapping directors/shareholders.

Cedar Recovery, LLC acquired Occupational Health Services (OHS) East Knoxville, an office-based opioid treatment (OBOT) facility in Knoxville, Tennessee. The clinic was previously owned and operated by Dr. James "Jake" Harrison and will become Cedar Recovery’s fifth location and first in East Tennessee.

Aveanna Healthcare Holdings Inc. acquired Comfort Care Home Health & Hospice for $345 million, expanding Aveanna’s adult home health and hospice footprint in Alabama and Tennessee. Comfort Care, founded in 2000 and headquartered in Pelham, Alabama, operates 31 locations and is expected to be integrated into Aveanna during 2022; the transaction closed on December 10, 2021.

PresenceLearning acquired Global Teletherapy, expanding its teletherapy services for K-12 special education and mental health programs. Separately, Spectrum Equity and TPG’s Rise Fund signed a definitive agreement to acquire a majority stake in PresenceLearning, with Bain Capital Double Impact and Catalyst Investors retaining minority positions. Financial terms were not disclosed.

Copley Equity Partners completed a full buyout of Perkins Biomedical Services, with transaction terms undisclosed. Perkins Biomedical Services, based in Concord, New Hampshire, will serve as Copley’s platform investment to build a market-leading laboratory equipment service business and pursue complementary acquisitions.

ConnectiveRx acquired Rx Savings Assistant from Medicom Digital, adding an in-EHR prescription savings offer tool to its portfolio. The transaction expands ConnectiveRx’s EHR Network by embedding automated prescription savings offers directly into provider EHR workflows across U.S. health systems and hospitals.

Thermo Fisher Scientific Inc. completed its acquisition of PPD, Inc., a global clinical research organization serving biopharma and biotech customers. The deal valued PPD at $47.50 per share for a total cash purchase price of $17.4 billion, with Thermo Fisher also assuming roughly $3.0–$3.5 billion of PPD net debt. Following the closing, PPD became part of Thermo Fisher’s Laboratory Products and Services Segment and PPD shares ceased trading on Nasdaq.

Quilvest Capital Partners made a substantial growth investment to acquire a majority interest in UrgentMED, an independent network of urgent care clinics in Southern California. UrgentMED’s co-founders Dr. Jacob Rastegar, Dr. Morris Kokhab, and Dr. Pejman Bolourian will remain significant shareholders and continue to lead the business. Financial terms were not disclosed.

Paradigm announced that it has acquired HomeCare Connect, a specialty network focused on home health, durable medical equipment (DME), and related services for catastrophic and complex cases. The acquisition expands Paradigm’s specialty network and clinical solutions and extends its accountable specialty care management model into the home health market.

Midwest Vision Partners, a managed service organization backed by The Firmament Group, acquired Discover Vision Centers (DVC) of Kansas City, Missouri. The deal expands Midwest Vision Partners’ regional footprint by adding DVC’s nine ophthalmology practice locations, three ambulatory surgical centers, and two refractive centers in the greater Kansas City area. Financial terms were not disclosed.

Centauri Health Solutions, a healthcare technology and services company, acquired Secure Exchange Solutions (SES), a Rockville, Maryland-based health information technology provider focused on physician connectivity and clinical data exchange. The acquisition expands Centauri’s capabilities in cloud-based clinical data exchange and supports value-based care initiatives through improved provider–payor collaboration. The deal was supported by Centauri’s investors Abry Partners, Silversmith Capital Partners, and SV Health Investors.

Aquiline Capital Partners completed the carve-out of Avera eCare from Avera Health, creating a new standalone telemedicine company called Avel eCare. Comvest Credit Partners provided a senior secured credit facility (as administrative agent) to support the transaction.

Rho, a full-service contract research organization (CRO), acquired Dokumeds, a privately held European CRO headquartered in Riga, Latvia. The deal expands Rho’s global reach and clinical development capabilities; financial terms were not disclosed.

Urgent Care Group, a Nashville-based urgent care company, completed the acquisition of Coastal Urgent Care in Pawleys Island, South Carolina. Following the transaction, Coastal Urgent Care and its employees will transition to Urgent Care Group, and the center will be rebranded as MEDcare – Pawleys Island as part of Urgent Care Group’s network expansion along the Grand Strand.

United Digestive partnered with Digestive Care Physicians (DCP), expanding its gastroenterology presence in Georgia. DCP, a Johns Creek-based practice founded in 2011, operates five clinics and an endoscopy center serving northern Metro Atlanta.

LFB Plasma, part of France-based LFB Group, acquired an ImmunoTek Bio Center plasma collection location in Florence, South Carolina. The deal marks LFB Plasma’s first collection site in South Carolina and its third in the United States, supporting its effort to expand U.S.-sourced plasma supply.

Veranex announced the acquisition of Worrell, expanding Veranex’s global product development services capabilities for the medical technology industry. The deal strengthens Veranex’s human-centered design and early-phase strategy and complements its engineering and pilot-scale manufacturing capabilities; financial terms were not disclosed.

TransPerfect Life Sciences acquired LMK Clinical Research Consulting, a provider of Trial Master File (TMF) document management services and solutions for the life sciences industry. The combination expands TransPerfect’s TMF capabilities with LMK’s TMF operations expertise and its accredited training program, TMF University. Financial terms were not disclosed.

Guardian Pharmacy Services and its member pharmacy Southern Pharmacy Services (SPS) announced the acquisition of Peak Pharmacy in Kernersville, North Carolina. Peak Pharmacy will be rebranded and operated as Southern Pharmacy Services, expanding SPS’s long-term care pharmacy footprint and increasing its customer base by approximately 10%.

ABIONYX Pharma completed the acquisition of 100% of IRIS Pharma Holding (owner of IRIS Pharma) via a contribution in kind, making IRIS Pharma a subsidiary. The transaction was fully paid through the issuance of new ABIONYX Pharma shares priced at €3.60 per share, and IRIS Pharma will remain independent in its contract research service activities in ophthalmology.

Pouschine Cook Capital Management, LLC made an equity investment in Curexa Pharmacy, an API-connected 503A compounding pharmacy serving direct-to-consumer telemedicine wellness brands. ORIX Corporation USA Private Equity Solutions and Hexagon participated as institutional co-investors, with Curexa management rolling over equity to support continued growth and infrastructure investment.

Emerald Textiles, a portfolio company of Pacific Avenue Capital Partners, acquired the West Coast assets of Angelica Corporation, a national healthcare linen services provider. The deal includes nine facilities and expands Emerald into the Phoenix and Las Vegas markets while strengthening its footprint across Northern and Southern California, further cementing Emerald’s position as a leading healthcare linen and laundry services provider in the Western United States.

A.P. Moller Holding A/S has signed an agreement to acquire Unilabs, a European medical diagnostics provider, from funds advised by Apax Partners. Unilabs operates a large network of laboratories and imaging centers across Europe and selected emerging markets; financial terms were not disclosed and the deal is subject to regulatory approvals.

PAI Partners and Ontario Teachers' Pension Plan Board have agreed to acquire Veonet, a pan-European network of ophthalmological clinics, from Nordic Capital IX. Financial terms were not disclosed, and the transaction is subject to customary regulatory approvals. Veonet is headquartered in Munich, Germany and operates more than 190 clinics across several European countries.

Grant Avenue Capital portfolio company Fortis Home Health & Hospice acquired Select Home Health, a home health and private duty home care provider based in Indianapolis, Indiana. Select’s founders reinvested alongside other investors in Fortis as part of the transaction, expanding Fortis’ home-based care platform in the Midwest.

Fast Pace Health, a Revelstoke Capital Partners portfolio company, announced a partnership with Rural Health Alliance (RHA) to expand value-based care and population health management services for underserved rural communities. The combination adds RHA’s 15 primary-care-focused walk-in clinics in rural western Tennessee to Fast Pace’s network, creating a multi-specialty rural healthcare provider operating 170 clinics across several states. As part of the transaction, Fast Pace and Revelstoke refinanced the existing debt facility to lower cost of capital and fund further growth.

HearingLife announced the acquisition of AudPractice Group (APG) audiology practices in North Carolina, South Carolina, and Florida. HearingLife will assume operations of 41 APG clinics across the three states, expanding its footprint in the Southeast and making it the largest hearing care provider in North Carolina.

Pine Tree Equity IV, LP completed a recapitalization of Summit Health Pharmacy, LLC in December 2021 in partnership with the company’s existing management team. Summit Health Pharmacy is a Brookhaven, Pennsylvania-based provider of pharmacy compounding services focused on rare pediatric metabolic medications. The recapitalization is intended to support Summit’s geographic expansion and future add-on acquisitions.

Traditions Health, LLC, a national hospice and home health provider, acquired Homestead Hospice, a multi-state provider of hospice services. The transaction expands Traditions’ presence in the southeastern United States and adds a new footprint in Alabama, with Homestead operating 26 offices across five states.

U.S. Physical Therapy, Inc. acquired a 70% ownership interest in a leading provider of industrial injury prevention (IIP) services for approximately $63.2 million. The founders retained a 30% stake and will continue to lead the business; U.S. Physical Therapy funded the purchase through its revolving credit facility and increased the facility’s limit to $150 million.

Aveanna Healthcare Holdings, Inc. completed its acquisition of Accredited Home Care, a private duty nursing and home health services provider based in Southern California. The deal includes a $180 million base purchase price plus up to $45 million tied to 2021 volume targets, with full integration expected in 2022.

The IMA Group (IMA) acquired Exemplar Research, Inc. (ERI), a community-based specialty clinical research clinic serving the North Central region of West Virginia. The acquisition expands IMA Clinical Research’s network and access to diverse patient populations for Phase II–IV clinical trials across multiple therapeutic areas. Financial terms were not disclosed and ERI will continue operating under its current name with existing leadership and staff.

Center for Social Dynamics, LLC (CSD), a portfolio company of NMS Capital, announced it has partnered with South Sound Behavior Therapy, LLC (SSBT). SSBT provides applied behavioral analysis (ABA) services focused on evidence-based autism spectrum disorder treatment across Washington state, expanding CSD’s presence in the region. This marks CSD’s fifth acquisition since partnering with NMS Capital in 2019.

BV Investment Partners made a significant, growth-oriented investment in EMS Management & Consultants (EMS|MC) in partnership with the company’s existing management team. EMS|MC, based in Winston-Salem, North Carolina, provides revenue cycle management and technology solutions for the emergency medical services industry.

Vivalto Partners closed the acquisition of Vivalto Santé, France’s third-largest group of private hospitals. Vivalto Partners becomes the controlling shareholder, supported by reinvesting historical institutional shareholders and joined by new minority partners IK Partners and Hayfin.

Healthier Choices Management Corp. (HCMC) acquired EIR Hydration, an IV therapy center in Roslyn Heights, New York, as its first step expanding into the health and wellness segment. HCMC is rebranding the location as its first “Healthier Choices Wellness Center,” and EIR founder Elaine Riano joined HCMC as Executive Vice-President of Health & Wellness to help oversee product development and expansion.

CareSource, a nonprofit managed care organization, acquired The Columbus Organization, a provider of care coordination, professional clinical staffing, and quality improvement services focused on individuals with intellectual/developmental disabilities and behavioral health needs. The Columbus Organization, previously owned by HealthEdge Investment Partners, will operate as a standalone company within the CareSource family of companies. TripleTree, LLC served as exclusive financial advisor to The Columbus Organization on the transaction.

TailorMed announced it has acquired Vivor, combining two financial assistance and navigation technology platforms focused on reducing patients’ financial barriers to healthcare. The deal expands TailorMed’s provider, pharmacy, and life sciences network and is intended to accelerate product development and broaden market reach. Following the acquisition, Vivor CEO Ian Manners will join TailorMed as Chief Strategy Officer and Head of Life Sciences.

ADDvise Group AB entered into a share purchase agreement to acquire 100% of the shares of Southern Life Systems, Inc. (SLS), with closing occurring the same day. The total purchase price is approximately USD 11.0 million, consisting of an initial cash payment and potential earn-outs tied to performance targets in fiscal years 2022 and 2023. ADDvise financed the acquisition with its own funds and expects it to be accretive to earnings per share.

Marlin Equity Partners completed a majority-control, growth investment in ImagineSoftware, a provider of medical billing automation software and revenue cycle management applications. The investment is intended to support ImagineSoftware’s next phase of growth and continued product innovation; financial terms were not disclosed.

Medallia, Inc. has acquired Fields Healthcare Research, a CMS-approved CAHPS data collection company specializing in patient healthcare experience research. The acquisition expands Medallia’s healthcare offering by combining its real-time signal capture with Fields’ CAHPS survey portfolio and expertise. Fields Healthcare Research will operate as a subsidiary of Medallia and continue as an authorized CAHPS vendor.

Advanced Dermatology and Cosmetic Surgery acquired South Carolina-based SkinTrust Dermatology, the dermatology practice founded by Eric James Baker, MD. SkinTrust Dermatology will join Advanced Dermatology and Cosmetic Surgery’s network of more than 140 offices, gaining added infrastructure, back-office support, and access to clinical research resources.

On November 22, 2021, WindRose Health Investors completed a recapitalization of StateServ Medical, a durable medical equipment (DME) benefit management provider serving the U.S. post-acute care market. Blue Wolf Capital Partners sold its stake, and StateServ’s existing management team will continue to lead the company and remain active shareholders; financial terms were not disclosed.

Charter Healthcare Group, a post-acute care provider platform backed by Pharos Capital Group, acquired Silver Linings Hospice Care in the Albuquerque, New Mexico metropolitan area. The deal expands Charter into New Mexico for the first time and increases its footprint to eight states; financial terms were not disclosed.

Edifecs, Inc. entered into a definitive agreement and subsequently finalized the acquisition of Health Fidelity Inc., a provider of NLP-powered risk adjustment solutions for payers and risk-bearing provider organizations. Health Fidelity’s Lumanent-based technology will be integrated alongside Edifecs’ platform (including recently acquired Talix) into Edifecs’ Encounter Management solution to expand risk adjustment workflows, submissions, and analytics for Medicare Advantage, Medicaid, and ACA lines of business.

EQT Infrastructure V has agreed to acquire Integrated Clinical Oncology Network Pty Ltd (Icon Group), Australia’s largest vertically integrated cancer care provider, from a seller consortium including Goldman Sachs Asset Management, QIC Private Capital and Pagoda Investment Advisors. As part of the transaction, Goldman Sachs Asset Management will retain a minority stake, and Icon’s management and doctors will reinvest to support continued growth across Australia, New Zealand and Asia.

New Harbor Capital’s portfolio company Quigley Eye Specialists partnered with Visual Health, expanding Quigley’s footprint into Palm Beach County, Florida. The transaction is described as Quigley’s eighth follow-on investment since New Harbor Capital’s equity investment in January 2020, adding Visual Health’s ophthalmology practice locations in Palm Springs and Jupiter.

InnovaCare Health signed a definitive agreement for a majority investment from Bain Capital Private Equity to accelerate growth and expand its physician-led, value-based care model nationally. InnovaCare’s management team will remain in control and retain significant ownership, while existing investor Summit Partners will also retain an equity stake. Financial terms were not disclosed and the transaction was expected to close in the fourth quarter of 2021.

Fengate Private Equity, a division of Fengate Asset Management, completed a strategic minority equity investment in Grace Clinics Corp. (GraceMed) on behalf of the LiUNA Pension Fund of Central and Eastern Canada. GraceMed’s management team and existing shareholders will retain a significant equity interest. The investment is intended to provide additional growth capital and strategic support to expand GraceMed’s physician-led aesthetic medicine and clinic network across Canada.

AppleGate Recovery, a BayMark Health Services company, announced the acquisition of East West Family Care, an office-based opioid treatment (OBOT) program in Southeast Nashville, Tennessee. The acquisition expands AppleGate’s medication-assisted treatment (MAT) and counseling footprint in Tennessee, where it will continue providing buprenorphine/Suboxone-based treatment and supportive services.