Healthcare Trends

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Theoria Medical in its sale to Amulet Capital Partners.

Theoria Medical retained Cain Brothers based on its experience in primary and post-acute care, expertise in value-based payments, and relationships with the relevant buyer universe. Cain Brothers, along with the Company’s founders, designed and executed a targeted process to find the ideal partner to help facilitate the next phase of growth. This transaction continues Cain Brothers’ strong track record of representing founder-led businesses in partnering with private equity firms.

Theoria Medical is a high-growth, tech-enabled, value-based primary care provider serving senior living communities throughout the United States. Founded in 2019, Theoria leverages proprietary technology and a fully integrated care model to deliver exceptional clinical outcomes while lowering costs. Operating across 300+ facilities in 22 states, the Company ensures 24/7 access to high-quality care through a team of more than 600 providers.

Amulet Capital Partners is a middle-market private equity firm exclusively focused on the healthcare sector. With deep industry expertise, Amulet is committed to using its capital and resources to improve quality, outcomes, and access throughout the healthcare system. Amulet is currently investing from its third fund.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to AdventHealth in its pending acquisition of ShorePoint Health Port Charlotte and certain assets of ShorePoint Health Punta Gorda from affiliates of Community Health Systems, Inc. (NYSE: CYH).

AdventHealth signed a definitive agreement to purchase 254-bed ShorePoint Health — Port Charlotte and certain assets of ShorePoint Health — Punta Gorda from affiliates of Community Health Systems, Inc. for $265 million. Based north of Fort Myers, Florida, ShorePoint Health also includes related businesses, such as physician clinic operations and outpatient services. The transaction is expected to close in the first quarter of 2025, subject to regulatory approvals and closing conditions.

AdventHealth is a connected system of care for every stage of life and health. A shared vision, common values, focus on whole-person health, and commitment to making communities healthier unify the system's hospital campuses in diverse regions throughout nine states. AdventHealth owns or manages 50 hospitals in nine states with reported consolidated revenues of $18.9 billion for the past 12 months ending September 30, 2024.

Community Health Systems, Inc. owns or leases 69 affiliated hospitals in 15 states, with more than 11,000 beds, and operates more than 1,000 sites of care, including physician practices, urgent care centers, freestanding emergency departments, occupational medicine clinics, imaging centers, cancer centers, and ambulatory surgery centers. CHS reported consolidated revenues of $12.6 billion for the past twelve months ending September 30, 2024.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to EmblemHealth in the sale of its subsidiary, WellSpark, to Vitality.

Cain Brothers was engaged by EmblemHealth to sell its wholly owned subsidiary, WellSpark, because of its long-standing relationship and employer health expertise. On November 19, Vitality announced the acquisition of WellSpark and its intention to integrate WellSpark’s coaching solutions, offering Vitality’s employer and health plan clients access to a range of new services and additional tools to support their health and well-being. 

WellSpark is a health coaching company and digital platform that provides wellness solutions to employers as part of their benefits offerings. Since its beginning in 2013, the company has helped its members live healthier and more fulfilling lives by providing human-to-human support, intervening early for chronic condition management, and breaking biopsychosocial barriers that prevent its members from making lasting change.

EmblemHealth is one of the nation’s largest nonprofit health insurers, with more than 3 million members and an 80-year legacy of serving New York’s communities. The company offers a range of commercial and government-sponsored health plans to employers, individuals, and families, as well as convenient community resources. As a market leader in value-based care, EmblemHealth partners with top providers and hospitals to deliver quality, affordable care.

Guided by a core purpose of making people healthier, Vitality is the leader in improving health to unlock outcomes that matter. By blending industry-leading smart tech, data, AI, incentives, and behavioral science, Vitality inspires healthy changes in individuals and organizations. As one of the largest health and well-being companies in the world, Vitality brings a dynamic and diverse perspective through successful partnerships with the most forward-thinking insurers and employers.

More than 35 million people in 41 markets globally engage in the Vitality program.

KeyBanc Capital Markets (KBCM) and Cain Brothers, a division of KBCM, successfully closed the syndication of $855 million in Senior Secured Credit Facilities in support of Viant Medical Holdings, a portfolio company of JLL Partners and Water Street Healthcare Partners. 

The Credit Facilities consist of a $100 million Revolving Credit Facility, a $680 million First Lien Term Loan, and a $75 million First Lien Delayed Draw Term Loan. Proceeds will be used to refinance existing indebtedness and to pay transaction-related fees and expenses. 

Viant is a contract manufacturing organization specializing in medical device components. The company offers a broad range of capabilities that supports global medical device original equipment manufacturers’ production of devices for diagnostic, orthopedic, surgical, and other applications.

JLL Partners is a New York–based middle market private equity firm specializing in healthcare, industrials, and business services. Since being founded in 1988, JLL Partners has raised $5.8 billion across eight funds, working to accelerate growth and elevate its portfolio companies through organic growth initiatives, operational enhancements, and strategic M&A.

Founded in 2005, Water Street Healthcare Partners is a private equity firm focused exclusively on the healthcare industry. The Sponsor has ~$7.5 billion in AUM and is investing out of its fifth fund. Water Street is currently an investor in 21 healthcare companies across numerous healthcare subsectors.

Cain Brothers, a division of KeyBanc Capital Markets, served as the exclusive financial advisor to ProductLife Group on its acquisition of Halloran Consulting Group. 

Cain Brothers was engaged to serve as PLG’s exclusive financial advisor based on its deep experience across the regulatory and compliance consulting space and the broader pharma services continuum. Halloran represents PLG’s second acquisition in North America, a primary focus for the company, as it expands beyond Europe.

ProductLife Group’s mission is to support patient access to safe and effective healthcare solutions by delivering worldwide consulting and outsourcing services through the entire product life. Combining local expertise with global reach spanning more than 150 countries, PLG is the Life Sciences Industry reference strategic partner for the development, market introduction, and life cycle management of product portfolios, and the related business and digital transformation. With a goal of continuously improving the value delivered to teams and clients, PLG is committed to long-term partnership, innovation, flexibility, and cost efficiency.

Founded in 1998 by Laurie Halloran, Halloran is known as one of the largest specialty regulatory agencies of its kind, which allows for a differentiated proposition with an end-to-end solution that is strategic and tactical, all while retaining flexibility that meets every client’s needs. The team of 100 consultants supports sponsors from their first regulatory filing through commercialization.

KeyBanc Capital Markets and Cain Brothers successfully closed the syndication of $635 million in Senior Secured Credit Facilities in support of US Fertility Enterprises, a portfolio company of Amulet Capital Partners.

The Credit Facilities consist of a $60 million Revolving Credit Facility, a $550 million Term Loan, and a $25 million Delayed Draw Term Loan. Proceeds from the Credit Facilities will be used to refinance existing indebtedness and to pay transaction-related fees and expenses. This transaction represents US Fertility’s inaugural broadly syndicated facility.

KeyBanc Capital Markets and Cain Brothers were selected to serve as Left Lead Arranger and Administrative Agent due to our best-in-class leveraged finance platform, expertise in the women’s health space, and long-standing relationship with Amulet Capital Partners. 

US Fertility is the leading fertility group in the United States offering a broad range of assistive reproductive technology services and ancillary life sciences offerings. Since 2021, the Company has grown from ~85 physicians across 59 locations to the leading IVF platform in the nation with over 200 physicians across 105 treatment locations and 30+ embryology labs.

Amulet is a middle market private equity investment firm based in Greenwich, Connecticut, and Walnut Creek, California, focused exclusively on the healthcare sector. Amulet seeks to achieve long-term capital appreciation through privately negotiated investments in healthcare companies. Amulet focuses on those segments it believes have the most attractive long-term fundamentals with a target investment size between $25 million and $200 million.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive sell-side advisor to Health Monitor Network and its majority shareholder, WestView Capital Partners, in its sale to Gridiron Capital.

Cain Brothers was engaged based on its deep experience across pharmaceutical services and long-standing relationships with relevant investors. Gridiron will support the Company in accelerating growth in both current and untapped channels across existing and new products. Gridiron is investing alongside management, with reinvestment from WestView. 

Founded in 1983, Health Monitor is one of the leading direct-to-patient marketing companies in the U.S. With the largest proprietary physician office network, Health Monitor provides high-quality patient education through digital, print, and mobile platforms to tens of millions of condition sufferers through 200,000+ medical offices and more than 400,000 healthcare professionals.

Founded in 2004, WestView is focused on growth-oriented companies with a successful track record of partnering with exceptional entrepreneurs in control-agnostic transactions. WestView has deep experience in several key sectors, including business services, IT services, software, healthcare IT & outsourcing, growth industrial, and consumer. WestView currently manages $2.7 billion in capital and has invested in more than 50 companies.

Founded in 2005, Gridiron is an investment firm focused on partnering with founders, entrepreneurs, and management teams to create value by building industry leaders in the consumer products & services, industrial growth, and business services segments. Gridiron helps transform growing companies by winning together through hard work, partnerships grounded in shared values, and a unique culture that comes from hands-on experience building and running businesses.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Lakeview Health in its sale to Bradford Health Services, a portfolio company of Lee Equity Partners.

Cain Brothers was engaged to serve as Lakeview’s exclusive financial advisor based on its deep sector knowledge in substance use disorder treatment and the broader behavioral health sector. The transaction expands Bradford’s network of treatment centers to Florida and furthers its commitment to providing individuals with substance use disorders access to affordable, high-quality care.

Founded in 2001, Lakeview is a nationally recognized provider of addiction treatment and behavioral health services, offering a range of specialized programs across its campuses. With programs such as The Rose and The Star, which provide gender-specific treatment, Koru Spring, which provides care for patients with eating disorders, and Stepping Stone Center for Recovery, Lakeview is dedicated to delivering patient-centered care that addresses the unique needs of each individual. The organization is committed to helping patients achieve long-term recovery through evidence-based practices and a comprehensive continuum of care.

Founded in 1977 and based in Birmingham, Alabama, Bradford is a leading provider of substance use treatment and recovery services with a nationwide reach. Operating through a coordinated network of 40 facilities, Bradford offers affordable, evidence-based treatment throughout the entire spectrum of care, including early intervention, crisis response, intensive outpatient programs, partial hospitalization, residential care, inpatient detox, and transitional living and life skills programs.

Lee Equity Partners is a middle market private equity firm that partners with businesses in the financial and healthcare services sectors. Over nearly two decades, the firm has used its thematic-based investment strategy and deep sector knowledge to identify and partner with businesses in the financial and healthcare services sectors. Over nearly two decades, the firm has utilized its thematic-based investment strategy and deep sector knowledge to identify and partner with talented management teams to accelerate growth and build market-leading businesses. Additional information is available at www.leeequity.com.

Cain Brothers, a division of KeyBanc Capital Markets (KBCM), served as exclusive Buy-Side Advisor to Amulet Capital Partners on its acquisition of Genetics & IVF Institute (GIVF), Inc. KBCM arranged financing for the acquisition, led by the KeyBank Beach Point Direct Lending Program.

On September 6, 2024, Amulet announced it had acquired the GIVF, a leading provider of reproductive tissue banking and related reproductive technology services. The transaction includes significant co-investment from a consortium of Amulet Limited Partners. Financial terms of the transaction were not disclosed. 

Amulet is a middle market private equity investment firm based in Greenwich, Connecticut, and Walnut Creek, California, focused exclusively on the healthcare sector. Amulet seeks to achieve long-term capital appreciation through privately negotiated investments in healthcare companies. Amulet focuses on segments it believes have the most attractive long-term fundamentals, with a target investment size between $50 million and $150 million.

Founded in 1984, GIVF has grown into one of the world’s largest providers of frozen donor sperm and frozen donor eggs and a leading provider of cryostorage for embryos, sperm, and eggs in the United States. The Company currently operates leading multinational brands including Fairfax Cryobank and Fairfax Eggbank. GIVF will continue to be led by Co-CEOs Nadeem Malik and Sean Swindell.

Cain Brothers, a division of KeyBanc Capital Markets (KBCM), served as exclusive Buy-Side Advisor to Amulet Capital Partners on its acquisition of Genetics & IVF Institute (GIVF), Inc. KBCM arranged financing for the acquisition, led by the KeyBank Beach Point Direct Lending Program.

On September 6, 2024, Amulet announced it had acquired GIVF, a leading provider of reproductive tissue banking and related reproductive technology services. The transaction includes significant co-investment from a consortium of Amulet Limited Partners. Financial terms of the transaction were not disclosed. 

Amulet is a middle market private equity investment firm based in Greenwich, Connecticut, and Walnut Creek, California, focused exclusively on the healthcare sector. Amulet seeks to achieve long-term capital appreciation through privately negotiated investments in healthcare companies. Amulet focuses on segments it believes have the most attractive long-term fundamentals, with a target investment size between $50 million and $150 million.

Founded in 1984, GIVF has grown into one of the world’s largest providers of frozen donor sperm and frozen donor eggs and a leading provider of cryostorage for embryos, sperm, and eggs in the United States. The Company currently operates leading multinational brands including Fairfax Cryobank and Fairfax Eggbank. GIVF will continue to be led by Co-CEOs Nadeem Malik and Sean Swindell.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to ConnectiCare, a subsidiary of EmblemHealth, in its pending sale to Molina Healthcare (NYSE: MOH).

On July 23, 2024, Molina announced that it entered into a definitive agreement to acquire ConnectiCare, a wholly owned subsidiary of EmblemHealth. The transaction brings an established government business in a new state, recognized brand, and a statewide provider network to Molina’s current service offering.

The transaction is expected to close in the first half of 2025 following applicable federal and state regulatory approvals.

ConnectiCare is a leading health plan in Connecticut and has been dedicated to making the state a healthier place to live and work since the company was founded in 1981. ConnectiCare has a full range of products and services for businesses, municipalities, individuals, and those who are Medicare eligible, and leads the individual market in the state.

EmblemHealth is one of the nation’s largest nonprofit health insurers, with more than 3 million members and an 80-year legacy of serving New York’s communities. The company offers a full range of commercial and government-sponsored health plans to employers, individuals, and families, as well as convenient community resources. As a market leader in value-based care, EmblemHealth partners with top providers and hospitals to deliver quality, affordable care.

Molina Healthcare, a FORTUNE 500 company, provides managed healthcare services under the Medicaid and Medicare programs and through the state insurance marketplaces.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Get Well in its sale to SAIGroup.

Cain Brothers was engaged to serve as Get Well’s exclusive financial advisor based on its long-standing relationship and extensive knowledge of the healthtech and patient engagement spaces. As a SAIGroup company, Get Well will integrate SAIGroup’s award-winning, advanced Eureka AI platform into its patient experience.

Get Well is redefining digital patient engagement by putting patients in control of their health care, inside and outside the hospital. Get Well combines advanced navigation with high-touch care experiences to improve patient activation, loyalty, and outcomes and reduce the cost of care. Get Well serves more than 10 million patients annually at more than 1,000 hospitals and clinical partner sites, using longitudinal data analytics to better serve patients and clinicians. Get Well’s award-winning solutions were recognized again in 2024 by KLAS Research and AVIA Marketplace.

SAIGroup is a private firm investing in businesses with the potential to become leaders in enterprise AI. SAIGroup companies ConcertAI, SymphonyAI, and RhythmX AI deliver AI solutions that transform industries and bring value to companies, workers, healthcare professionals, and patients. The companies collectively represent a workforce of more than 4,000 talented engineers, data scientists, and industry/healthcare experts. SAIGroup is backed by a $1 billion commitment from founder and CEO Dr. Romesh Wadhwani, a noted entrepreneur and philanthropist.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to ArchCare, the Continuing Care Community of the Archdiocese of New York in connection with the transfer of ArchCare’s Managed Long-Term Care members and related key assets to VillageCare.

Cain Brothers was engaged to serve as exclusive financial advisor to ArchCare based on its deep expertise and experience in the managed care sector, especially within the not-for-profit space and New York market. The Cain Brothers team executed a targeted and highly competitive process to identify the optimal partner for ArchCare.

ArchCare is the Continuing Care Community of the Archdiocese of New York and one of the nation’s largest and most dynamic Catholic healthcare systems. ArchCare provides quality care to thousands of people of all faiths through its home and community-based and residential care programs, including health plans and nursing home alternatives, adult day care, long term skilled nursing care, short term rehabilitation, home care, assisted living, hospice, an acute care specialty hospital, and services for people with Huntington’s disease, HIV/AIDS, developmental disabilities, and other specialized care needs.

VillageCare is a community-based, not-for-profit organization serving people with chronic care needs, as well as seniors and individuals in need of continuing care and managed care services. VillageCare offers a comprehensive array of community and residential programs, as well as managed care. VillageCare has delivered quality health care services to individuals residing within New York City for over 45 years.