Water Street’s CareCentrix Buys Sleep Management Solutions

Water Street Healthcare Partners’ CareCentrix Inc. acquired Sleep Management Solutions LLC, which specializing in sleep benefits management. The transaction expands CareCentrix’s services to include sleep management. Water Street acquired a controlling interest in CareCentrix, which provides home health benefits management services to the managed care industry, in 2008.

Water Street Buys Medical Specialties Distributors

Water Street Healthcare Partners has acquired Medical Specialties Distributors LLC, a Stoughton, Mass.-based provider of infusion products, supplies, biomedical services and technology solutions to the home infusion therapy market. No financial terms were disclosed. MBF Healthcare Partners was the seller.

Sarnova Buys Metropolitan Medical

Sarnova, a distributor of health care products in the emergency medical services (EMS) and respiratory markets, has acquired Metropolitan Medical Inc., a medical products supplier serving the mid-Atlantic region. No financial terms were disclosed. Sarnova is a portfolio company of Water Street Healthcare Partners.

Natus Medical Buying Alpine Biomed

Natus Medical Inc. (Nasdaq: BABY) has agreed to acquire Alpine Biomed Holdings Corp., a Fountain Valley, Calif.-based maker of devices for the diagnosis of neurological disorders. No financial terms were disclosed. Alpine Biomed is majority-owned by Water Street Healthcare Partners.

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Water Street Will Not Take Illinois Money if Kirkpatrick Wins

Yesterday we wrote about Kip Kirkpatrick, a co-founder of Water Street Healthcare Partners who recently announced candidacy for Illinois State Treasurer. In it, we noted that the local private equity community has rallied around Kip’s candidacy, including more than $35,000 in campaign contributions from his former Water Street colleagues. Other contributors include execs from firms like GTCR, One Equity Partners and Willis Stein.

All of this made us wonder if these contributors were shooting themselves in the foot? Not because of Kip’s politics or potential job performance, but rather because he is basically running to become the state’s chief investment officer. If he wins, and if the SEC enacts those “pay-to-play” proposals regarding political contributions, then firms like Water Street and GTCR would be temporarily banned from raising money from public pension systems in Illinois… Are the contributions worth the risk?

Kip Kirkpatrick Makes It Official: He’s Running for Illinois Treasurer

Kip Kirkpatrick, a co-founder of Water Street Healthcare Partners, this past weekend announced his candidacy for Illinois State Treasurer. He’s running as a Democrat, and will face a serious primary challenger in Robin Kelly, a former state lawmaker and chief of staff to current Treasurer Alexi Giannoulias (who is running for the U.S. Senate seat being vacated by Roland Burris).

In his announcement video, Kirkpatrick said: “In effect, the Treasurer is really the state’s chief investment officer, and that’s why I’m running… We need a Treasurer with a proven track record of smart, responsible investing.”

The issue of responsibility could be key for Kirkpatrick, who is leaving Water Street less than a year after the firm raised $650 million for a new fund. Some LPs have privately groused that he took the money and ran (literally), although Kirkpatrick was not listed as a “key man” on fund documents.

It’s unknown how Kirkpatrick’s Water Street colleagues initially took the news, but they now seem to be strongly supporting his electoral ambitions. Fellow co-founders Jim Connelly and Tim Dugan have each contributed $25,000 to the campaign, while other staffers

Water Street Buys AAIPharma Division

Water Street Healthcare Partners has acquired the Pharmaceutical Development unit of AAIPharma Inc. The company will be called AAIPharma Services Corp., and will retain its Wilmington, N.C. headquarters. The deal is valued at $75 million, including expansion capital commitments. No purchase price was disclosed.

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