Ares, Lindsay Goldberg break the PPM lull with women’s healthcare assets; Momtazee’s new firm unveils SPAC; Outset Medical proves winning investment for Warburg

Ares Management’s Unified Women's Healthcare, kicks off its sale process and a blank check company sponsored by Patient Square Capital, has filed for a $500 million IPO.

Hey, hey, everybody!

Believe it or not, we’re seeing a bit of an opening of the market when it comes to traditional healthcare services activity. For the first time in what feels like a long time, a pair of physician practice management platforms are hitting the market.

Ares Management’s Unified Women’s Healthcare, one of the country’s largest PPM providers serving OB/GYNs, officially kicked off its sale process, I learned. I wrote back in March that bankers had been chosen shortly before covid-19 shook markets and put cities on lockdown. Six months later, we’re in action.

Right behind Unified is Lindsay Goldberg’s Women’s Care Enterprises, a similarly sized multi-specialty women’s care platform whose process is poised to soon launch. Check out my story for all the deets.

So what gives? Sources tell me a lot of OB/GYN has not been truly affected. Women are still having babies – and the various women’s health services remain a fundamental need.

Long-term, the segment presents a play on value-based care given there is a defined episode of care (Unified emphasizes this approach). Finally, many women, including the Medicaid population, consider their OB as their primary care physician, which offers a bigger play around referrals to other specialties.

I’m hearing both assets will get PE attention, which isn’t too surprising. Besides some one-off deals and those in the works pre-pandemic, until now, auctions over the last six months have been dominated by businesses viewed as seeing even more momentum and growth through or coming out of covid-19.

Think… healthcare technology and software, outsourced pharma services, behavioral health services, as well as any product, tech or service supporting healthcare in the home setting.

Top Scoops
New SPAC alert: A blank check company sponsored by Patient Square Capital, the new firm launched by KKR’s former healthcare head Jim Momtazee, has filed to raise up to $500 million in an IPO. Montes Archimedes

Acquisition will target the broader healthcare ecosystem.
ICYMI, Momtazee could target $2 billion or more for his debut fund with his new firm, sources told Buyouts in August.

Any other healthcare execs getting into the SPAC business? Hit me up.

Elsewhere, we’ve got another newly public company, Outset Medical, poised to make a big push into the home with its portable, on-demand dialysis machines.

Following Outset Medical’s $242 million IPO on Tuesday, Warburg Pincus’ stake is worth approximately 6x its initial investment, a source with knowledge of the matter told PE Hub. Check out my story for more on Outset, as well as another Warburg IPO candidate to keep tabs on.

Elsewhere… CareCentrix, the Summit Partners-backed home- and post-acute care benefits manager, is evaluating options in response to inbound interest. Deal talks come after the company tested the market in 2017.

Read more.

That’s it for today. As always, write to me with any tips, comments or just to say hello.

Have a great weekend!