Audax-backed Gastro Health, Insight Partners’ Thycotic ready for sales, Deal Award deadline approaches

Audax Private Equity prepares to sell Gastro Health and the same goes for Thycotic, owned by Insight Partners.

Morning!

It’s the Monday after Super Bowl Sunday, but just another day of virtual private equity dealmaking. Plus, a new physician practice management company and IT security software business heading to market.

But first, quick reminder for all readers — deadline for Deal of the Year submissions is coming up quick. We need all submissions by Feb. 12, which will give us enough time for our vetting process. To answer a FAQ, we ask for as much information as possible, including financials. We keep all information confidential; in the case of winners, we get back to the firm to find out exactly what info we can use in our write up of the winning deal.

For more information, go here to download the official rules and regs. You can send all submissions to Chris at cwitkowsky@buyoutsinsider.com.

A comeback?: The healthcare market proved a resilient area of investment through the health crisis, however we didn’t see much traditional physician practice management platform activity of scale in 2020. Women’s healthcare stood out as an exception – proving an essential need through the pandemic. Women, of course are still having babies, and the various women’s health services remain a fundamental need. Both Unified Women’s Health and Women’s Care Enterprises transacted late last year, in contrast to subsectors of PPM investment like dental, dermatology, eyecare or physical therapy.

Perhaps a sign of optimism, activity in the gastroenterology physician practice management arena looks poised to pick up this year, with Audax Private Equity gearing up for a sale of Gastro Health, according to sources familiar with the matter. Expanding beyond its South Florida roots under Audax, the Boston PE shop was one of the first entrants in GI physician practice management through its April 2017 recap of the Miami-based business. Check out my full story.

Sources tell me more activity is brewing in GI and women’s healthcare. What other PPM specialties are recovering best and poised to see activity this year? Hit me up.
Another tech op: Thycotic, owned by Insight Partners, is the fastest-growing company in the Privileged Access Management (PAM) market, growing 40 percent year-over-year, a source told PE hub. The software business also happens to be in the early stages of a sale process, writes Milana Vinn.

The IT security provider competes with a few other PE-backed businesses in the modern PAM space, which is experiencing growth and an influx of private capital. Other current investors of such assets include TPG and Francisco Partners. Check out Milana’s full report on PE Hub.

That’s it for today. Have a great week, and as always, hit me up with feedback, gossip and tips or whatever at springle@buyoutsinsider.com or find me on LinkedIn.

Note to Readers: It’s that time of year … for the 21st time, the editors of PE Hub and Buyouts honor exceptional buyouts with our Deal of the Year Awards.

Winners are chosen in seven categories: Deal of the Year, Large-Market Deal of the Year, Middle-Market Deal of the Year, Small-Market Deal of the Year, Turnaround of the Year, International Deal of the Year, and Secondaries Deal of the Year.

Go here for more information and to read about rules and methodology. Also check out past winners. Last year, New Mountain took the crown with its exit of Equian.

If you have additional questions, email Private Equity Editor Chris Witkowsky at cwitkowsky@buyoutsinsider.com.