CD&R backs Millennium Physician Group, Clearlake, Insight-backed Appriss adds on PatientPing, Asking for D&I accountability

Happy Tuesday, folks!

We have two healthcare scoops today by Sarah Pringle, starting with CD&R’s decision to partner with a Florida primary care group Millennium Physician Group.

Existing owners remain a part of the business and the investment is a partnership between CD&R and Millennium’s physicians, founders and management team.

Millennium, headquartered in Fort Myers, Florida, is one of the state’s largest independent primary care practices with more than 300 healthcare providers and around 200 primary care providers. The company generates EBITDA of roughly $50 million, sources said.

The transaction is the result of proprietary discussions between CD&R and Millennium, some of the people said, noting that Oppenheimer was first engaged for sell-side financial advice pre-covid.

Check out the full report here.

Joining this morning’s headlines is Clearlake and Insight-backed Appriss. The Louisville-based data and analytics company is buying PatientPing in a move that significantly bulks up its healthcare offerings, according to people familiar with the transaction.

The acquisition, which has not yet closed, values the patient care collaboration technology company at approximately $500 million, the people said.

Founded in 2013 by CEO Jay Desai, PatientPing provides software that allows healthcare providers to collaborate with one another on their shared patients. PE Hub’s report was confirmed through an announcement on Tuesday morning.

Read the story on PE Hub.

Diversity check: Although surveys by McKinsey and EY point to an increased focus on D&I initiatives by PE shops, there’s no public data to measure this advancement.

In a bid to move the needle toward increased transparency, PE Hub is looking at gathering data from PE firms submitting EEO-1 reports or the federally mandated diversity forms.
The report, which includes information on the racial, ethnic, and gender composition of a firm, is typically kept under wraps. But pressure to be accountable is on the rise. About 63 companies, including 15 private and 48 in the S&P100 committed to disclose the report after NYC Comptroller sent a letter last year.

Among asset managers, BlackRock and State Street Global Advisors are disclosing the racial and ethnic composition of their board and pressing companies to do the same.
What are your thoughts on the growing disclosure commitments? Should PE investors advocating portfolio companies to address diversity disclose EEO-1 data as well? Write to me at karishma.v@peimedia.com