Seasoned healthcare banker Justin Hand recently launched Westcove Partners, an investment bank that specializes in advising healthcare organizations throughout the Western US.
“We’re really thinking about ourselves as the founders’ investment bank,” Hand told PE Hub, adding that the firm is “honing in on representing founders, or in some instances, sponsors going through their first recap where founders are still involved. It takes a different temperament to manage these processes.”
The Los Angeles boutique bank will initially focus on providing M&A and strategic advisory services across all subsectors of healthcare, with a longer-term aspiration to expand into other industries, Hand said. The banker was previously a managing director with Provident Healthcare Partners before leaving the firm in 2019.
The firm will target debt and equity financings in the $10 million to $50 million range.
Westcove is also looking to distinguish itself through its exclusive focus in the Western US. “We really believe in the value of geographic density,” Hand said. Likening the bank’s playbook to the original Southwest model, the regional focus will also create a better internal lifestyle at Westcove, he said.
Westcove is structured such that all employees will participate in the ownership of the business. As a firmwide mandate, the healthcare bank has committed to investing 5 percent of revenue in underrepresented minority-owned business owners.
Abe M’Bodj has joined Westcove as a VP as the most recent member of the team.
Action item: Check out Westcove’s website for more info.