Lindsay Goldberg nears deal for Women’s Care Florida, fresh push into health services

Women’s Care Florida has found a buyer in private equity firm Lindsay Goldberg & Co, concluding a several-month sales process for the obstetrics company.

Lindsey Goldberg is close to acquiring physician-owned Women’s Care Enterprises LLC through its fourth fund, a pre-merger filing on the FTC website shows. The New York firm closed Fund IV at $3.5 billion in December 2015, Buyouts previously reported.

The HSR early termination notice comes after Buyouts reported in May that Hyde Park Capital was advising the Tampa company on a strategic-alternatives process.

Led by Chief Executive Andrew Mintz, the company is jointly owned by about 105 physicians, a marketing presentation showed. Women’s Care Florida projects net revenue and adjusted EBITDA for 2017 of about $201 million and $66 million, respectively, the materials said. Accounting for adjustments related to physician costs, sources had said that actual EBITDA is significantly lower.

The group’s services are offered via close to 70 Central Florida locations. The company employs more than 200 healthcare providers including more than 150 physicians. Besides general OB/GYN services, the company’s subspecialty services include genetic and nutritional counseling, urogynecology, breast surgery and maternal fetal medicine.

The deal comes after OB Hospitalist, the largest U.S. provider of obstetric hospitalist services, traded hands in July following a Moelis– and Jefferies– run process. Ares Management sold the Mauldin, South Carolina, company to Gryphon Investors in a deal valued at close to $625 million, sources familiar with the matter previously said.

For Lindsay Goldberg, the deal marks its first new healthcare-services investment since it sold Ambulatory Services of America, a provider of renal dialysis and radiation oncology services, in January 2013 to U.S. Renal Care.

The firm’s other healthcare-related investments include Second Spring Healthcare Investments, a skilled nursing facility REIT, and Trygg Pharma Group AS, which develops marine-based omega-3 pharmaceutical products.

Action Item: View Lindsay Goldberg’s portfolio: http://www.lindsaygoldbergllc.com/investments/

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