MBF Healthcare Fund II targets up to $500 mln: source

  • MBF Healthcare Fund II seeks $300 mln to $500 mln: source
  • Fund I raised $250 mln in 2005
  • At least 51 pct of MBF Fund II will come from GP: source

MBF Healthcare Partners is seeking $300 million to $500 million with its second fund, according to a source familiar with the situation.

That’s as much as double MBF’s first fund, which closed at $250 million in 2005.

The Coral Gables, Florida-based private-equity firm is not using a placement agent for the second pool, the source said. Performance data for MBF Fund I was not available.

MBF Healthcare is the PE firm co-founded by Miguel “Mike” Fernandez, the so-called health-care billionaire. A Cuban immigrant, Fernandez was the founder and CEO of CarePlus Health Plans Inc, which he sold to Humana Inc in 2005 for a reported $408 million. He then co-founded MBF along with Managing Directors Jorge Rico and Marcio Cabrera.

All Fund I investors are re-upping in the second pool, the source said. At least 51 percent of Fund II will be coming from Fernandez, Rico, Cabrera and Joseph Ibrahim, an MBF partner, the source said.

News of the fundraising was previously reported by the South Florida Business Journal.

MBF Healthcare, which does buyouts, recapitalizations and growth-equity investments, targets lower-middle-market deals. Sectors include managed-care payers, non-facility- and facility-based providers, as well as payer and provider outsourced services focused on disease and utilization management, the MBF website said 

The private-equity firm typically seeks to invest $10 million to $50 million of equity per deal, the MBF website said.

Prior deals include the sale of Simply Healthcare to Anthem Inc in 2015 for $1 billion. MBF sold Navarro Discount Pharmacy to CVS Health in September 2014 for an undisclosed amount. Vitamin Shoppe Inc also bought NutriForce Nutrition LLC for $85 million in June 2014.

MBF could not be reached for comment.

Action Item: To contact MBF: http://mbfhp.com/contact-us/

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