Momtazee’s Patient Square Capital beefs up team, GTCR inks complex healthcare deal, and two hot assets prep 2021 sales

Riverside Co is preparing to put Greenphire on the block and Patient Square Capital expands team with seasoned healthcare investors.

Morning, hubsters!

Lots of news this morning in the land of private equity dealmaking – notable people moves, a $1 billion plus surgical technologies deal and new assets prepping to come to market in some of the hottest industry pockets of investment.

So, what should you watch for on the new opportunities front?

In tech, Norwest Venture Partners-backed Galvanize is poised to kick off a sale process in the next few weeks – becoming the latest GRC (governance, risk and compliance) software platform to come to market, writes PE Hub’s Milana Vinn.

The other two to keep tabs on are Bregal Sagemount’s Steele Compliance and Thoma Bravo’s Riskonnect.

While the entire business is for sale, there is a lot of flexibility on the deal structure, one source said. Read Milana’s full report.

Elsewhere, Riverside Co is preparing to put Greenphire on the block this spring, with the niche clinical trial payments technology business anticipated to field significant interest from a range of buyers, according to several people familiar with the firm’s plans.

Although a process has not formally launched, the firm hopes to fetch some $1 billion in a potential transaction, sources told me. Read my full story on PE Hub.

New competition: Patient Square Capital, the PE shop launched by former KKR executive Jim Momtazee last year, is continuing to build out an impressive roster – bringing on a pair of seasoned healthcare investors from his former firm and Ares Management.

The new hires include Neel Varshney, a former managing director within KKR’s Americas Healthcare team, and Alex Albert, who most recently co-headed private equity healthcare efforts as a partner at Ares Management. PE Hub first wrote in early January that Albert had left Ares.

Albert and Varshney look to be natural additions, as Momtazee has worked with both investors in the past. Read more on PE Hub.

Sources told Buyouts in August that Momtazee could target $2 billion or more for his debut fund with his new firm. The expectation is that Patient Square will start raising the debut fund this year.

Two-part deal: GTCR in partnership with former NuVasive CEO Gregory T. Lucier has bought and combined two businesses through a $1 billion-plus transaction that creates a sizable new surgical technology player called Corza Medical.

Formed through the simultaneous acquisition and merger of Surgical Specialties and TachoSil – the latter which was carved out from Japan’s Takeda Pharmaceutical – Corza Medical will be led by Lucier as executive chairman alongside Dan Croteau as CEO.
“It was really a fortuitous timing of events,” Lucier told PE Hub. Check out my full report to find out why.

That’s it for today’s rundown. As always, write to me at springle@buyoutsinsider.com with any tips, feedback or just to say hello. Have a great week!

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.