Morgan Stanley Capital Partners has closed an investment in US HealthConnect, a provider of digital and pharmaceutical marketing, the private equity firm told PE Hub.
The New York private equity firm will have majority control of the business, while US HealthConnect’s founder and management team rolled over a substantial investment.
Founded in 1999, US HealthConnect is a digital platform that offers pharma-sponsored continuing medical education and promotional education to healthcare providers. The company provides services to segments including oncology, cardiology and women’s health.
The business has performed very well through covid, according to MSCP, which believes the space (both digital and pharmaceutical marketing) will perform well through economic cycles and will continue to benefit from long-term secular growth trends.
US Health Connect CEO and president Frank Russomano will continue to lead the company.
Managing Director Steve Rodgers led the deal for MSCP, which was done on a proprietary basis without any sell-side banker. The transaction marks a continuation of the firm’s long history of founder-owned deals.
True to its word, MSCP’s Aaron Sack told PE Hub in April that the firm will watch as trends emerge through the crisis, but intends to stick to maintain its strategy: “The biggest mistake a fund can make is pivoting their investment approach and style suddenly.”
Some funds can invest in credit and aggressively buy portfolio debt and potentially achieve phenomenal returns, but not every firm can do that, said Sack, head of the mid-market private equity arm of Morgan Stanley. MSCP will continue to seek opportunities to back family- and founder-owned companies across its focus sectors, he said.
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