PE HUB Healthcare Wire Highlights, 10.31.19

No spooking investors from animal health

Hello! Happy Halloween, healthcare fanatics.

While relatively slow on the deal front this week in healthcare private equity, I learned the auction process is officially underway for FFL Partners’ EyeCare Partners, a sizable vision care provider operating a hybrid opthalmology and optometry model. Read my story for financial deets and more.

In case you forgot, Goldman Sachs through its merchant banking arm snapped up MyEyeDr earlier this year in a transaction valued at $2.7 billion, representing a premium multiple and the sector’s largest sponsor transaction to date. Other smaller deals in the space are brewing, I’m hearing. Stay tuned.

Crawling out of the woodwork

Elsewhere, you may have observed there was yet another vet care deal in the market this week: L1 Health said it would acquire Destination Pet, a Highlands Ranch, Colorado provider of both pet health and wellness, committing $450 million to the newly launched platform in the US and Europe.

The deal caught my interest not only because investors continue to flock to all things animal health. Rather, L1 Health has always been a bit of a mystery to me.

So, what’s L1 Health?

L1 Health sits within L1 Investment Holdings, one of two vehicles operated by LetterOne, the international investment group controlled by Russian billionaire Mikhail Fridman.

L1 Health is led by Managing Partner Meghan Fitzgerald, who sits on the faculty at Columbia and most recently led M&A and Health Policy efforts at Cardinal Health.