PE HUB Healthcare Wire Highlights, 5.16.19

Advent dives into home health, Carlyle’s Steve Wise talks healthcare

Hi, everybody!

I’m just in from Vermont, where I enjoyed biking and hiking along with all the artisanal beer and cheese that one treats herself with on a ladies-only family trip.

I also got a chance to dip in the Saint Lawrence River at a floating boat spa in Montreal. It’s gotta be cleaner than the Hudson, right? Well… added that to, and checked that off, my bucket list.

So what did I miss, healthcare fanatics?

Just in this morning: Advent International struck a deal to purchase Oak Hill Partners’ AccentCare, whose investment dates to 2007. I’m digging around for more specifics … Stay tuned or give me a shout at if you’ve got any intel.

What I do know: The transaction comes some two years after Harris Williams and JP Morgan were tapped to find a buyer for the Dallas home health company. The initial process was ultimately shelved due to a misalignment of the price expectations between buyer and seller.

Back in August 2017, sources suggested the company was seeking a 10x Ebitda multiple, or a valuation upward of $700 million. Whether the sellers achieved that initial goal…TBD.

Sources had also characterized AccentCare as a well-run company, an appealing asset due to its joint ventures with health systems and a strong management led by CEO Steve Rogers.


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