SVB Leerink launches one of first healthcare processes under newly expanded team, EQT, Goldman reportedly near deal for Parexel

SVB Leerink brings home care platform to market while BDT builds healthcare platform.

Happy Friday!

Here we are, heading into a rainy 4th of July weekend in New York. Your daily rundown on private equity news will resume to regular scheduling on Tuesday, July 5th. But first… we’ve got some big developments!

WSJ reported last night that EQT and Goldman Sachs Group’s investment arm are approaching a nearly $9 billion deal, including debt, to acquire Pamplona Capital’s Parexel.

PE Hub wrote in April that Pamplona was looking to exit the contract research organization, working with Evercore on a process. Sources at the time placed the asset’s EBITDA at approximately $500 million.

Pamplona four years ago took Parexel private at a $5 billion enterprise value — one of 2017’s largest sponsor-led deals in healthcare. If EQT ultimately does win the deal, it would mark the continuation of a string of notable healthcare activity.

EQT in June sold Aldevron, a leading manufacturer of DNA for use in gene therapy, in a deal valued at $9.6 billion — up from a slightly more than $3 billion EV less than two years earlier, when EQT joined TA Associates as an investor.

Other recent highlights include EQT’s first-ever US initial public offering, Certara, whose biosimulation software fuels drug development; an additional investment in IVC Evidensia alongside Silver Lake, valuing the European vet chain at approximately €12.3 billion; and more recently, its acquisition of French medical diagnostics provider Cerba Healthcare at a reported €4.5 billion valuation.

Back in the game: One of SVB Leerink’s first sell-side engagements has launched following a series of hires that were made to build out its healthcare investment banking practice – with seasoned bankers coming out of Guggenheim, Citigroup, BofA Merrill Lynch, RBC, HSBC and other firms.

New York metropolitan home care companies All American Homecare Agency and S&A Unified Home Care have jointly come to market, according to people familiar with the process. The process started in the last few days, they said.

The platform is projecting about $35 million in 2021 pro forma adjusted EBITDA, the people said.

As for SVB Leerink, sources expect more sell-side processes will come quickly as the bank has continued its rapid expansion and recruitment efforts.

Read my full report on PE Hub.

Moving on: Byron Trott’s BDT Capital Partners appears to be ramping up its healthcare efforts, hiring seasoned industry investor David Ellison from Altaris Capital Partners.
Ellison joined Chicago-based BDT Capital Partners as a managing director in June, based out of New York, according to his LinkedIn profile. As a managing director at Altaris, Ellison led the firm’s investments in the provider and payor services sectors, according to an archived version of the Altaris website.

BDT Capital Partners, which provides family- and founder-led businesses with long-term, differentiated capital, has only ever done one deal in healthcare — Athletico Physical Therapy. Read more on PE Hub.

That’s it for me! Have a safe and relaxing holiday weekend, but in the meantime, don’t hesitate to hit me up with and tips, beach reads, feedback or anything else! Write to me at springle@buyoutsinsider.com.

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