New Mountain Capital is near finishing up marketing for Fund IV, sources have told peHUB.Continue
Trending on peHUB this week: Sequoia Capital, VC “scouts,” Oaktree Capital, Water Street Healthcare, Apollo, Piper Jaffray, Nick Golding, NY City pensions, and the lean startup.Continue
Global M&A deal value surged this week while PE transactions turned in some of their lowest numbers.Continue
Water Street Healthcare Partners’ CareCentrix Inc. acquired Sleep Management Solutions LLC, which specializing in sleep benefits management. The transaction expands CareCentrix’s services to include sleep management. Water Street acquired a controlling interest in CareCentrix, which provides home health benefits management services to the managed care industry, in 2008.Continue
Water Street Healthcare Partners has acquired Medical Specialties Distributors LLC, a Stoughton, Mass.-based provider of infusion products, supplies, biomedical services and technology solutions to the home infusion therapy market. No financial terms were disclosed. MBF Healthcare Partners was the seller.Continue
Water Street Healthcare Partners has agreed to sell gastrodiagnostic device company Sierra Scientific Instruments to Given Imaging Ltd. (Nasdaq: GIVN). The deal is valued at $35 million in cash, and is expected to close early next month.Continue
Sarnova, a distributor of health care products in the emergency medical services (EMS) and respiratory markets, has acquired Metropolitan Medical Inc., a medical products supplier serving the mid-Atlantic region. No financial terms were disclosed. Sarnova is a portfolio company of Water Street Healthcare Partners.Continue
Natus Medical Inc. (Nasdaq: BABY) has agreed to acquire Alpine Biomed Holdings Corp., a Fountain Valley, Calif.-based maker of devices for the diagnosis of neurological disorders. No financial terms were disclosed. Alpine Biomed is majority-owned by Water Street Healthcare Partners.Continue
Yesterday we wrote about Kip Kirkpatrick, a co-founder of Water Street Healthcare Partners who recently announced candidacy for Illinois State Treasurer. In it, we noted that the local private equity community has rallied around Kip’s candidacy, including more than $35,000 in campaign contributions from his former Water Street colleagues. Other contributors include execs from firms like GTCR, One Equity Partners and Willis Stein.
All of this made us wonder if these contributors were shooting themselves in the foot? Not because of Kip’s politics or potential job performance, but rather because he is basically running to become the state’s chief investment officer. If he wins, and if the SEC enacts those “pay-to-play” proposals regarding political contributions, then firms like Water Street and GTCR would be temporarily banned from raising money from public pension systems in Illinois… Are the contributions worth the risk?Continue
Kip Kirkpatrick, a co-founder of Water Street Healthcare Partners, this past weekend announced his candidacy for Illinois State Treasurer. He’s running as a Democrat, and will face a serious primary challenger in Robin Kelly, a former state lawmaker and chief of staff to current Treasurer Alexi Giannoulias (who is running for the U.S. Senate seat being vacated by Roland Burris).
In his announcement video, Kirkpatrick said: “In effect, the Treasurer is really the state’s chief investment officer, and that’s why I’m running… We need a Treasurer with a proven track record of smart, responsible investing.”
The issue of responsibility could be key for Kirkpatrick, who is leaving Water Street less than a year after the firm raised $650 million for a new fund. Some LPs have privately groused that he took the money and ran (literally), although Kirkpatrick was not listed as a “key man” on fund documents.
It’s unknown how Kirkpatrick’s Water Street colleagues initially took the news, but they now seem to be strongly supporting his electoral ambitions. Fellow co-founders Jim Connelly and Tim Dugan have each contributed $25,000 to the campaign, while other staffersContinue
Water Street Healthcare Partners has acquired the Pharmaceutical Development unit of AAIPharma Inc. The company will be called AAIPharma Services Corp., and will retain its Wilmington, N.C. headquarters. The deal is valued at $75 million, including expansion capital commitments. No purchase price was disclosed.Continue
Robert Womsley joined Water Street Healthcare Parter, a buyout firm that invests in health care companies. Womsley, formerly a senior partner with Citi Private Equity, will begin July 1. Press release: Water Street Healthcare Partners, a leading private equity firm focused exclusively on the health care industry, announced today that Robert B. Womsley has agreed […]Continue
Water Street Healthcare Partners has appointed Peter Strothman to principal and Max Mishkin to vice president. Strothman joins Water Street from JLL Partners where he worked on a range of health care investments. Mishkin most recently worked with Waud Capital Partners where he focused on investments in the healthcare services sector. Press release: Water Street […]Continue
Sarnova, a distributor of health care products in the emergency medical services (EMS) and respiratory markets, has acquired Blue Ridge Medical Inc., a supplier of pharmaceuticals to the EMS community. No financial terms were disclosed. Sarnova is a portfolio company of Water Street Healthcare Partners.Continue
Today Water Street Healthcare Partners announced it hired Hank Struik as a senior executive advisor. Struik is the former president of Cardinal Health, an $11.5 billion pharmaceuticals and medical products company.
Struik joins the Chicago-based firm six months after it closed its second fund with $650 million in commitments. Very little has been deployed to date, and Struik has come on board with a pretty straightforward mission: ‘Here’s $100 million from our fund, now find us a medical products deal.’ I spoke with him briefly this afternoon on globalizing medical products, why the industry is not recession-proof, and what buying opportunities he sees.Continue
Hank Struik, former president of Cardinal Health, has joined Water Street Healthcare Partners as a senior executive advisor. He will focus on investment opportunities in the medical products sector, with Water Street committing up to $100 million in equity.Continue
Precision Dynamics Corp., a New Britain, Conn.–based provider of healthcare identification solutions, has acquired TimeMed Labeling Systems Inc., a Burr Ridge, Ill.-based maker of specialty healthcare labels. No financial terms were disclosed. Precision Dynamics is a portfolio company of Water Street Healthcare Partners.Continue