Thoma Bravo’s $1.8bn NextGen take-private deal tops a busy week

Thoma Bravo is acquiring NextGen for $1.8 billion.

Happy Friday, Hubsters. MK Flynn here with the Wire.

September is off to a great start if this week was any indication!

Deal announcements picked up, private equity folks came together enthusiastically for conferences and other gatherings, and at PE Hub, we brought aboard a senior reporter.

Throughout the week, dealmakers seemed cautiously optimistic, with many sources telling us that dealflow is starting to accelerate.

Mission critical
One deal that piqued my interest was Thoma Bravo’s agreement to take private NextGen Healthcare for $1.8 billion. NextGen develops software for handling electronic medical records (EMR).

“NextGen Healthcare’s mission-critical EMR software and surround solutions are the backbone of ambulatory practices across the United States,” said AJ Rohde, a senior partner at Thoma Bravo, in the deal announcement.

While healthcare deals have suffered in the current economic climate, healthcare tech remains hot.

In July, TPG agreed to acquire healthcare information technology platform Nextech from Thomas H. Lee for $1.4 billion.

And speaking of Thoma Bravo, the firm hosted a media reception last night. Buyouts’ Chris Witkowsky, New Private Markets’ Snehal Shah and I had fun chatting with folks from the PE firm and other journalists who cover private equity.

Check out the photo I took of Thoma Bravo co-founders Orlando Bravo and Carl Thoma, posted on my LinkedIn.

Golden age of private credit
Another gathering I attended this week was Private Debt Investor’s New York Forum 2023.
There were more than 450 attendees, a quarter of whom were LPs.

I moderated the investor panel, which included four LPs: Jennie Benza of General Electric Pension; Lin Maung of State of Wisconsin Investment Board; Douglas Porter of MainePERS; and Leslie Vargas of Resolution Life US.

The LPs said they are looking for discipline, flexibility and workout experience from fund managers in this era of exuberance in private credit.

Welcome aboard!
Last but not least, I’m delighted to announce that this week Michael Schoeck joined PE Hub as a senior reporter in New York.

Mike’s had a lot of experience covering private equity, M&A, distressed debt and bankruptcy. We both worked at The Deal back during the Global Financial Crisis. Later, he went to Mergermarket, where he edited a monthly private equity digest involving power, utilities and renewable energy companies. In recent years, he’s focused on renewable energy and has broken dozens of scoops on solar and wind power development companies coming up for sale.

In his free time, Mike has been an active hiker, first of the Catskills High Peaks and Hudson Valley, and recently embarking on the 46 Adirondacks High Peaks in upstate New York.

He’d love to hear from you at

And as always, you can reach me at

I’ll be back with more on Monday.

Have a great weekend,