Outcome Health, a healthcare advertising company that was accused of misleading clients, says it has sold a majority interest to private-equity firm Littlejohn. Terms of the deal were not disclosed. Chicago-based Outcome previously raised nearly $500 million from investors, including Goldman Sachs, Pritzker Group Venture Capital and Google’s venture capital arm. Outcome said it plans to use the proceeds from its recapitalization to fund its long-term strategic plan. The company provides health-related content TV screens and tablets in doctors’ offices, and it sells advertising, primarily to pharmaceutical companies. Outcome and its co-founders, Rishi Shah and Shradha Agarwal, had a lofty perch on the Chicago tech scene until they made news for the wrong reasons. Advertisers questioned whether the company was misleading them about both the reach and results of campaigns. Their investors sued and the Justice Department announced an investigation. Shah and Agarwal, who were still majority owners, stepped down from day-to-day management and the board. Matt McNally, an advertising-industry veteran, was hired as CEO and has been trying to rebuild the company.
WSP (WSP: TSX) is pleased to announce the acquisition of US-based Leach Wallace Associates, Inc. (“Leach Wallace”), an approximately 125-person provider of mechanical, electrical and plumbing engineering design services and related services to clients in the healthcare sector. This acquisition, which is in alignment with WSP’s 2019-2021 Strategic Plan, creates the largest pure-play healthcare engineering practice in North America, and expands its geographical presence in the United States. Leach Wallace has locations in Elkridge, MD; York, PA; and Charlotte, NC. The firms, which have a record of pursuing and winning work together, offer complementary expertise which will cement WSP’s offering in the healthcare market.
BV Investment Partners (“BV”), a middle-market private equity firm focused on the business services, software and IT services sectors, today announced that it has made an investment in Franco Signor, a provider of Medicare Secondary Payer (MSP) compliance solutions to the country’s largest self-insured companies, insurers, and third party administrators. Franco Signor, headquartered in Bradenton, FL, is a full-service outsourced provider of MSP compliance software and services. The Company’s customers rely on Franco’s deep domain expertise, robust integrated technology platform and flexible reporting capabilities to manage MSP matters on workers’ compensation, no-fault, and liability claims in compliance with long-established, complex and evolving MSP regulatory guidance. Franco Signor is BV’s eighth investment in its ninth fund.
Alleghany Capital Corporation (“Alleghany Capital”), a wholly-owned subsidiary of Alleghany Corporation, announced Monday that its subsidiary, IPS-Integrated Project Services, LLC (“IPS”), a leading provider of design, engineering, procurement, construction management, and validation (“EPCMV”) services for the biotechnology and pharmaceutical industries, has reached a definitive agreement to acquire a majority interest in The Cardinal Group, Inc. (“Cardinal” or the “Company”). Headquartered in Woburn, Massachusetts, Cardinal provides construction management services to the life science and healthcare markets in the Northeastern United States. The transaction, which is subject to customary closing conditions, is expected to close during the second quarter of 2019.
Vereco, LLC today announced an asset acquisition of CynergisTek’s managed print services (MPS) business. CynergisTek, Inc. (NYSE AMERICAN: CTEK) is a leading provider of healthcare cybersecurity, privacy, and compliance. Vereco is the leading independent provider of healthcare document services. Post-acquisition, Vereco will have 230 employees operating in 49 states. The combined organization’s clients include more than 350 acute care facilities, including many of the nation’s largest and most prestigious health systems; 280 behavioral health facilities; and thousands of clinics and independent physician practices. Vereco’s private equity partner, Stella Point Capital, invested additional equity to fund the transaction. In October 2018, Stella Point Capital made its initial investment and committed additional capital to help fuel Vereco’s organic growth initiatives, support strategic acquisitions, develop additional capabilities in key document services areas, and facilitate market development.
Fishawack, a leading independent healthcare communications specialist, is excited to announce its acquisition of Dudnyk, the Philadelphia-based healthcare communications agency. Dudnyk is an award-winning, full-service agency that specializes in creating insight-driven, authentic brand experiences that unite specialty physicians and their patients. They leverage strategic, scientific, and creative capabilities to serve clients in the biotech, pharmaceutical, and medical device industries. Fishawack’s goal is to increase the range of healthcare communications services that it can offer to commercial and medical affairs teams. It now has healthcare creative agencies that span East to West Coast USA and Europe.
WEX Inc. (NYSE: WEX), a leading financial technology service provider, announced Tuesday that it has completed the previously announced acquisition of Discovery Benefits, Inc. (‘DBI’), a high-growth employee benefits administrator to more than one million consumers across all 50 states. ‘The acquisition of Discovery Benefits is a significant milestone for WEX as it combines two integral parts of the consumer-directed benefits value chain, strengthening WEX’s position as a leading provider of innovative healthcare technology solutions,’ said Melissa Smith, the Chief Executive Officer of WEX.
Altamont Capital Partners (Altamont) announced Thursday the acquisition of Publicis Healthcare Solutions (PHS), a leading pharmaceutical contract commercial services organization, from Publicis Groupe. PHS is a leader in customized, live channel healthcare sales, service and clinical solutions for pharmaceutical, biotechnology, medical device and diagnostics companies. The business offers these services through a range of brands including Publicis Touchpoint Solutions, PDI, Tardis Medical, Phrequency and CustomPoint Recruiting, with a reputation as a strong partner for its customers in maximizing product commercialization success. Altamont Capital Partners is a private investment firm based in the San Francisco Bay Area with more than $2.5 billion of assets under management.
Investcorp, a leading global provider and manager of alternative investment products, today announced its acquisition of Health Plus Management, LLC (“Health Plus”), a provider of business management and operations services for independent physician practices in the physical medicine and rehabilitation market. The terms of the transaction were not disclosed. Based in Long Island, New York, Health Plus provides physician-owned practices with an effective administrative solution for outsourcing non-medical, front and back office operations. Services include site selection and buildout, front and back office management, marketing, human resources support, technology and reporting.
TrialCard Incorporated, an industry leader in access, affordability, adherence, and engagement solutions for patients and healthcare providers, today announced the acquisition of RxSolutions, a company that specializes in customized pharmaceutical reimbursement programs for both commercial and clinical supply professionals. The acquisition will fortify TrialCard’s presence within the pharmaceutical solutions marketplace while diversifying its customer base and expanding into the clinical trial space.
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