M&A Deal Summary

TPG, Welsh Carson Anderson & Stowe and Humana Acquire Curo Health Services

On April 23, 2018, private equity firm TPG, private equity firm Welsh Carson Anderson & Stowe and Humana acquired healthcare services company Curo Health Services from GTCR and Thomas H. Lee Partners for 1.4B USD

Acquisition Highlights
  • This is TPG’s 16th, Welsh Carson Anderson & Stowe’s 29th and Humana’s 22nd transaction in the Healthcare Services sector.
  • This is TPG’s 51st, Welsh Carson Anderson & Stowe’s 7th and Humana’s 2nd largest (disclosed) transaction.
  • This is TPG’s 212th, Welsh Carson Anderson & Stowe’s 80th and Humana’s 27th transaction in the United States.
  • This is TPG’s 6th, Welsh Carson Anderson & Stowe’s 5th and Humana’s 1st transaction in North Carolina.

M&A Deal Summary
Date 2018-04-23
Target Curo Health Services
Sector Healthcare Services
Buyer(s) TPG
Welsh Carson Anderson & Stowe
Humana
Sellers(s) GTCR
Thomas H. Lee Partners
Deal Type Secondary Buyout
Deal Value 1.4B USD
Advisor(s) Jefferies (Financial)
Kirkland & Ellis (Legal)

Target

Curo Health Services

Mooresville, North Carolina, United States
website
Curo Health Services is a provider of home healthcare and hospice services throughout various communities across the country. Guided by a patient’s physician, Curo’s team of clinicians combine clinical expertise with dedicated and compassionate care to help patients increase their independence and live a better quality of life.

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Buyer(S) 3

Buyer

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1992
PE ASSETS 137.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.

DEAL STATS #
Overall 316 of 401
Sector (Healthcare Services) 16 of 23
Type (Secondary Buyout) 41 of 63
State (North Carolina) 6 of 7
Country (United States) 212 of 269
Year (2018) 10 of 32
Size (of disclosed) 51 of 100
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-06 Healthium

Bengaluru, India

Healthium is a manufacturer and marketer of surgical and medical consumables including surgical sutures, staplers, suturing needles, other wound closure products, surgical gloves, urology products, and a range of minimally invasive solutions. TheHealthium was formed in 1992 and is based in Bengaluru, India.

Sell $300M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-28 Du Xiaoman Financial

Beijing, China

Du Xiaoman Financial is a Chinese consumer lending and wealth management platform. Leveraging the vast user data of its parent company, Du Xiaoman develops its proprietary analytics and offers customers with a wide range of financing and investment products targeted to their specific needs.

Buy $1.9B
Buyer

Welsh Carson Anderson & Stowe

New York, New York, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1979
PE ASSETS 27.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Welsh Carson Anderson & Stowe (WCAS) is a mega-sized, specialist private equity firm focused on investments in growth-oriented companies operating within the healthcare and technology/tech-enabled services industries. WCAS will consider small and large transactions; including venture investments, growth equity investments, buy-and-build transactions, public-to-private acquisitions, and corporate carve-outs. The Firm prefers control situations and generally seeks opportunities in the US. Welsh Carson Anderson & Stowe was formed in 1979 and is based in New York City.

DEAL STATS #
Overall 83 of 97
Sector (Healthcare Services) 29 of 32
Type (Secondary Buyout) 15 of 20
State (North Carolina) 5 of 6
Country (United States) 80 of 92
Year (2018) 2 of 3
Size (of disclosed) 7 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-21 Avetta

Lehi, Utah, United States

Avetta is a provider of a cloud-based supply chain risk management platform. Avetta connects global organizations across several industries including oil/gas, telecom, construction materials, facilities management, and many others, with qualified and vetted suppliers, contractors, and vendors. Avetta was founded in 2003 and is based in Lehi, Utah.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-26 United Surgical Partners International

Saint Louis, Missouri, United States

United Surgical Partners International (USPI) is an experienced and trusted partner in some of the nation’s most successful ambulatory surgical networks. We are dedicated to providing high-quality, lower-cost solutions as various reform initiatives unfold in the communities we serve. We provide strategic solutions for physicians, health systems and those paying for the cost of health care services, such as employers, insurance companies and government programs.

Sell -
Buyer

Humana

Louisville, Kentucky, United States

website

Category Company
Founded 1961
Sector Healthcare Services
Employees67,100
Revenue 92.9B USD (2022)
DESCRIPTION

Humana is a managed health care company that markets and administers health insurance. Humana operates through three segments. These include Retail, Employer Group, and Healthcare Services. The Retail segment consists of Medicare and commercial fully-insured medical and specialty health insurance benefits, including dental, vision, and other supplemental health and financial protection products, marketed directly to individuals. The Employer Group segment consists of Medicare and commercial fully-insured medical and specialty health insurance benefits, including dental, vision, and other supplemental health and voluntary benefit products. The Healthcare Services segment includes services offered to health plan members as well as to third parties, including pharmacy, provider services, home based services, integrated behavioral health services, and predictive modeling and informatics services. Humana was formed in 1961 and is based in Louisville, Kentucky.

DEAL STATS #
Overall 27 of 33
Sector (Healthcare Services) 22 of 27
Type (Secondary Buyout) 1 of 1
State (North Carolina) 1 of 1
Country (United States) 27 of 33
Year (2018) 1 of 1
Size (of disclosed) 2 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-19 Kindred

Louisville, Kentucky, United States

Kindred is a healthcare services company based in Louisville, Kentucky. Kindred provides healthcare services in 2,353 locations, including 97 transitional care hospitals, five inpatient rehabilitation hospitals, 98 nursing centers, 21 sub-acute units, 153 Kindred at Home hospice, home health and non-medical home care locations, 104 inpatient rehabilitation units (hospital-based), and a contract rehabilitation services business, RehabCare, which serves 1,875 non-affiliated facilities. Kindred was founded in 1985 and is based in Louisville, Kentucky.

Buy $4.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-16 Enclara Healthcare

Philadelphia, Pennsylvania, United States

Enclara Healthcare is a major solutions provider focused on simplifying care delivery in chronic and complex care patient populations to improve patient experience, quality, and cost. Enclara Healthcare collaborates with healthcare organizations to drive value-based care through expertise, process, and technology.

Buy -

Seller(S) 2

SELLER

GTCR

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1980
PE ASSETS 15.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

GTCR is a private equity firm that typically partners with management when pursuing acquisitions. The Firm looks to grow companies through build-on acquisitions, consolidations, and internal growth. GTCR will consider both equity and mezzanine capital commitments and concentrates its investment activity in consumer products & services, healthcare services, outsourced business services, technology, transaction processing, and pharma/medical products. GTCR was formed in 1980 and is based in Chicago, Illinois.

DEAL STATS #
Overall 67 of 84
Sector (Healthcare Services) 12 of 16
Type (Secondary Buyout) 17 of 21
State (North Carolina) 3 of 3
Country (United States) 64 of 81
Year (2018) 3 of 7
Size (of disclosed) 5 of 33
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-20 Callcredit Information Group

Leeds, United Kingdom

Callcredit Information Group Ltd. is a provider of consumer data solutions, software and analytics. Callcredit provides the data, analytics, and software that enable businesses to build more valuable customer relationships. Callcredit Information Group Ltd. was established in 2000 and is based in Leeds, United Kingdom.

Sell £1.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-21 Rithum

Atlanta, Georgia, United States

Rithum is a distributed commerce network connecting supply, demand and delivery that helps retailers and brands increase sales by expanding product assortments, promoting products on the channels that perform, and enabling rapid, on-time customer delivery. Rithum was founded in 1997 and is based in Atlanta, Georgia.

Buy $1.1B
SELLER

Thomas H. Lee Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1974
PE ASSETS 25.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Thomas H. Lee Partners, LP (THL) is a private equity firm that seeks buyout, expansion, consolidation, distressed, and recapitalization investments across various industries. Sectors of interest include business and information services, consumer products/retail, financial services, healthcare, industrial, and media/communications. THL looks to invest $100 to $400 million in companies valued up to $2.5 billion. Thomas H. Lee Partners, LP was formed in 1974 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 40 of 53
Sector (Healthcare Services) 1 of 1
Type (Secondary Buyout) 8 of 11
State (North Carolina) 3 of 3
Country (United States) 32 of 44
Year (2018) 3 of 4
Size (of disclosed) 11 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-23 Ceridian

Minneapolis, Minnesota, United States

Ceridian is a global human capital management software company. Dayforce the flagship cloud HCM platform provides human resources, payroll, benefits, workforce management, and talent management functionality. Ceridian platform is used to optimize the management of the entire employee lifecycle, including attracting, engaging, paying, deploying, and developing people. Ceridian has solutions for organizations of all sizes. Ceridian was incorporated in 2013 and is based in Minneapolis, Minnesota.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-02 Juvare

Atlanta, Georgia, United States

Juvare is a provider of critical incident management and emergency preparedness software. The company’s innovative solutions optimise information sharing and streamline data into a common operating picture and workflow, enabling government agencies, corporations, healthcare facilities, academic institutions and public health departments to prepare for and respond to critical events more effectively. Juvare is based in Atlanta, Georgia.

Buy -
Mergr

Product

Company

Legal