M&A Deal Summary

Bain Capital Private Equity Acquires InnovaCare Health

On November 19, 2021, private equity firm Bain Capital Private Equity acquired healthcare services company InnovaCare Health from Summit Partners and Athyrium Capital Management

Acquisition Highlights
  • This is Bain Capital Private Equity’s 13th transaction in the Healthcare Services sector.
  • This is Bain Capital Private Equity’s 109th transaction in the United States.
  • This is Bain Capital Private Equity’s 5th transaction in Florida.

M&A Deal Summary

Date 2021-11-19
Target InnovaCare Health
Sector Healthcare Services
Buyer(s) Bain Capital Private Equity
Sellers(s) Summit Partners
Athyrium Capital Management
Deal Type Secondary Buyout
Advisor(s) J.P. Morgan Securities (Financial)
Kirkland & Ellis (Legal)

Target

InnovaCare Health

Orlando, Florida, United States
InnovaCare Health improves the lives of patients and physicians through innovative solutions for value-based healthcare. Throughout its 20+ year history, InnovaCare Health has owned, operated, and managed an integrated portfolio of medical groups, health plans, medical service organizations, clinical networks, and more. InnovaCare Health was founded in 1998 is based in Orlando, Florida.

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Buyer(S) 1

Buyer

Bain Capital Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 44.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Bain Capital Private Equity (BCPE), is the private equity investment arm of alternative asset management firm, Bain Capital. BCPE targets leveraged buyout and growth capital transactions in a wide variety of industries including information technology, communications, media, healthcare, industrial/manufacturing, retail/consumer, and financial services. Bain Capital is based in Boston with additional offices in New York, London, Mumbai, Hong Kong, Shanghai, Tokyo, and Munich.


DEAL STATS #
Overall 208 of 237
Sector (Healthcare Services) 13 of 13
Type (Secondary Buyout) 55 of 66
State (Florida) 5 of 5
Country (United States) 109 of 124
Year (2021) 16 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-27 Gluware

Sacramento, California, United States

Gluware is intelligent network automation for the enterprise that automates the networks of the world’s largest and most complex enterprises by simplifying how multi-domain, multi-cloud networks are discovered, analyzed, and maintained. Gluware is based in Sacramento, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-22 athenahealth

Boston, Massachusetts, United States

athenahealth is a provider of Internet-based business services for physician practices. The Company's service offerings are based on proprietary web-native practice management and electronic health record (EHR) software, a continuously updated payer knowledge-base, integrated back-office service operations, and live patient communications services. athenahealth was founded in 1997 and is based in Boston, Massachusetts.

Buy $17.0B

Seller(S) 2

SELLER

Summit Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1984
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Summit Partners is a private investment and asset management firm focused on venture, growth, credit, and public equity investing. Sectors of interest include business services, communications technology and services, consumer products, energy, financial services, healthcare and life sciences, industrial products, internet/information services, media/entertainment, semiconductors, electronics, and software. Summit Partners is known for having a proactive business development group for sourcing transactions. Summit will consider both minority or majority investment stakes and is willing to commit as little as $10 million or as much as $500 million in combined debt/junior capital per transaction. The Firm's geographic coverage spans North America and Europe. Summit Partners was formed in 1984 and is headquartered in Boston, Massachusetts.


DEAL STATS #
Overall 268 of 286
Sector (Healthcare Services) 32 of 33
Type (Secondary Buyout) 52 of 60
State (Florida) 17 of 17
Country (United States) 236 of 246
Year (2021) 19 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-03 Harvey Performance

Rowley, Massachusetts, United States

Harvey Performance Co. is dedicated to providing products, services, and solutions that increase productivity for customers in the manufacturing and metalworking industries, including the aerospace and defense, medical, automotive, industrial motors, and telecommunications sectors. The company consists of two complementary brands: Harvey Tool – a broad, one-stop offering for hard-to-find micro-cutting tools – and Helical Solutions – a manufacturer of high-performance custom and standard end mills. The company is recognized as a market leader because of unsurpassed technical expertise and engineering know-how. Harvey Performance Co. was formed in 1985 and is based in Rowley, Massachusetts.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-01 Fuze

Boston, Massachusetts, United States

Fuze provides a cloud-based unified communications platform that empowers productivity and delivers insights across the enterprise by enabling simplified business voice communications, flexible video conferencing, and always-on collaboration. Fuze was founded in 2005 and is based in Boston, Massachusetts.

Sell $250M
SELLER

Athyrium Capital Management

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 2008
PE ASSETS 3.7B USD
Size Large
Type Sector Focused
DESCRIPTION

Athyrium Capital Management is a large asset manager focused on the healthcare sector. Athyrium invests in a wide range of financial instruments including royalties, structured credit, and equities as well as select special situations. Athyrium Capital was established in 2008 and is headquartered in New York City.


DEAL STATS #
Overall 7 of 9
Sector (Healthcare Services) 3 of 3
Type (Secondary Buyout) 1 of 2
State (Florida) 2 of 2
Country (United States) 6 of 8
Year (2021) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-09 Summit Behavioral Healthcare

Franklin, Tennessee, United States

Summit Behavioral Healthcare provides substance use disorder and acute psychiatric care at 24 facilities across 16 states. Summit Behavioral Healthcare was founded in 2013 and is based in Franklin, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-01 Oui Therapeutics

New Haven, Connecticut, United States

Oui Therapeutics provides life saving treatments by developing digital therapeutics proven to help patients. Oui Therapeutics was founded in 2018 and is based in New Haven, Connecticut.

Buy -