M&A Deal Summary

TPG and Cencora Acquire OneOncology

On April 20, 2023, private equity firm TPG and Cencora acquired healthcare services company OneOncology from General Atlantic for 2.1B USD

Acquisition Highlights
  • This is TPG’s 22nd and Cencora’s 5th transaction in the Healthcare Services sector.
  • This is TPG’s 39th and Cencora’s 5th largest (disclosed) transaction.
  • This is TPG’s 272nd and Cencora’s 14th transaction in the United States.
  • This is TPG’s 5th and Cencora’s 1st transaction in Tennessee.

M&A Deal Summary

Date 2023-04-20
Target OneOncology
Sector Healthcare Services
Buyer(s) TPG
Cencora
Sellers(s) General Atlantic
Deal Type Secondary Buyout
Deal Value 2.1B USD
Advisor(s) Centerview Partners (Financial)
Paul, Weiss, Rifkind, Wharton & Garrison (Legal)

Target

OneOncology

Nashville, Tennessee, United States
OneOncology empowers community oncology practices with advanced tools and capabilities to help physicians deliver higher-quality cancer care to their patients, close to home, amidst a rapidly evolving cancer care ecosystem. OneOncology was founded in 2018 and is based in Nashville, Tennessee.

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Buyer(S) 2

Buyer

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 296.0B 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 419 of 451
Sector: Healthcare Services M&A 22 of 25
Type: Secondary Buyout M&A Deals 65 of 75
State: Tennessee M&A 5 of 5
Country: United States M&A 272 of 298
Year: 2023 M&A 3 of 13
Size (of disclosed) 39 of 113
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-04 Elite

New York, New York, United States

Elite is a provider of integrated practice and financial management systems for professional service firms worldwide. It provides billing systems for the legal industry to deliver a variety of products and consulting services to other professional service markets, including accounting, engineering, marketing and management and IT consulting. Elite is based in New York, New York.

Buy $500M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-15 Vice Media

Brooklyn, New York, United States

Vice Media is a media company that engages in print, event, music, online, television (TV), and feature film business activities in the United States and internationally. Vice Media was founded in 1994 and is based in Brooklyn, New York.

Sell -
Buyer

Cencora

Conshohocken, Pennsylvania, United States

Category Company
Founded 2001
Sector Distribution
Employees46,000
Revenue 294.0B USD (2024)
DESCRIPTION

Cencora is a pharmaceutical sourcing and distribution services company, helping both healthcare providers and pharmaceutical and biotech manufacturers improve patient access to products and care. Cencora was founded in 2001 and is based in Conshohocken, Pennsylvania.


DEAL STATS #
Overall 15 of 16
Sector: Healthcare Services M&A 5 of 6
Type: Secondary Buyout M&A Deals 1 of 1
State: Tennessee M&A 1 of 1
Country: United States M&A 14 of 15
Year: 2023 M&A 2 of 2
Size (of disclosed) 5 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-17 HealthTronics

Austin, Texas, United States

HealthTronics provides mobile equipment services, medical devices and information technology solutions to the urology industry. The company partners with physician groups to facilitate equipment ownership and to provide logistical support for mobile lithotripsy, laser and cryoablation units. In addition, HealthTronics offers a line of cryoablation devices as well as a urology-specific IT platform. HealthTronics was founded in 1972 and is based in Austin, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-11-06 Retina Consultants of America

Southlake, California, United States

Retina Consultants of America is a provider of retina physician practices in the country with eleven board-certified, fellowship-trained retina specialists practicing at eleven clinic locations and one ambulatory surgery center. Retina Consultants of America is based in Southlake, Texas.

Buy $5.1B

Seller(S) 1

SELLER

General Atlantic

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1980
PE ASSETS 105.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

General Atlantic is a large private equity firm that invests globally in growth-oriented public and private companies. Broad areas of interest include financial services, media and consumer, healthcare, enterprise solutions, communications and electronics, and energy. General Atlantic looks to invest $40 to $400 million in transactions that support growth, expansions, buy-outs, consolidations and build-ups. General Atlantic seeks to make 8 to 12 investments per year with an investment horizon of five to ten years. The Firm's geographic coverage spans North America; Europe; Asia/Pacific; and India. General Atlantic was formed in 1980 and is based in New York, New York.


DEAL STATS #
Overall 150 of 166
Sector: Healthcare Services M&A 9 of 9
Type: Secondary Buyout M&A Deals 24 of 26
State: Tennessee M&A 3 of 3
Country: United States M&A 78 of 86
Year: 2023 M&A 2 of 3
Size (of disclosed) 5 of 35
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-21 Gravie

Minneapolis, Minnesota, United States

Gravie is an insurance services provider that helps businesses, individuals and families choose, buy and manage health insurance products. Gravie was founded in 2013 and is based in Minneapolis, Minnesota.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-27 Tripleseat

Concord, Massachusetts, United States

Tripleseat is a cloud-based sales and event management application that generates sales and streamlines the planning process for restaurants, hotels, and unique venues. It is the first web-based system created by restaurant event planners for restaurant event planners. Tripleseat was founded in 2008 and is based in Concord, Massachusetts.

Buy -