2022 in Review
2022 Firmwide Update
February 2023
Closed Transaction Overview
In 2022, we closed seven transactions across a variety of subindustries within healthcare services:
Below, we have provided brief overviews of our closed transactions in 2022 in reverse chronological order:
Achieve Beyond, headquartered in Queens, New York, is a national leader for ABA therapy services that are specifically tailored for children on the autism spectrum. Achieve Beyond offers a broad range of services, which includes autism services, speech language therapy, occupational therapy, physical therapy, special education, and telehealth.
Inspira, backed by the Pine Street Group, is a leading provider of Behavioral therapy in Southern California. Inspira has served over 400 clients since its inception in 2014. It specializes in individualized and compassionate therapeutic services for children and adults diagnosed with autism and other developmental disorders. By bringing Achieve Beyond’s California operations into its platform, Inspira will expand its footprint and its capabilities in Southern California to include onsite locations in Los Angeles and San Diego.
Heart and Vascular Care (“HVC”), headquartered in Cumming, Georgia, had a team of 25 providers across nine locations. Since the Company’s inception in 2007, HVC emphasized a patient-centric approach, providing comprehensive, compassionate, high-quality care to patients via a dedicated provider base and supporting administrative team.
After years of impressive growth that established Heart and Vascular Care as one of the largest independent cardiology practices in Georgia, the Company pursued a transaction with a partner that would allow it to fulfill its mission across the Southeastern U.S.. Cardiovascular Partners of America (“CVAUSA”), backed by Webster Equity Partners, identified HVC as a pillar group to its success as an emerging national provider of cardiovascular services. Heart and Vascular Care now serves as CVAUSA’s Southeast platform.
Bank’s Apothecary, headquartered in Trevose, Pennsylvania, established a patient-centric approach and had become one of the fastest-growing independent behavioral health, mental health, and substance abuse specialty pharmacies across the U.S. through a network of over 2,300 prescribers. Since the Company’s inception in 2010, Bank’s had built a robust centralized fill model supplying over 400 unique drugs, including limited distribution drugs, to underserved and vulnerable populations across 23 states via a dedicated and compassionate employee base.
Terrapin Pharmacy and Ganse Apothecary, portfolio companies of WindRose Health Investors, primarily serve individuals diagnosed with severe and persistent mental illnesses across the Mid-Atlantic region. Bank’s Apothecary’s unique drug mix, expansive prescriber network and dedicated employee base were key in expanding WindRose’s pursuit to provide comprehensive behavioral specialty pharmacy services across the Eastern United States.
Midwest Breast & Aesthetic Surgery (“MBAS”), based in Gahanna, Ohio, had a team of board-certified plastic microsurgeons with experience in breast reconstruction, aesthetic breast surgery, lymphedema, and gender confirmation surgery. MBAS physicians are leaders within local, national, and international associations, and have produced extensive academic work resulting in national recognition for the Company, with patients seeking services from across the United States.
The Advanced Reconstructive Surgery Alliance (“ARSA”), backed by Webster Equity Partners, is seeking to partner with leading reconstructive and cosmetic surgeons who seek a strategic partner with the capital resources and expertise to invest in best in-class practice infrastructure and facilitate future growth. ARSA was historically concentrated in the Northeast and identified MBAS as a potential gateway to the Midwest and adjacent regions through its partnership with the Company. MBAS will serve as the pillar group behind ARSA’s continued acquisition activity in the region’s markets.
Digestive Disorders Associates (“DDA”) was a leading gastroenterology and digestive health organization based in Annapolis, Maryland, with nine providers across its three locations in Southern Maryland. In addition to traditional gastroenterology services, DDA managed anesthesia, pathology, infusion treatment, and clinical trials within its clinical offering.
Gastro Health, backed by OMERS Private Equity, is one of the leading gastroenterology groups in the United States with more than 145 locations and 370 physicians across seven states. The Gastro Health care teams utilize technology, clinical expertise, and compassionate care to provide a personalized approach to digestive health and overall wellness. With an already established footprint across both Maryland and Virginia, Gastro Health was well-positioned to integrate DDA into its existing clinical operations, while gaining access to a new territory in the Annapolis region.
One Medical is a membership-based and technology-powered primary care company with locations in ~20 U.S. metropolitan areas and was seeking to further expand into the Colorado market with its acquisition of PeakMed. PeakMed’s management and business development capabilities were highly coveted and, ultimately, the entire management team joined One Medical post-transaction to help expand the combined entity’s presence across the U.S.. Within four months of PeakMed’s acquisition, One Medical announced its plan to be acquired by Amazon as part of its own differentiated healthcare strategy.
In Q1 2022, Westcove moved into a new office located at 1888 Century Park East in Century City, Los Angeles. We look forward to continuing to host prospective clients, clients, potential partners, and more in our office.
