2022 in Review

2022 Firmwide Update
February 2023

As we reflect on a highly successful 2022 for Westcove Partners, we are excited to keep our industry partners apprised of our firm’s accomplishments, ongoing initiatives, and active coverage areas. With the help of our clients, third-party partners, and the strategic partners and financial sponsors we have had the pleasure of working with, Westcove has expanded upon the success of our inaugural year with internal and market-wide achievements. Internally, Westcove has expanded its team, promoted from within, and transitioned to a new office in Century City, Los Angeles. On a market-wide level, the Company closed seven transactions across a variety of healthcare services verticals, been nominated for the M&A Boutique Investment Bank of the Year, and won the Small U.S.-based M&A Transaction of the Year by The M&A Atlas Awards. The Westcove team is well-positioned and excited to continue this momentum into 2023 and beyond. The ensuing overview provides a summary of each of the seven transactions we have advised to completion, as well as insight into our ongoing coverage areas, firmwide developments, and the accomplishments of our team.

Closed Transaction Overview

In 2022, we closed seven transactions across a variety of subindustries within healthcare services:

  • ABA Therapy
  • Cardiology
  • Direct Primary Care
  • Gastroenterology
  • Mental Health
  • Reconstructive Plastic Surgery
  • Specialty Pharmacy

Below, we have provided brief overviews of our closed transactions in 2022 in reverse chronological order:

December 2022 – Achieve Beyond’s Sale of its California Assets to Inspira Health (a portfolio company of The Pine Street Group)

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.

November 2022 – Heart and Vascular Care’s Partnership with Cardiovascular Associates of America (backed by Webster Equity Partners)

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.

November 2022 – Bank’s Apothecary’s Acquisition by Terrapin Pharmacy and Ganse Apothecary (portfolio companies of WindRose Health Investors)

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.

September 2022 – Advanced Cardiovascular Specialists Partners with Heart & Vascular Partners (a portfolio company of Assured Healthcare Partners)
Advanced Cardiovascular Specialists (“ACS”) was the premier cardiovascular practice within the Southeast Texas community. The practice consisted of seven physicians and six nurse practitioners who provided quality cardiovascular treatment and prevention across four locations. The Company had a strong commitment to innovation, education, and personal attention to ensure that its patients are receiving the best quality of care that is possible.
ACS was seeking a partner that would provide the necessary capital and experience to support the practice’s growth and allow its physicians to contribute their expertise to the broader cardiology community in the United States. The Company was in advanced discussions with a potential suitor and engaged Westcove to assist with evaluating strategic options both with this suitor and the broader investor community across cardiology. Ultimately, Westcove lead a curated and streamlined process that allowed ACS to find its ideal partner, Heart & Vascular Partners, backed by Assured Healthcare Partners. ACS became the entry point in Texas for Heart & Vascular Partners as it continues to expand across the United States.
June 2022 – Midwest Breast & Aesthetic Surgery’s Acquisition by Advanced Reconstructive Surgery Alliance (a portfolio company of Webster Equity Partners)

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.

July 2022 – Digestive Disorders Associate’s Acquisition by Gastro Health (a portfolio company of OMERS Private Equity)

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.

April 2022 – PeakMed LifeCenter’s Acquisition by One Medical (a pending acquisition by Amazon)
PeakMed LifeCenter’s (“PeakMed”) was a membership-based direct primary care practice with five locations across Colorado and a network of affiliate practices across the United States. PeakMed offered a unique direct primary care solution to small and medium-sized businesses in Colorado, tailoring direct primary care benefits packages to clients’ needs.

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.

Notable Awards in 2022
The M&A Atlas Awards | Americas in Q4 of 2022 announced that Westcove has been recognized across two major annual categories; Small U.S.-based M&A Transaction of the Year and Boutique M&A Healthcare Investment Bank of the Year. Westcove won the honor of Small U.S.-based M&A Transaction of the Year for its white-glove approach serving as the sole sell-side financial advisor to PeakMed LifeCenter’s (“PeakMed”) in its acquisition by One Medical. Additionally, Westcove Partners was nominated for the Boutique M&A Healthcare Investment Bank of the Year award for 2022 due to its client-focused approach, tailored processes, and the seven impressive deals it closed in the calendar year.
Active Coverage Sectors
In addition to current and past clients, Westcove is actively covering 35+ healthcare service subsectors. Our team aims to be an educational resource to founder-operators, financial sponsors and third parties in each of these sub-sectors.
Impact Investing
As part of Westcove’s principles, a portion of all revenue generated by the Company is allocated to impact investing geared towards aiding underrepresented individuals and entrepreneurs. In 2021, Westcove generated approximately $250,000 in funds and allocated a portion of those funds to Chezie:
Chezie seeks to help companies build more inclusive workplaces by giving them solutions to connect their ERGs with business outcomes. Ultimately, the Westcove team strongly aligned with Chezie’s goal to help people from underrepresented communities belong at work.
1888 Century Park East

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.

Team Growth
Westcove remained active in hiring and developing talent internally in 2022. The Company fosters a culture of accountability and growth, which has helped it expand from three individuals in January 2021 to nine presently. Westcove is proud of the growth that each team member has shown throughout 2022 and is pleased to announce the following additions and promotions to the team:
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