Westcove

2024 in Review

2024 Firmwide Update
January 2025

Summary

Westcove is excited to share our continued success in 2024, made possible through the collaboration and support of our clients, legal and accounting partners, strategic investors, and financial sponsors. Despite challenges in the national healthcare M&A landscape, Westcove successfully closed several transactions in 2024, showcasing our commitment to client service and market adaptability. Westcove was honored as a nominee for the 2024 Boutique Investment Bank of the Year for Healthcare M&A and won the 2024 Health Care Services Deal of the Year. In addition to transactional success, we continue to find ways to give back. Since Westcove’s founding four years ago, Westcove has allocated more than $1 million to fund scholarships and support underrepresented businesses, reflecting our firm’s commitment to positively impacting our communities. As such, the first recipient of the Westcove Partner Endowment at the UCLA Anderson School of Management has graduated with their MBA, and we launched a new recruiting co-op program through Northeastern University with two co-op interns joining in January 2025. The following overview highlights Westcove’s 2024 transactions, insights into our ongoing coverage areas, firmwide developments, and notable accomplishments of our talented team. We remain dedicated to delivering exceptional value and service to our clients in 2025 and beyond.

2024 Transaction Overview

In 2024, we completed transactions across several subspecialties within healthcare services:

    •        Clinical Research                             •        Cosmetic Surgery and Medical Aesthetics                                           •        Cardiology

Completed Transactions Overview

Below, are brief overviews of the closed transactions in 2024:

Altus Clinical Research partners with an Undisclosed Investor

Altus Research (Founded in 2006 in South Florida) specializes in Phase II-IV clinical trials. Altus integrates expert research teams with private medical practices, ensuring a strong focus on clinical excellence.

“The Westcove team has been a tremendous resource to me in evaluating all the options for the next chapter of growth for Altus. Their support and guidance allowed us to find the best possible partner and we look forward to continuing our working relationship in the future.”

– Jessica Ravelo, Chief Executive Officer, Altus Research

Kansas City Research Institute partners with Alcanza Clinical Research (a portfolio company of Martis Capital)

Kansas City Research Institute (“KCRI”) is a Kansas City, Missouri-based clinical research site specializing in hepatology and metabolic disease, with over 330 Phase II–IV trials conducted and more than 25 years of clinical research experience. KCRI partnered with Alcanza Clinical Research, a portfolio company of Martis Capital.

“Dr. Freilich and the KCRI team have a built a highly-regarded site in the NASH and metabolic space, and by aligning with Alcanza, will become a key piece in expanding access and participation in NASH, metabolic, and other related trials.” 

– Bill Bolding, Vice President, Westcove Partners

Ponte Vedra Plastic Surgery’s Partnership with Ascend Aesthetic Partners (backed by Sheridan Capital Partners)

Established in 1993, Ponte Vedra Plastic Surgery (“PVPS”) has grown to become the preeminent plastic surgery practice in Northeast Florida. Headquartered in Ponte Vedra Beach, PVPS has been providing its community with life-changing aesthetic procedures for more than three decades.

“Beyond the Westcove team’s experience and technical prowess, what makes them special is their ability to put themselves in the shoes of their clients, navigate complex situations, and take an educational approach to every interaction with our shareholders.”

– Dennis Oistacher, Chief Executive Officer, Ponte Vedra Plastic Surgery

Cardiology Physicians P.A.’s Partnership with U.S. Healthcare Partners (backed by Bessemer Venture Partners, Silversmith Capital Partners, and Summit Partners)

Founded in 1994, Cardiology Physicians P.A. is the largest cardiology provider in Newark and Wilmington and one of the largest independent cardiology providers in the state of Delaware. The Company consists of 11 cardiologists and operates two state-of-the-art medical facilities.

“Westcove consistently demonstrated outstanding communication and responsiveness, swiftly addressing our concerns and keeping us informed throughout the process, a clear reflection of their commitment to excellence.” 

– Dr. Brian Sarter, Vice President, Cardiology Physicians P.A.

Active Coverage Sectors

In addition to current and past clients, Westcove is actively covering 35+ healthcare service subsectors. Our team serves as an educational resource to founder-operators, financial sponsors, and third parties in each of these sub-sectors.

Industry Participation and Recognition

Westcove Partners continued to expand its industry presence and impact in 2024, earning prestigious awards, deepening strategic partnerships, and investing in transformative healthcare innovations. We remain committed to excellence in financial advisory services while supporting initiatives that drive progress across the healthcare and investment landscape.

The M&A Atlas Awards I Americas

The M&A Atlas Awards | Americas nominated Westcove for the Top Ranked Healthcare M&A Boutique Investment Bank for 2024, which will be announced and awarded in February 2025. Additionally, Westcove was awarded the Health Care Services Deal of the Year for 2024 by the M&A Atlas Awards for Cardiology Physicians P.A.’s partnership with US Health Partners, portfolio company of Bessemer Venture Partners, Silversmith Capital Partners, and Summit Partners. Westcove acted as the exclusive financial advisor to Cardiology Physicians P.A. The M&A Atlas Awards recognize the top-performing investment banks, private equity firms, and lenders, among other categories, across the M&A landscape.

MedAxiom Sponsorship

Westcove continued to co-sponsor MedAxiom, a premier organization recognized for hosting industry-leading events and educational programs tailored to the cardiovascular community. MedAxiom’s conferences and webinars bring together healthcare professionals, administrators, and industry leaders to share best practices and innovations in cardiovascular care. As the only investment bank affiliated with MedAxiom, Westcove stands out for its unparalleled expertise and deep engagement within the cardiology space, providing practices with the strategies and insights needed to navigate the evolving landscape and optimize their value.

Ambit Health Ventures Investment

In 2024, Westcove invested in Ambit Health Ventures, an early-stage venture capital fund focused on digital health innovations to advance healthcare for all. Based in Boston and Philadelphia, Ambit leverages a thorough understanding of patient needs, physician challenges, and insurance company incentives to successfully invest in groundbreaking companies such as Bone Health Technologies, AEYE Health, and SurgiBox. “Ambit Health Ventures is the VC fund to go to for revolutionary medical innovations that will improve and save patient lives” (Mike Teodorescu, CEO, SurgiBox). Investing in impact-focused funds provides Westcove the opportunity to expand our impact across a multitude of founders and companies.

Firmwide Contributions

As a firmwide commitment, Westcove allocates a portion of its transaction fees to invest in underrepresented entrepreneurs and scholarship programs. Since inception, we have contributed more than $1 million to support various organizations. In 2024, Westcove committed to Northeastern University’s F1RST Scholars Program, and we continue to see the benefits of the Westcove Partners Endowment at the UCLA Anderson School of Management.

Northeastern University D’Amore-McKim School of Business’ F1RST Scholars Program

In 2024, Westcove donated to the Northeastern University D’Amore-McKim School of Business’ F1RST Scholars program, reflecting its commitment to empowering underrepresented students and entrepreneurs. The firm also hosted a first-generation “Ask Me Anything” panel, allowing students to connect with Westcove team members to learn about investment banking and healthcare. The program empowers students through counseling, mentorship, career education, and professional development in partnership with a dedicated network of advisors, faculty, alumni, and industry partners committed to helping scholars achieve academic and professional success.

Justin Hand, Managing Director, and D’Amore-McKim alumni, comments, “We are honored to give back to the D’Amore-McKim School of Business. We believe in the power of education to meaningfully transform lives, especially for first-generation students who face unique challenges.”

George Rutherford, Senior Director of Northeastern, stated, “We would like to thank the Westcove team on their generous commitment and support of our F1RST Scholarship program. We believe Westcove’s contribution will make a tremendous impact by providing vital resources and opportunities to enable our F1RST Scholar students.”

Westcove Partners Endowment Update

In January 2022, Westcove Partners established the $500,000 Westcove Partners Endowment to support underrepresented full-time MBA students at UCLA Anderson. Westcove proudly announces its second recipient: Kelly Young, Class of 2026, and former Senior Community Manager at Khoros, a customer engagement software company. The endowment’s first recipient, Cassandra Ronquillo, graduated from UCLA Anderson, exemplifying the program’s mission to empower future leaders.

Internship Program

Westcove continued its summer internship program in 2024, hosting one MBA associate intern and one analyst intern for a ten-week program in partnership with UCLA Anderson School of Management and USC Marshall School of Business. Following the internship, an offer for full-time employment was extended and accepted, reflecting the program’s success in developing and retaining top talent.

In 2025, Westcove will expand its Summer internship program through partnerships with Northeastern University and New York University, building relationships with East Coast institutions and accessing top candidates. Additionally, Westcove established a co-op partnership with Northeastern University, offering students valuable hands-on experience in a real-world setting.

Team Growth

Westcove continues to add exceptional talent to support its growth, adding Amr Baumy as an analyst. Westcove fosters a culture of accountability and development, which has helped it expand from three individuals in January 2021 to eight as of the end of 2024, with another new member joining in early 2025.

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