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WCAS Is Partnering With Industry Veteran Randy Curran to Acquire Third-Party Logistics Companies

Technology
05/08/2018

WCAS Is Partnering With Industry Veteran Randy Curran to Acquire Third-Party Logistics Companies

New York, NY – May 8, 2018 -- Welsh, Carson, Anderson & Stowe (“WCAS” or the “Firm”), a leading private equity firm, and industry veteran Randall (“Randy”) E. Curran, the former CEO of Ozburn-
Hessey Logistics, LLC (“OHL”), have formed a strategic partnership to identify and acquire companies in the third-party logistics (“3PL”) industry.

“Technology is reshaping the third-party logistics sector,” Mr. Curran commented. “We see an opportunity to build a market leader that leverages scale and technology to win in the marketplace.”

The partnership’s initial area of focus will be on U.S.-based contract logistics and transportation management providers, which seek a larger platform with the capital resources and operating depth to support accelerated organic and M&A growth. Mr. Curran has 24 years of experience as a CEO of manufacturing, telecom and logistics companies.

WCAS and Mr. Curran partnered together on OHL, one of the leading 3PL companies in the world. OHL provides integrated global supply chain management solutions, including transportation, warehousing, customs brokerage, freight forwarding, and import and export consulting services. Mr. Curran led OHL through several years of sustained growth culminating in the sale of the company to Geodis in 2015. At the time of the sale, OHL had 120 value-added distribution centers in North America with more than 36 million square feet of warehouse space, along with 8,000 employees.

“We are incredibly excited to join with Randy Curran to pursue investment opportunities in the outsourced logistics industry, which is rapidly evolving due to e-commerce growth and increasing complexity within supply chains. We intend to invest heavily in automation and visibility technologies on our platform in order to drive efficiencies and improve consumer satisfaction. As a seasoned executive and proven leader with decades of operating and M&A experience, Randy is the ideal partner for this new initiative,” said Ryan Harper, WCAS Principal.

“I look forward to working closely again with WCAS as we offer growing companies greater geographic reach and more resources to invest in technology,” added Mr. Curran. “There are quite a few very well run logistics companies that may wish to become part of a larger group. Our goal will be to leverage what makes each company successful while offering the market a more extensive value proposition.”

About Welsh, Carson, Anderson & Stowe
WCAS focuses its investment activity in two target industries: technology and healthcare. Since its founding in 1979, WCAS has organized 16 limited partnerships with total capital of over $22 billion. The Firm is currently investing an equity fund, Welsh, Carson, Anderson and Stowe XII, L.P., which closed on over $3.3 billion in commitments. WCAS has a current portfolio of approximately twenty
companies. WCAS’s strategy is to partner with outstanding management teams and build value for its investors through a combination of operational improvements, internal growth initiatives and strategic acquisitions. See www.wcas.com to learn more.

Tenet Completes Purchase of USPI from WCAS

Healthcare
04/26/2018

Tenet Completes Purchase of USPI from WCAS

Establishes 95% ownership stake in USPI, accelerating completion of buyout and satisfying remaining obligations to WCAS under previous put/call agreements

DALLAS – April 26, 2018 – Tenet Healthcare Corporation (NYSE: THC) today announced that it has purchased the remaining 15 percent ownership interest in United Surgical Partners International (USPI) owned by Welsh, Carson, Anderson & Stowe (WCAS). As a result, Tenet has increased its ownership in USPI from 80 percent to 95 percent, effective today. Baylor University Medical Center, a subsidiary of Baylor Scott and White Health, continues to have a 5 percent ownership interest in USPI.

The purchase of WCAS’s remaining interest in USPI was completed on an accelerated timeline from the previously disclosed expected completion date of July 2019. Tenet has now satisfied all of its remaining obligations to WCAS under the previous put/call agreements between the parties.

Ron Rittenmeyer, executive chairman and CEO of Tenet Healthcare, said, “We are pleased to have reached this agreement with WCAS, who has been a terrific partner. USPI is a great business led by an exceptional team. Accelerating our buy-up of the company is consistent with our efforts to move quickly to prioritize opportunities that will propel our future growth and deliver value to shareholders.”

Bill Wilcox, vice chairman of Tenet Healthcare and chairman and CEO of USPI, said, “We want to thank WCAS for their partnership and support of USPI, as well as their strategic counsel and guidance since the inception of our company. We are excited about the many opportunities ahead for USPI and the broader Tenet enterprise.”

D. Scott Mackesy, managing partner of WCAS, said, “We have had a relationship with USPI for two decades and have tremendous respect for the company – especially its people and track record of consistent execution. We have enjoyed working with both USPI and Tenet on the growth and evolution of such a strong business, and we believe the company is well positioned to deliver continued success in the future.”

Under the terms of the agreement, Tenet paid WCAS $630 million to purchase its 15 percent ownership interest in USPI and to satisfy true-up obligations from the 2017 equity purchase.

About Tenet Healthcare

Tenet Healthcare Corporation is a diversified healthcare services company with 115,000 employees united around a common mission: to help people live happier, healthier lives. Through its subsidiaries, partnerships and joint ventures, including United Surgical Partners International, the Company operates general acute care and specialty hospitals, ambulatory surgery centers, urgent care centers and other outpatient facilities in the United States and the United Kingdom. Tenet’s Conifer Health Solutions subsidiary provides technology-enabled performance improvement and health management solutions to hospitals, health systems, integrated delivery networks, physician groups, self-insured organizations and health plans. For more information, please visit www.tenethealth.com.

The terms "THC", "Tenet Healthcare Corporation", "the company", "we", "us" or "our" refer to Tenet Healthcare Corporation or one or more of its subsidiaries or affiliates as applicable.

This release contains “forward-looking statements” – that is, statements that relate to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “expect,” “assume,” “anticipate,” “estimate,” “intend,” “plan,” “believe,” “seek,” “see,” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include, but are not limited to, the factors disclosed under “Forward-Looking Statements” and “Risk Factors” in our Form 10-K for the year ended December 31, 2017, and subsequent Form 10-Q filings and other filings with the Securities and Exchange Commission.

US Acute Care Solutions Names Dr. Dominic J. Bagnoli Executive Chairman and James Frary Chief Executive Officer

Healthcare
04/23/2018

US Acute Care Solutions Names Dr. Dominic J. Bagnoli Executive Chairman and James Frary Chief Executive Officer

CANTON, Ohio, April 23, 2018 – US Acute Care Solutions (USACS) today announced Dr. Dominic J. Bagnoli will assume the position of Executive Chairman of the Board and the company named James Frary Chief Executive Officer.

Dr. Bagnoli said, “This new role affords me the opportunity to do what I love – advance the merits of the physician-owned practice model to physicians, prospective groups and system partners. I am very excited to turn over the CEO role to James at this point in our company’s history. James’ experience in partnering with clinicians and his passion for the USACS model makes him a perfect fit for our company.”

Mr. Frary said, “USACS has emerged as the destination for physicians seeking to preserve ownership in their practice and is the leader among acute care provider groups in quality and innovation. I am proud to join an organization built on such a noble foundation and we will remain true to our core principles as we continue to grow and serve more throughout their acute care episodes.”

Mr. Frary was most recently President of AmerisourceBergen Specialty Group, the U.S. market leader in solutions that enable providers to improve specialty care delivery to patients. In his role, Mr. Frary partnered with hospitals, oncologists, urologists and other specialists to increase access, affordability and outcomes of lifesaving specialty medications. Prior to AmerisourceBergen, Mr. Frary was a principal with global strategy firm Oliver Wyman. Mr. Frary is also the Chairman of the North Texas chapter of CEOs Against Cancer, an initiative of the American Cancer Society.

Mr. Frary holds a bachelor’s degree in economics from Stanford University and an MBA from Harvard Business School.

Dr. Peter Hudson, founding Chairman of the Board and a director since 2015, will remain on the USACS Board as a director.
Dr. Hudson said, “Our Board of Directors, which is physician-led, has extraordinary confidence in the partnership between Dr. Bagnoli and Mr. Frary. We are certain USACS will only strengthen its position as an essential partner for independent physician groups and hospitals to provide patients the best possible care.”

About USACS

Founded by emergency medicine physician groups in Colorado, Florida, Maryland, Ohio and Texas and capital partner Welsh, Carson, Anderson & Stowe, USACS is the national leader in physician-owned integrated acute care, including emergency medicine, hospitalist and observation services. USACS provides high quality emergency and hospitalist care to over 6 million patients annually at more than 200 locations in 22 states, and is aligned with leading hospital systems across the country. Visit www.usacs.com to learn more.

Humana, Together with TPG Capital and Welsh, Carson, Anderson & Stowe, Announce Agreement to Acquire Curo Health Services

Healthcare
04/23/2018

Humana, Together with TPG Capital and Welsh, Carson, Anderson & Stowe, Announce Agreement to Acquire Curo Health Services

Provides parties with ownership interest in one of the nation’s leading hospice operators
Humana to have a 40% minority interest in Curo

LOUISVILLE, KY, SAN FRANCISCO, NEW YORK, and MOORESVILLE, NC (April 23, 2018) – Humana Inc. (NYSE: HUM), TPG Capital (TPG), Welsh, Carson, Anderson & Stowe (WCAS) (collectively, the Consortium) today announced a definitive agreement to acquire privately held Curo Health Services (Curo), one of the nation’s leading hospice operators providing care to patients at 245 locations in 22 states. The Consortium is purchasing Curo for approximately $1.4 billion, in which Humana will have a 40 percent minority interest.

The Consortium members partnered with the objective of investing in and building businesses that can help modernize, enhance and transform home healthcare in America. Curo brings a highly capable management team and a tech-enabled, centralized model for hospice care that presents the opportunity for Humana and its Consortium partners to be a leader in managing the continuum of home health, palliative care and hospice in an integrated fashion, creating a positive and differentiated experience for patients and their families – as well as their care providers. This integrated model will leverage data and analytics to measure and advance evidence-based clinical outcomes for patients and seamlessly coordinate the transition from home care, to in‐home palliative care, and thoughtfully into hospice, as chronically ill patients’ disease burdens progress.

The Curo transaction, which is anticipated to close during the summer of 2018, is subject to customary state and federal regulatory approvals as well as other customary closing conditions.

The Consortium previously announced a pending transaction to acquire the Kindred at Home Division (Kindred at Home) of Kindred Healthcare, Inc. (NYSE: KND), the nation’s largest home health provider and second largest hospice operator. The Curo transaction is not conditioned upon the closing of the Consortium’s separate acquisition of Kindred at Home and is expected to occur after the closing of Kindred at Home. Upon the closing of these transactions, the Consortium intends to merge Curo with the hospice business of Kindred at Home to create the country’s largest hospice operator.

Humana expects to fund its portion of the transaction through the use of parent company cash and does not anticipate a material impact to earnings in 2018 from this pending transaction.

Evercore is acting as the exclusive financial advisor to Humana. Fried, Frank, Harris, Shriver & Jacobson LLP and Manatt, Phelps & Phillips, LLP are acting as legal advisors to Humana. Debevoise & Plimpton LLP and Mintz Levin are acting as legal advisors to TPG and WCAS. Ropes & Gray LLP is also acting as legal advisor to WCAS. Jefferies LLC is acting as the exclusive financial advisor and Kirkland & Ellis LLP is acting as legal advisor to Curo.

Cautionary Statement
This news release includes forward-looking statements regarding Humana within the meaning of the Private Securities Litigation Reform Act of 1995. When used in investor presentations, press releases, Securities and Exchange Commission (SEC) filings, and in oral statements made by or with the approval of one of Humana’s executive officers, the words or phrases like “expects,” “believes,” “anticipates,” “intends,” “likely will result,” “estimates,” “projects” or variations of such words and similar expressions are intended to identify such forward-looking statements.
These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and assumptions, including, among other things, information set forth in the “Risk Factors” section of the company’s SEC filings, a summary of which includes but is not limited to the following:

If Humana does not design and price its products properly and competitively, if the premiums Humana receives are insufficient to cover the cost of healthcare services delivered to its members, if the company is unable to implement clinical initiatives to provide a better healthcare experience for its members, lower costs and appropriately document the risk profile of its members, or if its estimates of benefits expense are inadequate, Humana’s profitability could be materially adversely affected. Humana estimates the costs of its benefit expense payments, and designs and prices its products accordingly, using actuarial methods and assumptions based upon, among other relevant factors, claim payment patterns, medical cost inflation, and historical developments such as claim inventory levels and claim receipt patterns. The company continually reviews estimates of future payments relating to benefit expenses for services incurred in the current and prior periods and makes necessary adjustments to its reserves, including premium deficiency reserves, where appropriate. These estimates, however, involve extensive judgment, and have considerable inherent variability because they are extremely sensitive to changes in claim payment patterns and medical cost trends, so any reserves the company may establish, including premium deficiency reserves, may be insufficient.

If Humana fails to effectively implement its operational and strategic initiatives, particularly its Medicare initiatives and state-based contract strategy, the company’s business may be materially adversely affected, which is of particular importance given the concentration of the company’s revenues in these products. In addition, there can be no assurances that the company will be successful in maintaining or improving its Star ratings in future years.

Certain proposed transactions, including the divestiture of Humana’s subsidiary, KMG America Corporation, the acquisition of a minority interest in Kindred Healthcare, Inc.’s Kindred at Home division by Humana, as well as the acquisition of a minority interest in Curo Healthcare Services by Humana are subject to various closing conditions, including various regulatory approvals and customary closing conditions, as well as other uncertainties, and there can be no assurances as to whether and when these transactions may be completed.

If Humana fails to properly maintain the integrity of its data, to strategically implement new information systems, to protect Humana’s proprietary rights to its systems, or to defend against cyber-security attacks, the company’s business may be materially adversely affected.

Humana is involved in various legal actions, or disputes that could lead to legal actions (such as, among other things, provider contract disputes relating to rate adjustments resulting from the Balanced Budget and Emergency Deficit Control Act of 1985, as amended, commonly referred to as “sequestration”; other provider contract disputes; and qui tam litigation brought by individuals on behalf of the government), governmental and internal investigations, and routine internal review of business processes any of which, if resolved unfavorably to the company, could result in substantial monetary damages or changes in its business practices. Increased litigation and negative publicity could also increase the company’s cost of doing business.

As a government contractor, Humana is exposed to risks that may materially adversely affect its business or its willingness or ability to participate in government healthcare programs including, among other things, loss of material government contracts, governmental audits and investigations, potential inadequacy of government determined payment rates, potential restrictions on profitability, including by comparison of profitability of the company’s Medicare Advantage business to non-Medicare Advantage business, or other changes in the governmental programs in which Humana participates.

The Healthcare Reform Law, including The Patient Protection and Affordable Care Act and The Healthcare and Education Reconciliation Act of 2010, could have a material adverse effect on Humana’s results of operations, including restricting revenue, enrollment and premium growth in certain products and market segments, restricting the company’s ability to expand into new markets, increasing the company’s medical and operating costs by, among other things, requiring a minimum benefit ratio on insured products, lowering the company’s Medicare payment rates and increasing the company’s expenses associated with a non-deductible health insurance industry fee and other assessments; the company’s financial position, including the company’s ability to maintain the value of its goodwill; and the company’s cash flows. Additionally, potential legislative changes, including activities to repeal or replace, in whole or in part, the Health Care Reform Law, creates uncertainty for Humana’s business, and when, or in what form, such legislative changes may occur cannot be predicted with certainty.

Humana’s business activities are subject to substantial government regulation. New laws or regulations, or changes in existing laws or regulations or their manner of application could increase the company’s cost of doing business and may adversely affect the company’s business, profitability and cash flows.

If Humana fails to develop and maintain satisfactory relationships with the providers of care to its members, the company’s business may be adversely affected.

Humana’s pharmacy business is highly competitive and subjects it to regulations in addition to those the company faces with its core health benefits businesses.

Changes in the prescription drug industry pricing benchmarks may adversely affect Humana’s financial performance.

If Humana does not continue to earn and retain purchase discounts and volume rebates from pharmaceutical manufacturers at current levels, Humana’s gross margins may decline.

Humana’s ability to obtain funds from certain of its licensed subsidiaries is restricted by state insurance regulations.

Downgrades in Humana’s debt ratings, should they occur, may adversely affect its business, results of operations, and financial condition.

The securities and credit markets may experience volatility and disruption, which may adversely affect Humana’s business.

In making forward-looking statements, Humana is not undertaking to address or update them in future filings or communications regarding its business or results. In light of these risks, uncertainties, and assumptions, the forward-looking events discussed herein may or may not occur. There also may be other risks that the company is unable to predict at this time. Any of these risks and uncertainties may cause actual results to differ materially from the results discussed in the forward-looking statements.

Humana advises investors to read the following documents as filed by the company with the SEC for further discussion both of the risks it faces and its historical performance:
• Form 10‐K for the year ended December 31, 2017;
• Form 8‐Ks filed during 2018.

About TPG

TPG is a leading global alternative asset firm founded in 1992 with more than $82 billion of assets under management and offices in Austin, Beijing, Boston, Dallas, Fort Worth, Hong Kong, Houston, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, San Francisco, Seoul, and Singapore. TPG’s investment platforms are across a wide range of asset classes, including private equity, growth venture, real estate, credit, and public equity. TPG aims to build dynamic products and options for its investors while also instituting discipline and operational excellence across the investment strategy and performance of its portfolio. For more information, visit www.tpg.com.

About Welsh, Carson, Anderson & Stowe (WCAS)

WCAS focuses its investment activity in two target industries: technology and healthcare. Since its founding in 1979, WCAS has organized 16 limited partnerships with total capital of over $22 billion. The Firm is currently investing an equity fund, Welsh, Carson, Anderson and Stowe XII, L.P., which closed on over $3.3 billion in commitments. WCAS has a current portfolio of approximately twenty companies. WCAS’s strategy is to partner with outstanding management teams and build value for its investors through a combination of operational improvements, internal growth initiatives and strategic acquisitions. See www.wcas.com to learn more.

About Humana

Humana Inc. is committed to helping our millions of medical and specialty members achieve their best health. Our successful history in care delivery and health plan administration is helping us create a new kind of integrated care with the power to improve health and well-being and lower costs. Our efforts are leading to a better quality of life for people with Medicare, families, individuals, military service personnel, and communities at large.

To accomplish that, we support physicians and other health care professionals as they work to deliver the right care in the right place for their patients, our members. Our range of clinical capabilities, resources and tools – such as in-home care, behavioral health, pharmacy services, data analytics and wellness solutions – combine to produce a simplified experience that makes health care easier to navigate and more effective.

More information regarding Humana is available to investors via the Investor Relations page of the company’s website at humana.com, including copies of:

Annual reports to stockholders;
Securities and Exchange Commission filings;
Most recent investor conference presentations;
Quarterly earnings news releases and conference calls;
Calendar of events; and
Corporate Governance information.

Charlotte Radiology and Welsh, Carson, Anderson & Stowe Announce the Formation of US Radiology Specialists, Appoint New CEO

Healthcare
04/04/2018

Charlotte Radiology and Welsh, Carson, Anderson & Stowe Announce the Formation of US Radiology Specialists, Appoint New CEO

John Perkins to Lead New Company

(CHARLOTTE, NC) – Charlotte Radiology, one of the nation’s largest and most progressive radiology practices, and Welsh, Carson, Anderson & Stowe (“WCAS”), a leading healthcare investment firm, today announced the formation of US Radiology Specialists, a new venture focused on building the premier physician-owned radiology partnership in the country.

“US Radiology Specialists is a physician-owned and quality-focused group set up to support our mission of providing exceptional patient care,” said Bob Mittl, MD, Chairman of the Clinical Governance Board of Charlotte Radiology and a US Radiology Specialists Board Member. “We are excited to form US Radiology Specialists in a joint partnership with highly experienced and like-minded partners such as WCAS.”

Charlotte Radiology is one of the nation’s largest and most successful radiology groups, serving the Southeast for more than 50 years. With 126 physicians and advanced care practitioners, it provides sub-specialized radiology and interventional care on a 24-hour basis across 18 hospitals, and owns and operates 14 breast centers, three mobile mammography units, two vein centers, and several vascular and interventional care sites. In addition, in a joint venture with Atrium Health, formerly known as Carolinas HealthCare System, Charlotte Radiology operates five outpatient imaging centers and two mobile MRI units. Collectively, Charlotte Radiology interprets or performs more than 1.5 million imaging studies and imaging-guided procedures each year.

“Charlotte Radiology is the perfect founding partner for US Radiology Specialists,” said Brian Regan, WCAS General Partner. “Combining their commitment to clinical quality with our resources, business support and capital investment, US Radiology Specialists will be able to rapidly expand, enabling us to reach more patients across the country.”

The group also announced today that John Perkins has agreed to join US Radiology Specialists as its Chief Executive Officer (CEO), and a member of the Board of Directors.

Perkins is a seasoned executive with decades of operating experience and a focus on scaling high-quality healthcare companies. He comes to US Radiology Specialists from Bio Products Laboratory (BPL), a global plasma protein therapeutics company where he served as CEO. Prior to that, Perkins was the EVP of Global Commercial Operations for Talecris Biotherapeutics.

Perkins specializes in growing and scaling businesses and has also had significant private equity experience as an operator and operating partner for Bain Capital, Ampersand Capital and Cerberus Capital. He started his career at General Electric, where he held a variety of operating and M&A roles. Perkins received his BA from DePauw University and earned his MBA from Northwestern’s Kellogg School of Business.

“I am incredibly excited to partner with Charlotte Radiology and WCAS to create US Radiology Specialists,” said Perkins. “I strongly believe in our model of a national, physician-owned partnership, that is closely aligned with leading health systems to provide the highest quality patient care.”

Leerink Partners LLC acted as exclusive financial advisor to Charlotte Radiology, with McGuireWoods LLP serving as legal counsel. Ropes & Gray served as legal counsel to WCAS.

About Charlotte Radiology

Charlotte Radiology is one of the largest and most progressive radiology groups in the country. The practice consists of over 100 board-certified radiologists with training in a range of specialties including Body Imaging, Emergency Radiology, Interventional Radiology, Mammography, Musculoskeletal, Neuroradiology, Nuclear Medicine, Pediatrics and Teleradiology/Nighthawk Imaging. The practice owns and/or operates 14 breast centers, two vein centers, five freestanding outpatient imaging centers and several mobile imaging units, and provides radiologist coverage to 18 hospitals in NC including numerous Atrium Health facilities. See https://www.charlotteradiology.com to learn more.

About Welsh, Carson, Anderson & Stowe

WCAS focuses its investment activity in two target industries: technology and healthcare. Since its founding in 1979, WCAS has organized 16 limited partnerships with total capital of over $22 billion. The firm is currently investing an equity fund, Welsh, Carson, Anderson and Stowe XII, L.P., which has closed on over $3.3 billion in commitments. WCAS has a current portfolio of approximately 20 companies. WCAS’s strategy is to partner with outstanding management teams and build value for its investors through a combination of operational improvements, internal growth initiatives and strategic acquisitions. See www.wcas.com to learn more.

Welsh, Carson, Anderson & Stowe to Lead Majority Investment in Avetta Alongside TCV and Norwest Venture Partners

Technology
03/21/2018

Welsh, Carson, Anderson & Stowe to Lead Majority Investment in Avetta Alongside TCV and Norwest Venture Partners

Orem, Utah, March 21, 2018 – Avetta (www.avetta.com), a leading provider of cloud-based supply chain risk management solutions, today announced that Welsh, Carson, Anderson & Stowe (WCAS), a leading private equity firm focused exclusively on the technology and healthcare industries, will acquire a majority equity interest in the Company. In addition, TCV, a leading provider of capital to growth-stage private and public companies in the technology industry, will acquire a minority equity interest in Avetta. Norwest Venture Partners (Norwest), a premier multi-stage investment firm that partnered with Avetta in 2012, intends to retain a portion of its investment in the Company, alongside the founders and management.

Avetta provides cloud-based supplier risk management and compliance software that allows enterprises to more effectively manage and qualify service providers performing activities across their global operating sites to drive better safety, regulatory compliance and sustainability outcomes. The Company’s platform centralizes the management of contractors in a single system, enabling efficient assessment of safety, compliance and performance records. Avetta’s customers include more than 220 enterprises in over 100 countries. Over 55,000 suppliers and service providers use Avetta’s platform to manage their relationships with enterprise clients.

“We are proud of the role played by Avetta today in connecting the world’s leading organizations with qualified suppliers, contractors and vendors, and look forward to the next phase of our Company’s growth,” said John Herr, Chief Executive Officer of Avetta. “As we welcome WCAS and TCV on board as new partners to Avetta, we also thank Norwest for the support they have provided to our team over the past six years. We are excited to benefit from the combined support and expertise of WCAS, TCV and Norwest.”

Christopher Hooper, General Partner of WCAS, said, “Avetta is a compelling network-based platform given its clear and quantifiable value proposition to both enterprise clients and suppliers, underpinned by a scalable cloud-based software platform and distinguished by a strong leadership team. We look forward to partnering with and supporting John Herr and the broader Avetta team to capitalize on the Company’s significant growth opportunities to build the premier global supply chain risk management platform and continue to enhance safety, compliance and sustainability outcomes for its customers.”

David Yuan, General Partner at TCV, said, “The Avetta platform is unique in that it helps transform how enterprises assess and mitigate risk within their supply chains, simplifying the engagement and evaluation of suppliers to ensure alignment with each client’s unique operating requirements. We are excited to partner with the Avetta team as it pursues a broad range of market opportunities.”

Jon Kossow, Managing Partner at Norwest, said, “This is a fantastic outcome for Avetta’s founders, management team and shareholders. The Company’s technology platform, product roadmap and huge greenfield market opportunity suggest a future that’s just as bright for all parties involved.”

The Company has locations in Utah, California and Texas, with international offices in the UK, Australia and Canada.

Avetta and Norwest were advised by William Blair & Company, LLC. WCAS was advised by Raymond James & Associates.

About Avetta

Avetta provides a cloud-based supply chain risk management platform. Avetta’s global solution connects the world’s leading organizations with qualified suppliers, driving safe and sustainable supply chains. Its next-generation software is used by more than 55,000 active customers in over 100 countries to reduce risk and optimize efficiency. Over 220 of the world’s biggest organizations depend on Avetta every day. See www.avetta.com for more information.

About WCAS

WCAS focuses its investment activity in two target industries: technology and healthcare. Since its founding in 1979, WCAS has organized 16 limited partnerships with total capital of over $22 billion. The Firm is currently investing an equity fund, Welsh, Carson, Anderson and Stowe XII, L.P., which closed on over $3.3 billion in commitments. WCAS’s strategy is to partner with outstanding management teams and build value for its investors through a combination of operational improvements, internal growth initiatives and strategic acquisitions. WCAS has offices in New York City and San Francisco. See www.wcas.com to learn more.

About TCV

Founded in 1995, TCV provides capital to growth-stage private and public companies in the technology industry. Since inception, TCV has invested over $10 billion in leading technology companies and has helped guide CEOs through more than 110 IPOs and strategic acquisitions. TCV's investments include Airbnb, Altiris, AxiomSL, Dollar Shave Club, EtQ, ExactTarget, Expedia, Facebook, Fandango, GoDaddy, HomeAway, Netflix, Rent the Runway, Sitecore, Splunk, Spotify, VICE Media, and Zillow. TCV is headquartered in Palo Alto, California, with offices in New York and London. For more information about TCV, including a complete list of TCV investments, visit https://www.tcv.com.

About Norwest Venture Partners

Norwest is a premier multi-stage investment firm managing more than $7.5 billion in capital. Since our inception, we have invested in more than 600 companies and partner with over 140 active companies across our venture and growth equity portfolio. The firm invests in early to late stage companies across a wide range of sectors with a focus on consumer, enterprise, and healthcare. We offer a deep network of connections, operating experience, and a wide range of impactful services to help CEOs and founders scale their businesses. Norwest has offices in Palo Alto and San Francisco, with subsidiaries in India and Israel. For more information, please visit www.nvp.com. Follow Norwest on Twitter @NorwestVP.

All brands, names, or trademarks mentioned in this document are the property of their respective owners.

Kindred Healthcare to be Acquired by Welsh, Carson, Anderson & Stowe, TPG Capital and Humana Inc. for $9.00 per Share in Cash

Healthcare
12/19/2017

Kindred Healthcare to be Acquired by Welsh, Carson, Anderson & Stowe, TPG Capital and Humana Inc. for $9.00 per Share in Cash

Media Contacts

Susan E. Moss
Kindred Corporate Communications
+1 (502) 596-7296
Tom Noland
Humana Corporate Communications
+1 (502) 580-3674 tnoland@humana.com

LOUISVILLE, Ky. – December 19, 2017 – Kindred Healthcare, Inc. (“Kindred” or “the Company”) (NYSE:KND) today announced that its Board of Directors has approved a definitive agreement under which it will be acquired by a consortium of three companies: TPG Capital (“TPG”), Welsh, Carson, Anderson & Stowe (“WCAS”) and Humana Inc. (“Humana”) (NYSE: HUM) (together, the “consortium”) for approximately $4.1 billion in cash including the assumption or repayment of net debt.

Under the terms of the agreement, Kindred stockholders will receive $9.00 in cash for each share of Kindred common stock they hold, representing a premium of approximately 27 percent to Kindred’s 90-day volume weighted average price (“VWAP”) for the period ending December 15, 2017, the last trading day prior to media reports regarding the potential transaction.

Kindred operates home health, hospice and community care businesses, long-term acute care (“LTAC”) hospitals, inpatient rehabilitation facilities (“IRF”) and a contract rehabilitation services business. Immediately following the acquisition of Kindred, the home health, hospice and community care businesses will be separated from Kindred and operated as a standalone company owned 40 percent by Humana, with the remaining 60 percent owned by TPG and WCAS (“Kindred at Home”). Humana will have a right to buy the remaining ownership interest in Kindred at Home over time through a put/call arrangement. Kindred’s LTAC hospitals, IRFs and contract rehabilitation services businesses will be operated as a separate specialty hospital company owned by TPG and WCAS (“Kindred Healthcare”).

Benjamin A. Breier, President and Chief Executive Officer of Kindred, said, “We are pleased to have reached this agreement, which will deliver significant cash value to Kindred’s stockholders and concludes a robust strategic review undertaken by the Board and management team over the course of 2017. We believe this agreement maximizes value for stockholders and represents a significant step forward in transforming home healthcare in America by enhancing access to care and reducing costs for people living with chronic conditions. In addition, the specialty hospital company, Kindred Healthcare, will be uniquely positioned to care for the most medically-complex and rehab-intensive populations.”

Continued Mr. Breier, “The flexibility and resources gained through the investments by Humana, TPG and WCAS are expected to enhance innovation in both platforms, further our culture of a patient-first approach to high-quality, compassionate care and create new opportunities for Kindred employees.”

Bruce D. Broussard, Humana’s President and Chief Executive Officer, said, “Humana is focused on enhancing our capabilities for care in the home to prioritize patient wellness while delivering high-quality care in a low-cost setting. This transaction with Kindred underscores the successful and ongoing execution of our strategy by joining with the most geographically diverse home healthcare provider in the country. We are confident that these new capabilities will help Humana continue to modernize home health and meaningfully improve the member and provider experience. We look forward to completing this strategic transaction with TPG and WCAS.”

“TPG’s healthcare team has a long history of partnering with companies and management teams that hold significant growth potential,” said Jeff Rhodes, Partner at TPG. “We believe this transaction will provide Kindred with additional resources and focus to drive significant value for all stakeholders. We look forward to partnering with Humana, WCAS and the management team at Kindred to build on the complementary capabilities this transaction brings together. We are excited to build the new companies and invest behind best in class clinical care.”

D. Scott Mackesy, WCAS’s Managing Partner, said, “WCAS’s healthcare franchise has been built around partnering with excellent management teams and providing incremental resources to drive above market growth. We have a long history of creative dealmaking with corporate partners and look forward to working with Humana, TPG and Kindred’s management team to deliver the highest quality, most cost-efficient healthcare to all.”

Debra A. Cafaro, Chairman and Chief Executive Officer of Ventas, Inc. (“Ventas”) (NYSE: VTR), said, “As the premier capital provider for leading healthcare companies and long-standing partners to Kindred, we are delighted to support Kindred and this transaction. It creates the nation’s foremost LTAC, IRF and contract rehabilitation services operator with improved financial strength. The specialty hospital company, Kindred Healthcare, brings together Kindred’s outstanding management team as well as experienced private equity partners with strong healthcare backgrounds. We look forward to deepening our partnership with Kindred’s sponsors and building on the strong relationship we have developed with Kindred over many years to continue transforming care for the aging population.”

Leadership and Shared Services

Upon completing the transaction, Mr. Breier will serve as Chief Executive Officer of the specialty hospital company, Kindred Healthcare. David Causby, currently Executive Vice President and President of Kindred at Home, will serve as Chief Executive Officer of Kindred at Home.

Under a shared services agreement, Kindred Healthcare will continue to provide certain support functions to Kindred at Home for a transitional period.

Timing and Approvals

The agreement is subject to certain conditions to closing, including, without limitation, the approval of the agreement by the stockholders of Kindred, the receipt of certain licensure and regulatory approvals, the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended, and other customary closing conditions.

The transaction is expected to close during the summer of 2018.

Advisors

Barclays and Guggenheim Securities, LLC are serving as financial advisors to Kindred and Cleary Gottlieb Steen & Hamilton LLP is serving as legal counsel.

Morgan Stanley & Co. LLC and JPMorgan Chase are acting as lead financial advisors to the consortium. Citi is also acting as financial advisor. Debevoise & Plimpton LLP and Mintz Levin are serving as legal counsel to the consortium. Ropes & Gray LLP is serving as legal counsel to WCAS.

TripleTree, LLC is acting as strategic and financial advisor to Humana. Evercore provided a fairness opinion to the Board of Directors of Humana. Fried, Frank, Harris, Shriver & Jacobson LLP is acting as legal advisor to Humana.

About Kindred

Kindred Healthcare, Inc., a top-105 private employer in the United States, is a FORTUNE 500 healthcare services company based in Louisville, Kentucky with annual revenues of approximately $6.1 billion1. At September 30, 2017, Kindred’s continuing operations, through its subsidiaries, had approximately 86,400 employees providing healthcare services in 2,475 locations in 45 states, including 77 LTAC hospitals, 19 inpatient rehabilitation hospitals, 16 sub-acute units, 609 Kindred at Home home health, hospice and non-medical home care sites of service, 101 inpatient rehabilitation units (hospital-based) and contract rehabilitation service businesses which served 1,653 non-affiliated sites of service. Ranked as one of Fortune magazine’s Most Admired Healthcare Companies for eight years, Kindred’s mission is to promote healing, provide hope, preserve dignity and produce value for each patient, resident, family member, customer, employee and shareholder we serve. For more information, go to www.kindredhealthcare.com.You can also follow us on Twitter and Facebook.

About Humana

Humana Inc. is committed to helping our millions of medical and specialty members achieve their best health. Our successful history in care delivery and health plan administration is helping us create a new kind of integrated care with the power to improve health and well-being and lower costs. Our efforts are leading to a better quality of life for people with Medicare, families, individuals, military service personnel, and communities at large.

To accomplish that, we support physicians and other health care professionals as they work to deliver the right care in the right place for their patients, our members. Our range of clinical capabilities, resources and tools – such as in-home care, behavioral health, pharmacy services, data analytics and wellness solutions – combine to produce a simplified experience that makes health care easier to navigate and more effective.

More information regarding Humana is available to investors via the Investor Relations page of the company’s website at humana.com, including copies of:

  • Annual reports to stockholders;
  • Securities and Exchange Commission filings;
  • Most recent investor conference presentations; 1 Revenues from continuing operations for the last twelve months ended September 30, 2017.
  • Quarterly earnings news releases and conference calls;
  • Calendar of events; and
  • Corporate Governance information.

About TPG

TPG is a leading global alternative asset firm founded in 1992 with more than $73 billion of assets under management and offices in Austin, Beijing, Boston, Dallas, Fort Worth, Hong Kong, Houston, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, San Francisco, Seoul, and Singapore. TPG’s investment platforms are across a wide range of asset classes, including private equity, growth venture, real estate, credit, and public equity. TPG aims to build dynamic products and options for its investors while also instituting discipline and operational excellence across the investment strategy and performance of its portfolio. For more information, visit www.tpg.com.

About WCAS

WCAS focuses its investment activity in two target industries: technology and healthcare. Since its founding in 1979, WCAS has organized 16 limited partnerships with total capital of over $22 billion. The Firm is currently investing an equity fund, Welsh, Carson, Anderson and Stowe XII, L.P., which closed on over $3.3 billion in commitments. WCAS has a current portfolio of approximately twenty companies with 2017 annual revenues totaling over $16 billion. WCAS’s strategy is to partner with outstanding management teams and build value for its investors through a combination of operational improvements, internal growth initiatives and strategic acquisitions. See www.wcas.com to learn more.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are often identified by words such as “anticipate,” “approximate,” “believe,” “plan,” “estimate,” “expect,” “project,” “could,” “would,” “should,” “will,” “intend,” “hope,” “may,” “potential,” “upside,” and other similar expressions.

Such forward-looking statements are inherently uncertain, and stockholders and other potential investors must recognize that actual results may differ materially from Kindred’s expectations as a result of a variety of factors. Such forward-looking statements are based upon management’s current expectations and include known and unknown risks, uncertainties and other factors, many of which Kindred is unable to predict or control, that may cause Kindred’s actual results, performance, or plans to differ materially from any future results, performance or plans expressed or implied by such forward-looking statements. Risks and uncertainties related to the proposed transactions include, but are not limited to, the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; the failure of the parties to satisfy conditions to completion of the proposed merger, including the failure of Kindred’s stockholders to approve the proposed merger or the failure of the parties to obtain required regulatory approvals; the risk that regulatory or other approvals are delayed or are subject to terms and conditions that are not anticipated; changes in the business or operating prospects of Kindred or its homecare business or hospital business; changes in healthcare and other laws and regulations; the impact of the announcement of, or failure to complete, the proposed merger on our relationships with employees, customers, vendors and other business partners; and potential or actual litigation. In addition, these statements involve risks, uncertainties, and other factors detailed from time to time in Kindred’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the Securities and Exchange Commission (the “SEC”).

Many of these factors are beyond Kindred’s control. Kindred cautions investors that any forward-looking statements made by Kindred are not guarantees of future performance. Kindred disclaims any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments.

Additional Information and Where to Find It

Kindred will file with the SEC and mail to its stockholders a proxy statement in connection with the proposed merger. We urge investors and security holders to read the proxy statement when it becomes available because it will contain important information regarding the proposed merger. You may obtain a free copy of the proxy statement (when available) and other related documents filed by Kindred with the SEC at the SEC’s website at www.sec.gov. You also may obtain the proxy statement (when it is available) and other documents filed by Kindred with the SEC relating to the proposed merger for free by accessing Kindred’s website at www.kindredhealthcare.com by clicking on the link for “Investors”, then clicking on the link for “SEC Filings.”

Participants in the Solicitation

Kindred and its directors and executive officers may be deemed to be participants in the solicitation of proxies from Kindred’s stockholders in connection with the proposed merger. Information regarding the interests of these directors and executive officers in the proposed merger will be included in the proxy statement when it is filed with the SEC. You may find additional information about Kindred’s directors and executive officers in Kindred’s proxy statement for its 2017 Annual Meeting of Stockholders, which was filed with the SEC on May 25, 2017. You can obtain free copies of these documents from Kindred using the contact information above.

1 Revenues from continuing operations for the last twelve months ended September 30, 2017.

Welsh, Carson, Anderson & Stowe Names Gregory Lau as a General Partner and Member of the Firm's Fundraising and Investor Relations Team

Firm
09/05/2017

Welsh, Carson, Anderson & Stowe Names Gregory Lau as a General Partner and Member of the Firm's Fundraising and Investor Relations Team

Media Contact

Jon Rather
WCAS
+1 (212) 893-9570jrather@wcas.com

New York, NY – September 5, 2017 -- Welsh, Carson, Anderson & Stowe (“WCAS” or the “Firm”), a leading private equity firm focused exclusively on the technology and healthcare industries, announced today that Gregory Lau has joined the Firm as a General Partner and a member of its fundraising and investor relations team. Mr. Lau joins WCAS from FFL Partners, a
middle-market private equity firm, where he was Managing Director and head of fundraising and investor relations.

Tony de Nicola, President and Managing Partner of WCAS, said, “We are pleased to welcome Greg to WCAS. We look forward to benefiting from his deep expertise in fundraising and investor relations as we enhance our already strong capabilities in this important area of our Firm and continue to strengthen our relationships with our global Limited Partner base.”

Mr. Lau noted, “I have long respected WCAS for its success investing in technology and healthcare over the past four decades. I am excited to join the Firm as we seek to continue to build value for WCAS’s Limited Partners.”

At FFL Partners, Mr. Lau was head of fundraising and investor relations and led the fundraising of FFL Capital Partners IV, which achieved its $2.0 billion hard cap. He originally joined the firm
in 2000 and served in both investing and fundraising roles over the years. Mr. Lau received an A.B. cum laude in mechanical engineering from Harvard College in 1999 and a Master of Business Administration from Harvard Business School in 2006.

About Welsh, Carson, Anderson & Stowe

WCAS focuses its investment activity in two target industries: technology and healthcare. Since its founding in 1979, WCAS has organized 16 limited partnerships with total capital of over $22
billion. The Firm is currently investing an equity fund, Welsh, Carson, Anderson and Stowe XII, L.P., which closed on over $3.3 billion in commitments. WCAS has a current portfolio of approximately twenty-five companies with 2016 annual revenues totaling $15 billion. WCAS’s strategy is to partner with outstanding management teams and build value for its investors through a combination of operational improvements, internal growth initiatives and strategic acquisitions.

Welsh, Carson, Anderson & Stowe Names Christopher Hooper as a General Partner

Firm
07/06/2017

Welsh, Carson, Anderson & Stowe Names Christopher Hooper as a General Partner

Media Contact

Jon Rather
WCAS
+1 (212) 893-9570 jrather@wcas.com

Welsh, Carson, Anderson & Stowe (“WCAS” or the “Firm”), a leading private equity firm focused exclusively on the technology and healthcare industries, announced today that Christopher Hooper has re-joined the Firm as a General Partner. Mr. Hooper will be a member of WCAS’s Technology team and will be based in San Francisco.

WCAS has successfully built many enduring technology and technology-enabled services companies over the past four decades, having invested $10 billion of equity in over 100 technology companies through its 12 equity funds. Today, WCAS has investments in leading companies, including Alert Logic, Clearwater Analytics, NEWAsurion and QuickBase.

Mr. Hooper will join Ian MacLeod, Operating Partner, and Caroline Dechert, Vice President, as well as WCAS’s growing team in the Firm’s new office in San Francisco.

Mr. Hooper’s appointment marks his return to WCAS, where he spent seven years previously as part of the Technology investment team. In 2011, Mr. Hooper relocated to San Francisco and continued his private equity career at Golden Gate Capital focusing on technology investments. Over the course of his thirteen years in private equity, he has worked on many private equity technology investments and has developed extensive expertise in financial technology, information services and vertical software.

D. Scott Mackesy, Managing Partner of WCAS, said, “We are delighted that Chris has rejoined the WCAS team. He is a talented and accomplished professional with deep experience working collaboratively with management teams as a true strategic partner. Chris is a perfect match for our strategy and culture.”

Tony de Nicola, President and Managing Partner of WCAS added, “We are very excited for Chris to help lead our growing West Coast team and our move to the new San Francisco office. The Bay Area continues to be a vital center of relationships, innovation, and new investment opportunity for WCAS. Our expanded office will also enable stronger coverage of the West Coast technology landscape.”

Mr. Hooper noted, “I am thrilled to re-join WCAS, where I previously spent seven years of my career. I know well the Firm’s position as a leading technology investor, with deep domain expertise, a strong commitment to operational excellence, and the strong partnership and strategic alignment it creates with its portfolio company management teams. I am excited to be part of WCAS’s Technology team and believe the Firm’s strong team culture and my long-term relationship with the partnership will enable WCAS to continue to operate in a focused and nimble manner, building on the Firm’s continued successes.

Prior to joining WCAS in 2005, Mr. Hooper worked in investment banking at Lazard. He has a BA in Economics from Colgate University (summa cum laude, Phi Beta Kappa).

About Welsh, Carson, Anderson & Stowe

WCAS focuses its investment activity in two target industries: technology and healthcare. Since its founding in 1979, WCAS has organized 16 limited partnerships with total capital of over $22 billion. WCAS has a current portfolio of approximately twenty-five companies with 2016 annual revenues totaling $15 billion. WCAS’s strategy is to partner with outstanding management teams and build value for its investors through a combination of operational improvements, internal growth initiatives and strategic acquisitions. The Firm is currently investing an equity fund, Welsh, Carson, Anderson and Stowe XII, L.P., which closed on over $3.3 billion in commitments. See www.wcas.com to learn more.

Welsh, Carson, Anderson & Stowe Makes Strategic Investment in Consumer Safety Technology, LLC, Leading Provider of Ignition Interlock Devices in U.S.

Technology
03/02/2017

Welsh, Carson, Anderson & Stowe Makes Strategic Investment in Consumer Safety Technology, LLC, Leading Provider of Ignition Interlock Devices in U.S.

Media Contact

Jon Rather
WCAS
+1 (212) 893-9570jrather@wcas.com

NEW YORK, NY – March 2, 2017 – Welsh, Carson, Anderson & Stowe (“WCAS”), a private equity firm focused exclusively on the technology and healthcare industries, today announced a strategic investment in Consumer Safety Technology, LLC, (“CST” or “the Company”), a leading U.S. provider of ignition interlock devices (“IIDs”), which are breathalyzers installed in vehicles to prevent ignition by intoxicated drivers.

CST pioneered the development of fuel cell technology in IIDs, and continues to combat drunk-driving with the most innovative solutions in the market. Today, the Company serves legally-mandated and elective IID and home monitoring customers in 48 states through a network of over 1,900 service centers. Since 2010, the ignition interlock industry has more than doubled and is expected to continue on this trend as widely supported, stronger drunk-driving legislation supports increased adoption across the U.S.

“After a highly successful and mutually beneficial five-year relationship with ClearLight Partners, Consumer Safety Technology looks forward to continuing our rapid growth in partnership with Welsh, Carson, Anderson & Stowe,” said Kimberly D. Williams, CEO of CST. “WCAS shares our deep commitment to public safety and consumer wellness.”

“Under the strong leadership of its management team, CST has grown into a national platform through its focus on service, reliability and technology,” said Michael Donovan, a WCAS General Partner. “We look forward to a new phase of growth in partnership with management, focused on
customer service and innovative development of products that have a clear and compelling benefit to society.”

The transaction has satisfied all regulatory requirements and customary closing conditions.

SunTrust Robinson Humphrey Inc. acted as exclusive financial advisor to Consumer Safety Technology.

About Consumer Safety Technology

Headquartered in Des Moines, Iowa, Consumer Safety Technology developed its state-of-the-art ignition interlock device in conjunction with researchers from Iowa State University. Recently celebrating its 23rd anniversary in the alcohol monitoring business, CST currently serves clients who are legally required to install an ignition interlock device or home alcohol-monitoring unit, in addition to voluntary users, in 48 states across the nation. Consumer Safety Technology is backed by Welsh, Carson, Anderson & Stowe.

About Welsh, Carson, Anderson & Stowe

WCAS focuses its investment activity in two target industries: technology and healthcare. Since its founding in 1979, WCAS has organized 16 limited partnerships with total capital of over $22 billion. WCAS has a current portfolio of approximately twenty-five companies. WCAS’s strategy is to partner with outstanding management teams and build value for its investors through a combination of operational improvements, internal growth initiatives and strategic acquisitions. The firm is currently investing an equity fund, Welsh, Carson, Anderson and Stowe XII, L.P., which closed on over $3.3 billion in commitments. See www.wcas.com to learn more.

Welsh, Carson, Anderson & Stowe Leads New Investment in Revel Systems

Technology
02/06/2017

Welsh, Carson, Anderson & Stowe Leads New Investment in Revel Systems

Media Contacts

Jonathan Rather
WCAS
+1 (212) 893-9570 jrather@wcas.com
Taylor Mikolasy
Revel Systems
+1 (609) 273-4609taylor.mikolasy@revelsystems.com

NEW YORK, NY & SAN FRANCISCO, CA – February 6, 2017 - Welsh, Carson, Anderson & Stowe (“WCAS”), one of the leading private equity firms in the United States focusing on the Technology and Healthcare industries, and Revel Systems (“Revel” or the “Company”), a leading provider of cloud-based point of sale (“POS”) solutions, today announced that WCAS has led a significant new growth capital investment in Revel. WCAS made its initial investment in Revel in 2014, and following the transaction, WCAS will be Revel’s new majority shareholder.

WCAS and Revel also announced today the appointment of Scott Betts as the Company’s new Chief Executive Officer, effective February 6, 2017. Mr. Betts brings significant experience in senior management roles, most recently as CEO of Global Cash Access, and previously at First Data Corporation and Procter & Gamble.

Eric J. Lee, General Partner at WCAS, commented: “During the past two years, Revel has driven significant product innovation, gained market traction in key industry verticals, recruited terrific talent to the Revel team, and demonstrated strong client traction and growth. Revel’s founders have shown great vision and determination in building the Company. Looking forward, we believe that there is significant market potential for Revel’s leading cloud-based POS solution, and WCAS is excited to fund and catalyze this next phase of Revel’s growth and success. As we do, we especially want to welcome Scott Betts as the Company’s new CEO. With deep technology solutions and global operations experience, he will bring terrific strategic and operational focus as we drive this next phase of growth.”

"Revel’s mission has always been to make business owners’ and operators’ lives easier and more efficient – spurring entrepreneurship and leading the industry with excellent features and functionality. Keeping customers and their success at the forefront will always be core to the organization,” said Lisa Falzone, co-founder of Revel Systems. “Revel is on a great trajectory. Lisa and I look forward to watching the company grow and evolve,” commented Chris Ciabarra, co-founder of Revel Systems.

“I am very excited to join the Revel team and continue Lisa’s and Chris’ great work in building and delivering an outstanding solution and superior business value to our clients,” commented incoming CEO, Scott Betts.

About Revel Systems

Founded in 2010 by Lisa Falzone and Chris Ciabarra, Revel Systems provides a quick, intuitive and secure iOS-based Point of Sale system by combining cloud-based technology and the mobility of the Apple iPad. Revel Systems software offers a feature-rich POS solution for restaurant, retail and enterprises with integrated payroll, inventory tracking, customer relationship management and more. Revel serves thousands of clients around the world today from single-store merchants to large enterprises, including leading brands such as Cinnabon, Estee Lauder, Tully’s, Smoothie King and Stanford University. See www.revelsystems.com to learn more.

About Welsh, Carson, Anderson & Stowe

WCAS focuses its investment activity in two target industries: technology and healthcare. Since its founding in 1979, WCAS has organized 16 limited partnerships with total capital of over $22 billion. WCAS has a current portfolio of approximately twenty-five companies. WCAS’s strategy is to partner with outstanding management teams and build value for its investors through a combination of operational improvements, internal growth initiatives and investment, and strategic acquisitions. The Firm is currently investing an equity fund, Welsh, Carson, Anderson and Stowe XII, L.P., which closed on over $3.3 billion in commitments. See www.wcas.com to learn more.

Welsh, Carson, Anderson & Stowe Acquires Clearwater Analytics

Technology
09/01/2016

Welsh, Carson, Anderson & Stowe Acquires Clearwater Analytics

Media Contact

Jon Rather
WCAS
1+ (212) 893-9570

New York, NY – September 1, 2016 – Welsh, Carson, Anderson & Stowe (the “Firm” or “WCAS”), a private equity firm exclusively focused on technology and healthcare, acquired a majority stake in Clearwater Analytics (“Clearwater” or the “Company”). Founded in 2003, Clearwater provides an industry leading, integrated data and software solution for investment portfolio accounting, reporting and analytics. The Company’s software enables users to aggregate, cleanse and reconcile data from custody banks, data providers and investment managers on a daily basis and seamlessly create reports and perform risk analysis/risk management, compliance and performance attribution. The Company delivers its solution in a 100% Software as a Service model and serves clients in the enterprise corporate, insurance and asset management industries. Today, the Company serves over 8,000 clients (including indirect clients) such as Cisco, Oracle, Verizon, Facebook, Apple, Netflix, Morgan Stanley, JP Morgan, PIMCO and Wells Fargo.

With over 30 years of investing in financial technology, WCAS has partnered with several management teams to build and grow a number of leading companies in the sector. Clearwater has experienced significant profitable growth given its single, comprehensive, differentiated platform. WCAS is working closely with Clearwater’s founders to continue driving Clearwater’s leadership position, operational scalability and growth.

About Welsh, Carson, Anderson & Stowe

WCAS focuses its investment activity in two target industries: technology and healthcare. Since its founding in 1979, WCAS has organized 16 limited partnerships with total capital of over $22 billion. WCAS has a current portfolio of approximately twenty-five companies. WCAS’s strategy is to partner with outstanding management teams and build value for its investors through a combination of operational improvements, internal growth initiatives
and strategic acquisitions. The Firm is currently investing an equity fund, Welsh, Carson, Anderson and Stowe XII, L.P., which closed on over $3.3 billion in commitments. See www.wcas.com to learn more.