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Welsh, Carson, Anderson & Stowe to Acquire EquiLend

Technology
01/18/2024

Welsh, Carson, Anderson & Stowe to Acquire EquiLend

Media Contacts

Fran Higgins
WCAS
212 893-9504fhiggins@wcas.com
Greg Lau
WCAS
212 893-9586glau@wcas.com

New York, NY – January 17, 2024 – Welsh, Carson, Anderson & Stowe (WCAS), a leading technology-focused private equity firm, announced that it has agreed to acquire a majority interest in EquiLend, the premier technology provider for the global securities finance market processing over $100 billion in transaction value on a daily basis.

WCAS’s investment in EquiLend seeks to accelerate the Company’s growth, product innovation, and advance its strong brand. The Company’s organic growth initiatives and acquisitions will be supported by an additional $200 million equity investment being made by WCAS.

EquiLend’s comprehensive suite of cloud-based solutions, including Electronic Trading, Order Management, Post-Trade Automation, Data & Analytics and RegTech Software, enable clients to electronically access global liquidity pools, seamlessly manage pre- and post-trade workflows, gain critical insight into key market trends, comply with complex regulations and manage operating and financial risks.

Ryan Harper, General Partner at WCAS, stated, "We are impressed with EquiLend's highly differentiated suite of technology solutions and its sustained, trusted client relationships. We believe the Company is uniquely positioned to help drive further electronification, efficiency and innovation in its market.”

Sidney Ouyang, Principal at WCAS, added, "Given WCAS’s experience investing in financial technology over the last 40 years, we have a deep appreciation for EquiLend’s role as an essential market infrastructure provider serving the largest and most sophisticated financial institutions in the world. We look forward to building on the Company’s strong foundation with accelerated growth investments and an obsessive focus on customer success.”

"We are thrilled to embark on this journey with WCAS, a firm known for its commitment to building enduring market leaders and track record supporting leading financial technology companies," said Brian Lamb, CEO of EquiLend. "This partnership represents a significant milestone for EquiLend and, in turn, for our market. WCAS’s support will be instrumental in accelerating our mission to deliver essential solutions to the securities finance industry. Together, we are committed to setting new standards in the industry and achieving unprecedented success for our clients and stakeholders."

WCAS was advised by Citi and Kirkland & Ellis, and EquiLend was advised by Broadhaven and Paul Hastings.

About EquiLend
EquiLend is a global financial technology firm offering Trading, Post-Trade, Data & Analytics, RegTech, and Platform Solutions for the securities finance industry. With offices in North America, EMEA, and Asia-Pacific, EquiLend operates across various jurisdictions worldwide, adhering to the highest regulatory standards. The company is committed to excellence and innovation, consistently recognized for its contributions to the industry. EquiLend is Great Place to Work Certified™ in the U.S., UK, Ireland, and India and has been honored as the Best Post-Trade Service Provider Globally, Best Market Data Provider Globally, and for its outstanding Diversity & Inclusion initiatives in the Securities Finance Times Industry Excellence Awards 2023. For more information, visit www.equilend.com.

About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: technology and healthcare. Since its founding in 1979, the firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. The firm has raised and managed funds totaling over $33 billion of committed capital. For more information, please visit www.wcas.com.

Mark Almeida Joins Welsh, Carson, Anderson & Stowe as an Operating Partner in the Technology Group

Technology
01/09/2024

Mark Almeida Joins Welsh, Carson, Anderson & Stowe as an Operating Partner in the Technology Group

Media Contacts

Fran Higgins
WCAS
212-893-9504FHiggins@wcas.com
Greg Lau
WCAS
212-893-9586GLau@wcas.com

New York, NY, January 9, 2024– Welsh, Carson, Anderson & Stowe (WCAS), a leading private equity firm focused on the technology and healthcare industries, is pleased to announce that Mark Almeida has joined the firm as an Operating Partner in the Technology Group supporting the firm’s efforts in information services, data, analytics and software. Mr. Almeida brings over 30 years of experience at Moody's Analytics, where he played a pivotal role in the company's evolution and growth.

During his tenure as the founding President of Moody's Analytics, a unit of Moody's Corporation, Mr. Almeida was instrumental in developing the company’s credit research offering into a multi-billion-dollar information and risk management platform. Mr. Almeida expanded Moody’s Analytics through both organic development of innovative products as well as the acquisition of industry leading platforms such as Bureau van Dijk. Under his leadership, the company became an indispensable partner to customers worldwide, delivering proprietary data, powerful software tools, and specialized analytical expertise.

Christopher Hooper, General Partner at WCAS, commented, "Mark's remarkable tenure at Moody's Analytics and his extensive experience in information services make him an invaluable addition to our Technology Group. His leadership in financial analytics and risk management aligns perfectly with our strategic objectives, and we are excited about the depth of expertise he brings to WCAS."

Mr. Almeida, reflecting on his new role, said, "Joining WCAS presents an exciting new chapter in my career. I look forward to leveraging my experience in data and analytics to support the growing number of opportunities in the information services and broader technology space. With WCAS's long history of partnering with management teams to build market leaders, I am eager to contribute to our portfolio and support the firm's growth and success."

About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: technology and healthcare. Since its founding in 1979, the firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. The firm has raised and managed funds totaling over $33 billion of committed capital. For more information, please visit www.wcas.com.

WCAS Named to Inc.'s 2023 List of Founder-Friendly Investors

Firm
11/08/2023

WCAS Named to Inc.'s 2023 List of Founder-Friendly Investors

Media Contacts

Fran Higgins
WCAS
212 893-9504fhiggins@wcas.com
Greg Lau
WCAS
212 893-9586glau@wcas.com

New York, New York, November 8, 2023 – Welsh, Carson, Anderson & Stowe (“WCAS”, or the “Firm”), a leading private equity firm focused exclusively on the healthcare and technology industries, announced today that it has been named to Inc. Magazine’s fifth annual Founder-Friendly Investors list, which honors the private equity, venture capital, and debt firms with the strongest track records of success in partnering with entrepreneurs and fostering growth for their businesses.

“We are proud to be named as an Inc. 2023 Top Founder-Friendly Investor,” said WCAS Managing Partner D. Scott Mackesy. “Since 1979, Welsh Carson has earned a reputation as the partner of choice for founders and outstanding management teams who want to build leading companies in healthcare and technology..”

Since WCAS’s founding, the Firm has invested in over 100 healthcare and 105 technology companies.

To compile its list, Inc. spoke to entrepreneurs who partnered with private equity and venture capital firms and evaluated data on company growth over the course of their partnerships. This award highlights WCAS as one of the firms considered a trusted partner by business owners.

To see the full Founder-Friendly Investors list and learn more about the selection criteria and methodology, please visit Inc.’s website: https://www.inc.com/founder-friendly-investors/2023

This list is the opinion of the party conferring the list and not of WCAS. Inc. Business Media issued the Founder-Friendly Investors of 2023 on October 31, 2023. This list is based on the overall history of the firm. WCAS paid an application fee and fees to promote the list. There can be no assurance that other providers or surveys would reach the same conclusion as the foregoing or that Inc. Business Media is not subject to a conflict of interest.

About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: healthcare and technology. Since its founding in 1979, the Firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. The Firm has raised and managed funds totaling over $33 billion of committed capital. For more information, please visit www.wcas.com.

Megan Callahan Joins Welsh, Carson, Anderson & Stowe as an HCIT Operating Partner

Healthcare
11/01/2023

Megan Callahan Joins Welsh, Carson, Anderson & Stowe as an HCIT Operating Partner

Media Contacts

Fran Higgins
WCAS
212 893-9504fhiggins@wcas.com
Greg Lau
WCAS
212 893-9586glau@wcas.com

New York, NY, November 1, 2023 – Welsh, Carson, Anderson & Stowe (WCAS), a leading private equity firm focused exclusively on the healthcare and technology industries, announced today that Megan Callahan has joined the Firm as an Operating Partner focused on Healthcare Information Technology (HCIT). Ms. Callahan is an accomplished executive with 25 years of experience leading and growing HCIT companies.

Before joining WCAS, Ms. Callahan served as the Chief Operating Officer of Twill, overseeing all commercial, clinical, and people functions. Under her leadership, she achieved a significant increase in contracted annual recurring revenue by enhancing sales leadership and crafting an innovative go-to-market strategy. Prior to Twill, Ms. Callahan was the President of Lyft Healthcare, Inc., where she drove robust growth and improved access to healthcare for the 5.4 million people who miss healthcare appointments every year because of a lack of transportation. Prior to Lyft, Ms. Callahan served as Chief Strategy Officer for Change Healthcare, and SVP of corporate strategy and business development for McKesson Technology Solutions. She is on the board of digital health companies Reveleer and Kinetik and advises several HCIT start-ups. Ms. Callahan earned a Master of Public Health (MPH) from UCLA.

Mr. Sobol, a General Partner at WCAS, and Ms. Dechert, a Principal at WCAS, said: “We are thrilled to welcome Megan to the WCAS team. HCIT is an important and growing sector for us given persistent demand drivers and a wide range of innovative, high growth companies. We welcome the opportunity to invest at the intersection of our firm’s two target industries. Megan’s deep experience and proven leadership building next generation HCIT companies makes her a perfect fit for her role at WCAS.”

Ms. Callahan said, “I am extremely excited to work with Ed, Caroline and the WCAS team. There is an abundance of opportunity across the HCIT and digital health landscape, and I have long believed that technology will change how patients experience healthcare and how payers and providers deliver value. I look forward to bringing my experience to the WCAS platform to pursue these opportunities.”

About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: healthcare and technology. Since its founding in 1979, the firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. The firm has raised and managed funds totaling over $33 billion of committed capital. For more information, please visit www.wcas.com.

Health Affairs Forefront: Improving Health Equity Through Private Capital by Adaeze Enekwechi

Healthcare
09/07/2023

Health Affairs Forefront: Improving Health Equity Through Private Capital by Adaeze Enekwechi

Editor’s Note
This article originally appeared on Health Affairs and is part of the Health Affairs Forefront short series “Private Sector Solutions for Health Equity.” The series explores health equity challenges in areas such as cardiovascular health, mental health, and maternal health, and ways in which the private sector is addressing those challenges. Health Affairs is grateful to CVS Health for supporting this work.

Efforts to advance health equity are a recognition that there is significant opportunity to improve health outcomes for traditionally underserved populations. Academic research continues to offer deeper understanding of the gaps in quality, access and outcomes that suggest there is much room for improvement. Policymakers have also made recent efforts to advance health equity using levers available to large, influential purchasers. The Center for Medicare and Medicaid Innovation (CMMI) through the ACO REACH (Realizing Equity, Access and Community Health) demonstration will include some health equity measures, including person-level demographic data and a quality bonus for submission, as well as having a patient advocate on every board. Similarly, the Centers for Medicare and Medicaid Services recently finalized provisions that will require providers to describe their ability to provide linguistically, culturally competent care and strengthen marketing materials to reflect what plans can realistically cover.

Several states have also made health equity a central focus through their Medicaid programs. Medicaid coverage expansion has been linked to improvements in coverage and access to care. But with 11 states still not adopting Medicaid expansion, and millions rolling off Medicaid due to the end of the Public Health Emergency, many Americans are left with little ability to bridge widening access gaps. While these federal and state policy provisions are important, they still seem modest when compared against the scope and scale of disparities in health. The role of private capital in moving the needle on health care is not yet fully realized and could be the next frontier.

The health care sector needs access to private capital to innovate, serve individuals with complex needs, and become more efficient and equitable in service to patients. What is the alternative to private capital in health care if we have a goal of expanding models of care and types of providers, and making the technological advances needed to serve more people better? Public resources are stretched thin and cannot be relied on to grow in perpetuity above the nearly $1 trillion spent on Medicare and Medicaid alone. Federal funders like the National Institutes of Health, the National Science Foundation, and the Centers for Disease Control and Prevention support discrete research or training grants, and while they might incubate innovations, these funds will not support building or scaling new companies.

Foundations serve a meaningful purpose in augmenting public funds but do not command nearly enough resources to drive change at the scale that we contemplate. And even foundation funding can have significant strings attached, with short-term funding cycles that can end programs abruptly. Founders and innovators focused on health equity, with an understanding of what patients need in a fractured health care system, should be given an opportunity to build and grow a business, then successfully exit the business and move on to other ventures.

The Critical Role Of Venture Capital

Venture capital (VC) typically focuses on early-stage investments, from seed rounds to series A, B and onward, as companies move though stages such as proof of business model and building operational capacity. Early-stage companies are higher risk by investment standards. They could be led by founders who are talented but are unproven in business operations. The companies require steering and capital to get off the ground, acquire customers, and refine their products/services. Venture capital is an important source of financing to test and build out new health care models and businesses.

Most of the new companies focused on health equity have built in risk-based care as part of their thesis. There are several examples (and their venture backers) including CayabaCare and Health in Her Hue (Seae Ventures) and Waymark (AZ16 and NEA). The movement to value-based care was a key part of the national vision to move health care from a volume-driven practice to a more integrated, quality-driven practice. Value-based payments prioritize preventive, engaged, patient-centered care. Companies focused on improving birth and maternal outcomes through coordination, higher engagement through tech-enabled care, or through a mix of community-based providers are attempting to build much of what researchers and policymakers have contemplated for decades.

These companies represent an asset class that is more nascent, with varying degrees of risk. For example, payment policies may not have caught up with care delivery new companies offer to support access for their target patients. For some companies, the ability to meet the needs of the patients they serve goes beyond the care traditional clinicians can offer. Seamlessly integrating community services, social supports, and technology is operationally complex. The combination of successful implementation and adequate reimbursement is critical—and should be supported.

While there is no guarantee that all new companies will succeed, there is a belief that what they are building is essential to better align care for women, Medicaid beneficiaries, dually eligible beneficiaries, and people who have been left behind by traditional models of care. And VC investors have a higher tolerance for risk in exchange for greater potential for investment profits after success of the company. The companies that successfully make it through the VC funding stages will be candidates for larger private equity (PE) investments.

How Private Equity Capital Can Help Scale Health Care Businesses

PE investors focus on companies with more mature products/services that are differentiated in their markets. Ideally, the addressable market is large and growing, and the revenue model is clear. As an asset class, PE is slightly more risk averse compared to VC. This makes sense: the sizes of investments are typically larger in PE, and the company must show a plausible pathway to growth even in challenging environments.

The most misunderstood thesis around PE investments is that investors seek to tear down a company and extract all the resources and value, and then sell the company for a large profit to another buyer. For established PE investors with institutional limited partners (often pension funds) to succeed in any sector, including health care, they must have a demonstrable track record of building up companies with leadership, talent, customers, quality services, and products to make that company attractive to the next buyer. No buyer—not another PE firm nor a strategic company nor public investors in an IPO—will invest in a company that the incumbent owner has stripped of all its assets, with no path to delivering quality services or products, or attracting high-quality leadership. Due diligence, conducted on every aspect of a business prior to a transaction will identify these weaknesses and likely lead to a conclusion to not move forward.

The body of literature on PE’s role in health care is nearly universally negative. While researchers should evaluate whether PE sponsors have a meaningful impact on health care and health equity, they are also limited by few data sources that allow thorough empirical assessments of PE’s role. A few good studies have found that PE-sponsorship of hospitals is associated with better clinical outcomes for patients’ acute myocardial infarction, and that PE may not have different incentives from other sources of capital. This nuance is important. There are very few (if any) studies in health care or business literature that fully interrogate a truism in health care investing: higher quality, better leadership, stronger technological infrastructure, engaged physicians and providers, and better patient experiences translate to better financial returns. Objective, empirical assessments of whether PE-sponsored health care companies deliver on these expectations are warranted.

Several academic studies and news articles use the term “private equity” very broadly, even in cases where no institutional private equity firms were involved. A recent example from the New Yorker characterizes two individuals with no known outside investors and no other known investments as “private equity.” The Securities and Exchange Commission, investors, bankers, and other stakeholders that are part of this ecosystem do not consider these PE investors. The definitional problems don’t stop there. The practices, management principles, levels of investments in the communities they serve, and relationship to the health care system overall of the New Yorker article subjects are different from what one might find in a traditional, health care-focused investment firm.

This conflation has posed some challenges for traditional, institutional investors. In response to the information vacuum about the role of PE in health care, portfolio companies and PE firms have begun to publish reports about the quality, access, and patient outcomes their portfolio companies deliver. My firm, WCAS, is working towards making more data from the companies in which it invests available in peer-reviewed outlets and in report format (see examples for Liberty Dental Plan and Springstone); we hosted an inaugural quality conference focused on clinical outcomes and patient experience this spring to center quality, patient engagement and outcomes in the work at portfolio companies. Each company is different, with different investors, and hold periods can vary, which does not allow for easy datasets preferred by researchers. But until there is an industry-wide effort to build datasets focused on quality and patient outcomes, there will be relatively few studies that empirically show a direct link between PE capital and improvements in access, quality, outcomes and patient experience.

The story of PE investments moving the needle on health equity is yet to be written, in large part because the companies focused on systemic disruption are still relatively new. But there are some examples that illustrate the opportunity to scale health care companies focused on marginalized or underserved populations. Vistria, a private equity firm based in Chicago, is backing Help at Home, a company focused on delivering home care to seniors and individuals with developmental disabilities. AbsoluteCare, which in its early days focused on HIV-AIDS patients but has pivoted to address health for members of the LGBTQ community is backed by Kinderhook.

The PE firm Deerfield has invested in Humanity Health, an executive search firm focused on growing and positioning a diverse health care leadership. The focus is to achieve health equity through diverse talent that includes racial minorities, women, and other underrepresented groups in leadership. Private equity has shown an interest and a capacity to invest in models of care that prove beneficial to patients by way of coordinated care, improved access to mental health, and home-based care.

Other Important Sources Of Investment Capital

There are other sources of capital that can be deployed to address health equity. Health systems are arguably closer to the patients and communities they serve and many are affiliated with large research centers. Many not-for-profit health systems have investment or venture arms that could invest in companies that are focused on health equity. Similarly, large strategic companies such as insurance companies are often positioned to invest significant sums in companies that support them in their efforts to serve their customers and better run their businesses. Also, large employers such as JPMorgan and Walmart invest in building health care companies that are focused on expanding access points, cheaper medicines, and primary care to reach a broad swath of the population. Several combinations of plans and large employers increasingly partner to address health equity; an example is the recent CareSource + Walmart joint effort to address cardiometabolic health, and birth and maternal outcomes in Ohio and Georgia.

Aligning Incentives

Inequities in health are only partly due to the failures of the health care system. Inequities in education, income, wealth, safety, access to healthy food, and housing—in short, social and economic disposition—explain much of our inequities in health. For too many people in the United States the legacy of racism, discrimination and lack of opportunity affects nearly every aspect of life. But in the health care system, misalignment of incentives can magnify disparities that are built over lifetimes. For example, in the hospital readmissions program, underperforming hospitals were punished rather than resourced to improve their performance. Many underperforming hospitals served vulnerable populations. Also, Medicaid rates for some services can be breathtakingly below what is needed to provide services reasonably at cost. Most providers who care for Medicaid beneficiaries will need to serve other commercial or Medicare beneficiaries to make their business models work. Without a profit margin, the business will simply not be sustainable. And a business model that includes neither a margin nor a path to one, regardless of what the company wants to do to address health equity, will not attract investor capital.

To meaningfully advance health equity, incentives must be aligned so that the patient who needs help wherever they live can be seen by a culturally competent professional, at the right site or level of care, with the right social supports that are available in their community. Their secured health information should be readily available to avoid duplicative, inefficient and expensive care. This is the start. The current system is far from this ideal and investors know this because they deploy capital in a risky, slightly unpredictable environment.

Public Policy And Health Equity

The public policy that would most advance health equity would be to have a single entity manage resources associated with education, nutrition, housing, transportation, and population health. This is a textbook, person-centered, place-based approach with multiple layers of stakeholder collaboration that would keep comprehensive needs of a community at the core. There are no examples (that I am aware of) where we have modeled this successfully in the United States. At this time, each of these areas is discrete with their own structures, funding sources, and regulatory bodies. To raise the prospect of a single responsible, accountable entity for a given community is to ask who will give up control over resources. Federal departments, Congressional committees, and most stakeholders that currently manage any portion of the sprawling set of resources at the federal level are unlikely to willingly give up control, even for a short-term pilot.

Policymaking around private capital in health care is rapidly evolving at federal and state levels. Policymakers with a responsibility to safeguard public dollars should require sensible reporting requirements that identify responsible, high-quality entities—regardless of ownership structure—to ensure communities’ needs are being met. Incentives should be based on the value created for communities and populations, and the efficient use of resources towards health, health outcomes and patients’ experiences. Smart policies should focus on moving us away from fee-for-service, a movement that has been far slower than anticipated a decade ago.

One potential unfortunate consequence of imprecise regulations would be to discourage private capital investments in health equity before there is an opportunity to address sprawling needs that cannot be funded entirely with public or nonprofit resources. For example, health equity would be drastically improved with a stronger, nationwide pipeline approach for empathic community health workers, nurses, physicians and allied health professionals, and a sophisticated technological infrastructure critical to meeting tomorrow’s health care needs. There is no panacea to advance health equity and there is no singular institutional savior. We should plan to leverage all forms of capital--public, private, and nonprofit alike—and work towards aligning incentives to support the goals of improving health for all.

Author’s Note

Adaeze Enekwechi is an Operating Partner at WCAS, an investment firm with a focus on health care and technology sectors. She is on the board of several health care companies and non-profit organizations.

WCAS Raises Over $5 Billion in Its Largest Private Equity Fund to Date

Firm
07/12/2023

WCAS Raises Over $5 Billion in Its Largest Private Equity Fund to Date

WCAS XIV Will Focus on Firm’s Strategy of Building Leading Healthcare and Technology Companies

New York, New York, July 12, 2023 – Welsh, Carson, Anderson & Stowe (“WCAS” or the “Firm”), a leading private equity firm focused exclusively on the healthcare and technology industries, announced today that it has completed fundraising for WCAS XIV, L.P. (“WCAS XIV” or the “Fund”). The Fund closed at over $5 billion of total capital, above both its target and the Firm’s prior fund, WCAS XIII, L.P., which closed at $4 billion.

The Firm said that WCAS XIV received strong support from new and long-time WCAS investors with a Limited Partner re-up rate of approximately 95% and the four largest investors in WCAS XIV increased their capital commitment by approximately 25% from WCAS XIII. As in prior funds, the Firm’s General Partners collectively represent one of the largest investors in WCAS XIV.

Since WCAS’s founding in 1979, the Firm has raised over $31 billion of committed capital and has invested in over 95 healthcare and 110 technology companies. As with prior funds, WCAS XIV will seek to partner with proven management teams to acquire growing companies and drive value through operational improvements as well as organic and strategic M&A growth initiatives.

WCAS Managing Partner D. Scott Mackesy said: “We are grateful for the strong support of our Limited Partners for WCAS XIV. We look forward to continuing to pursue our proven strategy of partnering with outstanding management teams to build leading companies in our two specialized industries – healthcare and technology.”

About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: healthcare and technology. Since its founding in 1979, the Firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives, and strategic acquisitions. The Firm has raised and managed funds totaling over $31 billion of committed capital. For more information, please visit www.wcas.com.

Andrew Hausman Joins Welsh, Carson, Anderson & Stowe As An Operating Partner in the Firm’s Technology Group

Technology
05/22/2023

Andrew Hausman Joins Welsh, Carson, Anderson & Stowe As An Operating Partner in the Firm’s Technology Group

Media Contacts

Jon Rather
WCAS
212-893-9570jrather@wcas.com
Greg Lau
WCAS
212-893-9586glau@wcas.com

New York, New York, May 22, 2023 – Welsh, Carson, Anderson & Stowe (WCAS), a leading private equity firm focused exclusively on the technology and healthcare industries, announced that Andrew Hausman has joined the firm as an Operating Partner in the Technology Group. Mr. Hausman is an accomplished executive with over 30 years of experience leading companies in the financial technology and data & analytics sectors.

In his most recent role, Mr. Hausman was the President of the Finance and Risk Division at Dun & Bradstreet, which he helped take public. He had previously served as the President of Pricing and Reference Data at Interactive Data Corporation (IDC), a leading provider of financial market data, analytics, and related trading solutions. At IDC, Mr. Hausman was responsible for launching innovative new products, improving customer success, and accelerating organic growth, which led to a successful sale to Intercontinental Exchange for $5.2 billion. Prior to IDC, he held various senior leadership roles at Thomson Reuters and Bloomberg.

Sidney Ouyang, Principal, of WCAS, said: “I am delighted to welcome Andrew to the WCAS Team. Andrew has a proven track record of scaling businesses in the financial technology sector and a deep understanding of the nuances of the capital markets ecosystem. Andrew’s expertise is a strong fit with WCAS’s ongoing focus on financial technology investments.”

Mr. Hausman added, “Joining the WCAS team, given its long-term track record of partnering with management teams to build enduring market leaders, is exciting. There is an abundance of opportunities across the financial technology landscape, and I look forward to bringing my experience to the WCAS platform to pursue these.”

About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: technology and healthcare. Since its founding in 1979, the firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives, and strategic acquisitions. The firm has raised and managed funds totaling over $31 billion of committed capital. For more information, please visit www.wcas.com.

K-12 Solutions Provider LINQ Announces New CEO Bryan Jones

Technology
05/15/2023

K-12 Solutions Provider LINQ Announces New CEO Bryan Jones

Seasoned executive joins top leadership team at K-12 SaaS company to lead strategy and growth

Wilmington, NC, May 15, 2023 - LINQ, the leading K-12 education business solutions provider, announced today the appointment of its new Chief Executive Officer Bryan Jones effective May 15. Jones succeeds interim CEO Tim Clifford who will continue to serve as Executive Chairman. A long-time leader in the SaaS and private equity sectors, Jones joins LINQ at a pivotal moment as the organization builds on its recently launched K-12 Business Platform anchored by its Education Resource Planning (ERP), Nutrition Management, and comprehensive payments solutions for states and school districts.

“LINQ has evolved to comprehensively address the unique business challenges of the K-12 education sector,” said Stephen Davis, managing partner at Banneker Partners. “We are thrilled to have Bryan lead the team through this next period of growth, innovation and further integration across our K-12 platforms.” Christopher Hooper, general partner at Welsh, Carson, Anderson & Stowe added, “we are confident that under Bryan’s leadership, LINQ will continue to be the leading SaaS solution that allows K-12 districts to modernize and optimize their operations with streamlined solutions that create efficiencies through automation, enable more rapid and informed decisions and reduce the risk of data issues.”

Jones adds 15 years of innovative, client-focused leadership to LINQ’s team of seasoned K-12 education and SaaS executive leaders, including Chief Financial Officer Brian Dockray, Chief Operating Officer Bill Bergen, Senior Vice President of Product Brandy Keller, and Chief Strategy Officer Tony Marzulli, who came onboard in 2022, and Chief Revenue Officer Brian Murphy, who joined April 2023. Bergen, Keller, Marzulli and Murphy joined LINQ after successful management of cloud-based K-12 software providers, including Frontline Education and Community Brands, while Dockray previously served as CFO for Insurity, GLG and Ipreo.

Jones will lead the executive team and organization in defining continued product alignment, integration and development as well as defining an overall strategic approach that will grow the organization’s market footprint both organically and through M&A. LINQ currently serves 46 state agencies and 4,400 districts across the nation with its Education Resource Planning (ERP) and Nutrition Management for districts and states; its comprehensive payments solutions support almost 2 million parents and guardians.

“I am thrilled to join LINQ as CEO and excited to work with the incredible team of experts who have served our students, parents and schools for decades,” said Jones, CEO of LINQ. “LINQ’s recent ERP research reinforced how vital and difficult it is for districts to evolve their business functions in our current environment. At the heart of our organization are people who know the nuances of education and the unique challenges that back-office staff and superintendents face, especially operational and resource challenges. The team at LINQ has never been more prepared to truly partner with nutrition directors, business officers and superintendents. We will bring our insights and solutions to districts, assisting them in maximizing every dollar spent and focusing on their mission - educating our students.”

Jones comes to LINQ from Auctane, a leader in shipping commerce, where he has served as Chief Operating Officer since 2019. Previously, Jones was a co-founder of B.Well Connected Health, Collider Media, and GetHealthy.Store.

To learn more about LINQ and how it addresses K-12 education business challenges, visit www.linq.com.

About LINQ
LINQ brings a new level of digital transformation and operation efficiency to K-12 leaders across districts and states. Built by a team of K-12 experts, our solutions include Nutrition for districts and states, Education Resource Planning (ERP), Forms & Workflows for districts and Payment portals for Parents and Guardians. Through our first-of-its kind K-12 Business Platform, LINQ is committed to Empowering the Business of K-12.

About Banneker Partners

Banneker Partners invests in enterprise software companies that can reach greater heights and focuses on driving long-term sustainable value. The four partners at Banneker have over 90 years of software investing and operating experience among them and have worked with companies ranging from $1 million to over $1 billion in revenue. For more information, please visit www.bannekerpartners.com.

About Welsh, Carson, Anderson and Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: technology and healthcare. Since its founding in 1979, the firm’s strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. The firm has raised and managed funds totaling over $31 billion of committed capital. For more information, please visit http://www.wcas.com.

LIBERTY Dental Plan Announces New CEO

Healthcare
03/01/2023

LIBERTY Dental Plan Announces New CEO

Media Contact

Greg Lau
WCAS
2128939586glau@wcas.com

IRVINE, Calif. & NEW YORK, March 1, 2023 (Business Wire) – LIBERTY Dental Plan Corporation (LIBERTY) has selected Marti Lolli as president and CEO, a role previously held by the company’s founder, Amir Neshat, D.D.S. Dr. Neshat will serve as chairman for LIBERTY’s board of directors.

LIBERTY Dental Plan is one of the nation’s largest dental benefits administrators serving government and commercial clients through plans that include Medicaid, the Children’s Health Insurance Program and Medicare Advantage.

“It has been my life’s work to disrupt the dental insurance industry—to put the member at the center and manage our networks effectively to improve outcomes,” said Dr. Neshat. “Today’s announcement is the next step in LIBERTY’s journey, moving in concert with our investors. I have every confidence in Marti’s leadership at the helm to continue the company’s trajectory of success.”

Lolli assumes her new role on March 6, 2023. She has more than 20 years of experience in innovation for health plans. Lolli was most recently the president and CEO for Select Health, the health plan division of Intermountain Healthcare. Prior to that, she served as chief marketing officer and senior vice president of consumer and government markets for Priority Health, the third-largest provider sponsored plan in the country.

About LIBERTY Dental Plan Corporation
LIBERTY is a dental benefits administrator founded by dentists and health industry professionals in 2002. LIBERTY currently administers dental benefits in all 50 states, including on behalf of 6.4 million Medicaid, Medicare Advantage, commercial and exchange members. A high-touch approach to member and provider engagement, along with innovations to improve the quality and cost-effectiveness of dental care delivery, have propelled the company’s growth. Welsh, Carson, Anderson & Stowe, is a majority investor in LIBERTY and Elevance Health, a customer since 2010, is a minority investor. LIBERTY operates and lives by its motto: Making Members Shine, One Smile at a Time.™ Learn more at LIBERTY Dental Plan.

ImageTrend Announces Strategic Growth Investment from Welsh, Carson, Anderson & Stowe

Technology
02/09/2023

ImageTrend Announces Strategic Growth Investment from Welsh, Carson, Anderson & Stowe

Media Contact

Greg Lau
WCAS
212-893-9586glau@wcas.com

LAKEVILLE, MINN., February 9, 2023 - ImageTrend, Inc., a growing, market-leading software solutions and services provider in the public safety and healthcare communities, announced an equity investment from Welsh, Carson, Anderson & Stowe (“WCAS”), a leading technology and healthcare-focused private equity firm. WCAS’s investment seeks to help accelerate growth, further product innovation, and maintain the best-in-class software and customer service that ImageTrend is known for. The Company intends to utilize the investment to create new solutions that will benefit the industries and clients ImageTrend serves.

Dedicated to the mission of connecting life’s most important data, ImageTrend delivers software solutions, data analytics, and services to EMS, hospital, fire, mobile integrated healthcare/community paramedicine (MIH/CP), critical care, licensing, billing/revenue cycle management, and emergency preparedness personnel. ImageTrend’s suite of solutions facilitate a fully connected, patient-centric healthcare and public safety continuum.

With 25 years of experience in developing enterprise software, ImageTrend's commitment to their clients, innovation, and world-class service has enabled the Company to deliver its solutions at the federal, state, regional, city, and organizational level, both in the private and public sector. The Company serves 40+ states and nearly 3,000 customers in the U.S. and internationally. Collaborating with WCAS, a firm with deep domain expertise in enterprise software and healthcare, aims to create strong alignment for continued organic growth and expansion to best serve these customers.

“We are excited to partner with WCAS to collectively bring our connected vision to healthcare and public safety,” said Joe Graw, ImageTrend's President and Chief Executive Officer. "It’s an honor to lead innovation that directly benefits the safety of our communities and the overall health of the population.”

“WCAS is excited about our investment in ImageTrend, a market leader in the public safety space. We are impressed with the Company’s suite of mission critical software solutions, its deep customer relationships, and the breadth of industry experience from leadership. We are thrilled to support Joe and the existing management team’s vision of building and delivering world-class software and analytics solutions into the public safety and healthcare end markets,” said WCAS General Partner Ryan Harper.

WCAS General Partner Ed Sobol added “ImageTrend sits at the intersection of the Technology and Healthcare industries, the two industries in which WCAS focuses on building durable, innovative, and market-leading companies. Given the increasing importance surrounding pre-hospital data access in improving patient outcomes across the healthcare continuum, we look forward to partnering with ImageTrend to continue the advancement of their vision to connect life’s most important data.”

Concurrent with WCAS’s investment into ImageTrend, Ryan Harper, Ed Sobol, Sanjay Palakshappa, and Betty Vo will join the Board of Directors alongside ImageTrend Founder Mike McBrady and CEO Joe Graw.

Baird acted as the financial advisor to ImageTrend. Kirkland & Ellis served as legal counsel and Shea & Co. served as financial advisor to WCAS.

To learn more about ImageTrend, visit www.imagetrend.com.

About ImageTrend, Inc. www.imagetrend.com
ImageTrend, Inc. is dedicated to connecting life’s most important data in the healthcare and emergency response community. ImageTrend delivers software solutions, data analytics and services for EMS, hospitals, community paramedicine (CP), critical care, fire, and preparedness to enable fully integrated patient-centric healthcare and public safety. ImageTrend’s commitment to innovation, its clients, and providing world-class implementation and support is unsurpassed. Based in Lakeville, Minn., ImageTrend combines business analysis, creative design and data driven architecture to offer scalable solutions and strategies for today and the future.

About WCAS
WCAS is a leading U.S. private equity firm focused on two target industries: technology and healthcare. Since its founding in 1979, the firm’s strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. The firm has raised and managed funds totaling over $30 billion of committed capital. For more information, please visit www.wcas.com.

Intoxalock | Inside the Deal - Achieving Rapid Customer Growth

Technology
11/10/2022

Intoxalock | Inside the Deal - Achieving Rapid Customer Growth

Inside The Deal is a series from the WCAS Investor team providing insight into our recent investments.

November 10, 2022 - With the completion of the sale of Intoxalock earlier this year, we look back at how WCAS partnered with management to increase earnings fourfold over the last five years.

Ignition interlock devices (IIDs) are a lifesaving technology, keeping our roads safe while allowing customers who have been convicted of a DUI to maintain the ability to drive to work and carry on with their lives safely. Intoxalock is the market leader in IIDs and has been delivering for state IID programs and their constituents for over 30 years.

In 2017, WCAS became Intoxalock’s majority owner. We have historically been an active investor in transportation safety technology and based on that experience believed strongly in management's ability to deliver on its growth strategy. Over this period, WCAS closely supported management’s efforts to grow the company and fulfill their commitment to helping people live and drive responsibly through:

  • expanding the geographic reach of Intoxalock’s IIDs to include 46 states,
  • adding thousands of conveniently located and accessible service centers to the Intoxalock installation network, and
  • launching new product offerings such as insurance and roadside assistance.

During our ownership, we made important additions to the management team to supports its long-term growth. We also worked closely with management to improve the customer experience, accelerating the installation process and offering more flexible payment arrangements. Finally, we completed several important acquisitions that extended the company’s product portfolio and geographic reach.

These enhancements helped drive a tripling of the customer base over the last five years.

We are very optimistic about Intoxalock and the future of the IID industry, and we are very proud of the growth and progress made over the last 5 years and the nearly 1 million customers served during our ownership.

Looking for insight on more WCAS deals? Come back regularly to the Inside The Deal blog to learn about our most recent deals, and historic insight on some of our top deals from the last decade. customer base over the last five years.

Michael Donovan
Head of Technology Group & General Partner at WCAS
Linkedin Profile

Walgreens Boots Alliance Accelerates Full Acquisition of High-Performing Shields Health Solutions

Healthcare
10/04/2022

Walgreens Boots Alliance Accelerates Full Acquisition of High-Performing Shields Health Solutions

WCAS is excited to announce that we've signed an agreement to sell our remaining stake in Shields Health Solutions to Walgreens Boots Alliance. Over the last 3 years, Shields grew revenue at a compounded annual rate of over 50% while creating nearly 1,200 new jobs. Shields added 50 new health system partnerships, maintained a net promoter score of 81 from patients, and a referring physician satisfaction score of 92%. During this period Shields also published a peer reviewed study with Optum showing cost savings of more than $1,000 per patient per month from Shields' integrated pharmacy model.

Named one of Fortune's Best Workplaces in Healthcare and Best Places to Work for Millennials, 95% of employees say Shields is a "great place to work".

We are exceedingly proud of the management team at Shields, our investment partners in Walgreens Boots Alliance, and our team at WCAS who supported Shields growth.

Full Walgreens Boots Alliance press release available below.

WBA Completes Another Major Milestone in Its Consumer-Centric Healthcare Strategy to Drive Long-Term Growth WBA Also Announces New Leadership Structure for U.S. Business Segment

DEERFIELD, Ill., Sept. 20, 2022 – Walgreens Boots Alliance, Inc. (Nasdaq: WBA) today announced the acceleration of its plans for full ownership of Shields Health Solutions (Shields), which is delivering strong financial performance, clinical excellence and value-add contributions to WBA's business. WBA has entered into a definitive agreement to acquire the remaining 30% stake (approximately 35% on a fully-diluted basis) for approximately $1.37 billion, which is based on the exit multiple agreed at the time of WBA's 2021 investment in Shields.

Shields is a leader in the large, fast-growing market of specialty pharmacy, and is the premier health system-owned specialty pharmacy integrator in the United States. WBA’s full acquisition of Shields from other equity holders (including private equity firm Welsh, Carson, Anderson & Stowe and Founder and Board Chairman Jack Shields) follows the increase of WBA’s stake to approximately 70% in September 2021. The transaction is expected to close by the end of the 2022 calendar year.

“Our full acquisition of Shields will complete another major milestone as part of our consumer-centric healthcare strategy to drive sustainable long-term growth, and we are very pleased with our partnership and integration with Shields,” said Roz Brewer, CEO, WBA. "We can now make further progress on our strategy through Shields’ integrated model, increasing our value to health systems, expanding access to payor partners and supporting improved outcomes and lower costs.”

Shields has continued to rapidly expand its platform, which has a proven track record of improving patient outcomes and lowering total medical expense for health systems and patients. As an accelerator of health system-owned specialty pharmacies, Shields has served more than 1 million patients, with nearly 80 health system partners representing approximately 1,000 hospitals nationwide.

Shields delivered pro forma sales growth of 57% for the first nine months of fiscal 2022, driven by key contract wins, further expansion of existing partnerships and strong executional focus. It will play a central role as Walgreens continues to align capabilities across primary care, specialty pharmacy care, post-acute care and home care.

Shields will continue as a distinct business and brand within Walgreens. John Lucey, co-founder and current president of Shields, will lead the organization as CEO of Shields, and current Shields CEO Lee Cooper will take on a new executive role within WBA. Lucey partnered with Jack Shields 10 years ago to start the business and has led its operations for most of that time.

“This transaction validates our tremendous impact to health systems and specialty patients, as well as the consistent growth and innovation the Shields team has achieved over the last decade,” said Cooper. “As an important business within Walgreens, and under John Lucey’s leadership, Shields will be well-positioned to continue to scale its unique integrated care model for the benefit of all stakeholders.”

“We’re thankful for the outstanding partnership we’ve enjoyed over the past three years with the Shields management team, Founder Jack Shields, UMass Memorial Health and WBA. We greatly appreciate the team’s work to build an awesome company. From day one, it has been a terrific experience working with the Shields and WBA teams,” said Tom Scully, general partner, Welsh, Carson, Anderson & Stowe.

WBA’s U.S. Business Segment Leadership

Separately, WBA is also announcing a new leadership structure for its U.S. business segment today. Walgreens President John Standley is leaving the company to pursue other opportunities, and the segment will now be organized under two leaders: Pharmacy led by Cooper, and Retail led by Tracey Brown, president, Walgreens Retail Products and chief customer officer. Both will report directly to Brewer and serve on the Executive Leadership Team. Cooper has been appointed to the role of executive vice president, Walgreens Pharmacy, beginning Oct. 1, and Standley will remain at the company until Nov. 1 to ensure a smooth transition.

“Lee has demonstrated proven success in driving business growth, creating omni-channel customer experiences and building high-performance cultures, and will partner very closely with Tracey, who has made major strides for our company since joining just over a year ago. We are confident that we have the right leadership in place to advance our strategic priorities and be the leading partner in reimagining healthcare,” said Brewer. “We are also very grateful to John Standley for his many contributions, and want to thank him for everything he has done for our company and wish him the very best. He led the team through a challenging time during the pandemic, and was integral to our unprecedented national rollout of COVID-19 vaccines and testing and to laying the foundation for our transformation to a healthcare company.”

Cooper is a distinguished leader in the healthcare industry. He formerly served as the President and CEO of GE Healthcare, U.S. and Canada, where he led an $8 billion commercial and service organization through a period of steady growth. In that role, he partnered with care providers, healthcare systems and governments to improve healthcare quality, access and affordability. Cooper subsequently joined Welsh, Carson, Anderson & Stowe as an operating partner focused on healthcare investments in 2019, before assuming his role as CEO of Shields in 2020.
“In my new role leading Walgreens Pharmacy, I look forward to leveraging my deep healthcare experience to deliver transformative experiences for Walgreens patients, partners and team members,” said Cooper.

Additional Information

Sidley Austin LLP acted as legal advisor for WBA. Ropes & Gray LLP acted as lead legal advisor for Shields, along with Goodwin Procter LLP and K&L Gates LLP.

About Walgreens Boots Alliance

Walgreens Boots Alliance (Nasdaq: WBA) is an integrated healthcare, pharmacy and retail leader serving millions of customers and patients every day, with a 170-year heritage of caring for communities.
A trusted, global innovator in retail pharmacy with approximately 13,000 locations across the U.S., Europe and Latin America, WBA plays a critical role in the healthcare ecosystem. The company is reimagining local healthcare and well-being for all as part of its purpose – to create more joyful lives through better health. Through dispensing medicines, improving access to a wide range of health services, providing high quality health and beauty products and offering anytime, anywhere convenience across its digital platforms, WBA is shaping the future of healthcare.

WBA has more than 315,000 team members and a presence in nine countries through its portfolio of consumer brands: Walgreens, Boots, Duane Reade, the No7 Beauty Company, Benavides in Mexico and Ahumada in Chile. Additionally, WBA has a portfolio of healthcare-focused investments located in several countries, including China and the U.S.

The company is proud of its contributions to healthy communities, a healthy planet, an inclusive workplace and a sustainable marketplace. WBA has been recognized for its commitment to operating sustainably: it is an index component of the Dow Jones Sustainability Indices (DJSI) and was named to the 100 Best Corporate Citizens 2021.

More company information is available at www.walgreensbootsalliance.com.

Cautionary note regarding forward-looking statements

All statements in this release that are not historical including, without limitation, those regarding the closing and anticipated effects of the transaction, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “likely,” “outlook,” “forecast,” “preliminary,” “pilot,” “project,” “intend,” “plan,” “goal,” “target,” “aim,” “continue,” “believe,” “seek,” “anticipate,” “upcoming,” “may,” “possible,” and 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, known or unknown, that could cause actual results to vary materially from those indicated or anticipated. These risks, assumptions and uncertainties include those described in Item 1A (Risk Factors) of our Annual Report on Form 10-K for the fiscal year ended August 31, 2021 and in other documents that we file or furnish with the Securities and Exchange Commission. If one or more of these risks or uncertainties materializes, or if underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. All forward-looking statements we make or that are made on our behalf are qualified by these cautionary statements. Accordingly, you should not place undue reliance on these forward-looking statements, which speak only as of the date they are made.

We do not undertake, and expressly disclaim, any duty or obligation to update publicly any forward-looking statement after the date of this release, whether as a result of new information, future events, changes in assumptions or otherwise.

WBA Media Relations

USA / Kelli Teno, +1 312 402 5060

WBA Investor Relations

Tiffany Kanaga, +1 847 315 2922

Green Street | Inside The Deal – Transforming a Vertical Market Leading Data & Analytics Business

Technology
08/11/2022

Green Street | Inside The Deal – Transforming a Vertical Market Leading Data & Analytics Business

Inside The Deal is a series from the WCAS Investor team providing insight into our investments

New York, New York, August 12, 2022 - With the announced transaction to sell a majority interest in Green Street later this year, we take a step back to reflect on the initial investment thesis, and the transformation of Green Street over the last 3 years.

Green Street sits at the intersection of our sector focuses in Data & Analytics and PropTech, where we look to invest in businesses that are providing data and software to drive more informed decision-making, investing, and asset management for the commercial real estate industry. We believe this market has historically been opaque and slow to embrace technology relative to other industries, and thus is ripe for disruption.

Green Street fits squarely within that investment mandate, serving as a premier provider of commercial real estate intelligence and analytics across research, data and exclusive news. It has innovated consistently for nearly four decades to be the gold standard destination for participants in the commercial real estate ecosystem.

We saw in Green Street an opportunity to transform the business. In 2019, many saw Green Street as a narrow provider of research focused on the public real estate investment trust ecosystem, with a legacy transactional revenue model and significant regulatory oversight. Looking through these superficial considerations, we saw a company with:

  • exceptional customer advocacy,
  • valuable proprietary data,
  • an extraordinarily talented employee base, and
  • a large end market with significant unmet need.

The opportunity was immense, but it would require significant execution. We partnered closely with the management team including a new CEO we recruited, Jeff Stuek to implement a value maximization plan that would enable the Company to better serve clients and predictably grow revenue and profitability, while retaining the Company’s unique culture. This execution was focused around four key elements:

  1. Shifted the Company from a transactional revenue approach (and associated trading desk) to a subscription model, which in turn reduced the Company’s regulatory burden.
  2. Expanded the Company’s data and news capabilities in the US and Europe both organically and through two acquisitions.
  3. Simplified the Company’s product bundling and enterprise pricing strategy and rebuilt the Company’s go-to-market motion.
  4. Built a data engine and new SaaS platform earlier this year that allows Green Street to seamlessly deliver actionable, interconnected intelligence across news, research, and data/analytics.

These efforts accelerated organic growth, doubled the size of the business, expanded the addressable market opportunity, and further enhanced Green Street’s industry-leading customer satisfaction.

As proud as we are of the Company’s accomplishments to date, we are equally excited about the future. We are thrilled to continue our partnership with the leadership group and new investors, TA Associates.

Looking for insight on more WCAS deals? Come back regularly to the Inside The Deal blog to learn about our most recent deals, and historic insight on some of our deals from the last decade.

WCAS Team Supporting Green Street

Chris Hooper
General Partner
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Sidney Ouyang
Principal
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George Mashini
Operating Partner
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Brian Kasser
Talent Operating Partner
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Jeff Stuek
Chief Executive Officer
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For additional information about Green Street, visit the firm’s website and LinkedIn.

United Musculoskeletal Partners Announces Merger with Novum Orthopedic Partners and Addition of Founding Practice

Healthcare
07/20/2022

United Musculoskeletal Partners Announces Merger with Novum Orthopedic Partners and Addition of Founding Practice

United Musculoskeletal Partners Announces Merger with Novum Orthopedic Partners and Addition of Founding Practice

Atlanta, GA – July 20, 2022 – United Musculoskeletal Partners (UMP) announced today its merger with Dallas-based Novum Orthopedic Partners (Novum), to form the premier physician-owned orthopedic platform in the country. In addition, Denver-based Panorama Orthopedics (Panorama) joins Atlanta-based Resurgens Orthopaedics (Resurgens) and Dallas-based Arlington Orthopedic Associates (AOA) as co-founding partners of UMP. Together, these new partnerships establish UMP as a national leader in musculoskeletal care delivery.

UMP, led by CEO Alex Bateman, is a joint venture of leading orthopedic practices and private equity group Welsh, Carson, Anderson & Stowe (WCAS). With the addition of Novum and Panorama, UMP grows to nearly 190 physician partners and 320 total providers across Colorado, Georgia and Texas.

Backed by A&M Capital Partners (AMCP), Novum launched its orthopedic platform in December 2021 by bringing together AOA, Abilene Sports Medicine & Orthopedics and Waxahachie Orthopedic and Sports Medicine and investments in two leading surgical facilities captive to those practices. Inclusive of the recent addition of North Texas Orthopedics & Spine Center, the four Novum practices will join UMP, with AMCP joining as go-forward sponsor partners alongside WCAS.

“I believe this partnership of elite orthopedic groups, backed by WCAS and AMCP, will be transformative, as we come together to deliver the very best patient care and drive innovation and growth,” said Bateman. “This merger will allow UMP to continue adding like-minded practices to our footprint, as we build the leading musculoskeletal enterprise in the nation.”

Eric Slimmer, Chief Development Officer for Novum said, “The timing was serendipitous that we could merge these two newly formed ventures into one, high-performing platform. Our visions are aligned and that favorably positions us to execute on our goals together.”

“This partnership is especially exciting for Panorama as we join forces with Novum, Resurgens, WCAS and AMCP under the UMP platform to create more access for patients to world-class orthopedic and musculoskeletal care,” said Mark Conklin, MD, President of Panorama. “Together, we can continue paving the way for the future of orthopedics.”

About United Musculoskeletal Partners
United Musculoskeletal Partners (UMP) was formed in December 2021 by Resurgens Orthopaedics, one of the nation’s largest orthopedic practices, and leading private equity firm WCAS. UMP will partner with entrepreneurial, physician-owned orthopedic practices to deliver exceptional clinical care to patients around the country while simplifying the management functions of the practices under one umbrella company. More information at www.umpartners.com.

About Novum Orthopedic Partners
Novum Orthopedic Partners is an innovator in the field of orthopedic practice management. The Company’s model allows for practices of all sizes to maintain local autonomy and independence while achieving the benefits of scale in a national team setting. Novum’s strategy, structure and time-tested model are designed to meet future demands and deliver sustained growth. For more information, please visit www.novumortho.com.

About Panorama Orthopedics
The orthopedic providers at Panorama are highly trained and focused on specific sub-specialties. With over 100 physicians and advanced practice providers, we offer orthopedic specialists in sports medicine, orthopedic trauma, hand, wrist and elbow, foot and ankle, hip preservation, joint replacement and spine care. In addition, we offer non-operative pain management specialists and physical therapists. Our entire team works together with one goal in mind, to help get you back to feeling better so you can lead an active life. For more information visit www.panoramaortho.com.

About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: healthcare and technology. Since its founding in 1979, the firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. The firm has raised and managed funds totaling over $30 billion of committed capital. For more information, please visit www.wcas.com.

About A&M Capital Partners
A&M Capital Partners (“AMCP”) is Alvarez & Marsal Capital’s flagship investment strategy focused on middle-market control transactions in North America with total assets under management of approximately $2.9 billion. AMCP partners with founders, corporates and management teams, providing the capital and strategic assistance that we believe is required to take businesses to the next level of success. AMCP is part of Alvarez & Marsal Capital (AMC), a multi-strategy private equity investment firm with over $4.2 billion in total assets under management across four investment strategies, which maintains a strategic association with Alvarez & Marsal, one of the largest operationally-focused advisory firms in the world.

More information is available at www.a-mcapital.com.

Randy Dobbs Named New CEO of EnableComp + Argos Health

Healthcare
03/22/2022

Randy Dobbs Named New CEO of EnableComp + Argos Health

Media Contacts

Jon Rather
WCAS
212-893-9570JRather@wcas.com
Greg Lau
WCAS
212-893-9586GLau@wcas.com

FRANKLIN, Tenn., March 21, 2022 - EnableComp + Argos Health announced today that the company's Board of Directors has appointed Randy Dobbs as the new Chief Executive Officer. An experienced business leader with over 30 years of executive leadership, Dobbs will succeed Brent McCarty, former CEO of Argos Health, who will serve on the Board. Private equity firm Welsh, Carson, Anderson & Stowe (WCAS) recently invested in both Argos Health and EnableComp and merged the two companies to create the market leader in complex claims solutions.

Dobbs will lead the company's pursuit of new strategic growth opportunities to establish EnableComp + Argos Health as a first-of-its-kind specialty revenue cycle platform, including a focus on expanding the capabilities of the Company's proprietary technology Enforcer360.

Throughout the course of his career, Dobbs has served in senior leadership positions at numerous public and private companies including CEO roles at General Electric, Phillips, U.S. Investigation Services, Matrix Medical Network, and most recently, American Vision Partners. Joining EnableComp + Argos Health marks the third time Dobbs has led a WCAS portfolio company.

"Randy is a world-class leader and has an established record of transforming businesses under his leadership to achieve operational excellence," said Ed Sobol, General Partner at WCAS. "His experience will be invaluable to EnableComp + Argos Health as the Company augments its technology platform, expands product offerings, and continues to enhance its ability to serve customers. Randy is uniquely positioned to accelerate growth while supporting a fantastic employee culture focused on client service.

"I am thrilled to join EnableComp + Argos Health because the opportunity to partner with hospitals and support their financial health is an incredibly important mission," said Dobbs. "I believe we can make a real difference in the healthcare space by continuing to improve customers' ability to collect what they are owed, enabling them to reinvest in delivering high quality healthcare."

Dobbs is the also author of "Transformational Leadership: A Blueprint for Real Organizational Change," and can be frequently seen at events nationwide sharing his expertise as a motivational speaker.

About EnableComp + Argos Health
EnableComp + Argos Health partners with over 1000 healthcare providers to manage Veterans Administration, Workers' Compensation, Motor Vehicle Accident/TPL, and Out of State Medicaid claims, as well as ERISA appeals. They also offer services for A/R management, zero balance recovery, and commercial and government denials. The Company positions clients to ensure maximum and timely reimbursement of their complex claims while improving overall yield, accelerating cash collections, and decreasing the cost to collect. EnableComp+Argos is also among the top one percent of companies to make the Inc. 5000 list of the fastest-growing private companies in the United States for the last eight years. To learn more, visit: enablecomp.com.

About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: technology and healthcare. Since its founding in 1979, the firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. The firm has raised and managed funds totaling over $30 billion of committed capital. For more information, please visit wcas.com.

Jim Hinton, Former CEO of Baylor Scott & White Health, Joins Welsh, Carson, Anderson & Stowe as Healthcare Operating Partner

Healthcare
01/06/2022

Jim Hinton, Former CEO of Baylor Scott & White Health, Joins Welsh, Carson, Anderson & Stowe as Healthcare Operating Partner

Media Contacts

Jon Rather
WCAS
212 893-9570JRather@wcas.com
Greg Lau
WCAS
212 893-9586GLau@wcas.com

Jim Hinton, Former CEO of Baylor Scott & White Health, Joins Welsh, Carson, Anderson & Stowe as Healthcare Operating Partner

New York, NY, January 6, 2022– Welsh, Carson, Anderson & Stowe (WCAS), a leading private equity firm focused exclusively on the healthcare and technology industries, announced today that Jim Hinton will join the Firm as an Operating Partner in its Healthcare Resources Group. Mr. Hinton retired on December 31st as the CEO of Baylor Scott & White Health, the largest not-for-profit health system in Texas with 47,000 employees, 50 hospitals, 7,500 affiliated physicians and a value-based care platform serving more than one million lives.

Mr. Hinton has been a leader in the healthcare industry for more than 38 years. In his most recent role as the CEO of Baylor Scott & White Health, he strengthened the organization’s patient-safety focus, improved employee engagement and drove strong operational performance each year of his tenure. Among the industry honors he has received, Mr. Hinton has been named one of the 100 Most Influential People in Healthcare by Modern Healthcare magazine five times, most recently in 2021.

“We are thrilled to welcome Jim to the WCAS team for the next chapter in his career,” said Brian T. Regan, Head of the Healthcare Group and General Partner at WCAS. “His decades of experience leading major health systems, partnering with clinicians and focusing on improving the patient experience will be incredibly valuable to WCAS and our portfolio companies. We are proud to call him a friend and now an official member of our team.”

Mr. Hinton said, “I have known and respected the WCAS team for many years and look forward to becoming involved in their diverse group of leading healthcare companies. I am particularly excited about the track record of WCAS partnering with healthcare systems to improve the quality, experience, and value for patients.”

Prior to becoming the CEO of Baylor Scott & White, he spent more than three decades at Presbyterian Healthcare Services, New Mexico’s largest healthcare provider, where he was president and CEO of the system for 21 years. In 2014, Mr. Hinton served as the Chairman of the Board of Trustees of the American Hospital Association, which represents nearly 5,000 hospitals, healthcare systems, networks, and other providers of care through advocacy and public policy. He also served on the Board of Premier Healthcare Alliance and Chaired the Board of the Healthcare Institute. He holds a Master’s Degree in Healthcare Administration from Arizona State University and a Bachelor’s Degree in Economics from the University of New Mexico.

About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: healthcare and technology. Since its founding in 1979, the firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. The firm has raised and managed funds totaling over $27 billion of committed capital. For more information, please visit www.wcas.com.

Mia Jung Joins Welsh, Carson, Anderson & Stowe as Healthcare Talent Partner

Firm
01/04/2022

Mia Jung Joins Welsh, Carson, Anderson & Stowe as Healthcare Talent Partner

Mia Jung Joins Welsh, Carson, Anderson & Stowe as Healthcare Talent Partner

New York, NY, January 4, 2022 – Welsh, Carson, Anderson & Stowe (WCAS), a leading private equity firm focused exclusively on the healthcare and technology industries, announced today that Mia Jung will join the Firm as the Healthcare Talent Partner in WCAS’s Resources Group.

Ms. Jung has spent over 20 years working in the healthcare industry and over 8 years in executive search. She has held commercial leadership roles in the pharmaceutical, medical technology, and executive search industries at companies such as Merck, Guidant, Boston Scientific, Russell Reynolds, and, most recently, Oxeon Partners. In her role as a Partner at Oxeon, she worked with innovative healthcare organizations, boards, and investors to build diverse and cohesive leadership teams. She co-founded Break Into The Boardroom, an initiative that seeks to drive gender parity in the boardroom. As WCAS’s Healthcare Talent Partner, Ms. Jung will work with our healthcare portfolio companies to build best-in-class leadership teams.

“We are thrilled to welcome Mia to WCAS in the Talent Partner role,” said Brian T. Regan, Head of the Healthcare Group and General Partner at WCAS. “We have had a long relationship with Mia over the years, and we know that our portfolio companies and Firm will benefit from her ability to build leadership teams, attract and retain talent, and from her passion for improving the healthcare industry. Having a dedicated resource on our team with a network as strong as Mia’s will greatly benefit the Firm.”

Ms. Jung said, “I am looking forward to joining the WCAS team as its Healthcare Talent Partner. Exceptional talent is the foundation of successful businesses, and I am pleased to partner with a Firm that has such a deep track record of building innovative and market leading healthcare companies. I am also excited to continue to focus on building more diverse teams and Boards within the WCAS portfolio.”

Ms. Jung earned her undergraduate degree in Communications and Business at Villanova and has an MBA from Columbia and London Business School. At Columbia she served as the Co-Chair for Sanford Bernstein’s Ethics and Leadership program. Her board work includes Independent Director roles at Abzena, a WCAS portfolio company, The New York Academy of Medicine Board, and she serves as an Advisory Member of The Moth’s Development Committee. She has also served as a speaker/advisor to MIT’s Martin Trust Center for Entrepreneurship.

About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: healthcare and technology. Since its founding in 1979, the firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. The firm has raised and managed funds totaling over $27 billion of committed capital. For more information, please visit www.wcas.com.

Argos Health Merges with EnableComp

Healthcare
12/20/2021

Argos Health Merges with EnableComp

Argos Health Merges with EnableComp

Dallas, Texas, December 20, 2021 – Argos Health (“Argos”) announced today it has merged with EnableComp. Argos Health is a rapidly growing provider of complex claims solutions to the country’s leading healthcare providers. Argos works with hospitals, health systems, and physician groups to increase revenue recovery across workers' compensation, motor vehicle accident, out-of-state Medicaid, and Veterans Affairs claims, as well as ERISA appeals. Welsh, Carson, Anderson & Stowe (“WCAS”) acquired Argos Health earlier this year.

Based in Franklin, Tennessee, EnableComp is a leading provider of workers’ compensation, Veteran Affairs and other complex claims processing solutions, facilitated by its proprietary software, Enforcer360. EnableComp was originally founded in 2000 and today serves over 800 healthcare facilities across more than 50 customers.

Brent McCarty, Chief Executive Officer of Argos Health said, “We are excited about the merger with EnableComp, which solidifies Argos as the clear market leader in complex claims solutions. Our differentiated expertise in complex claims recovery generates a high return on investment for our clients. We strive to continuously enrich the breadth and caliber of our offerings, and we believe the combined scale and capabilities of Argos Health and EnableComp will enhance our ability to serve our customers.”

“Argos Health is a first-of-its-kind specialty revenue cycle platform to assist providers in recovering hard-to-capture payments of all types,” said Ed Sobol, General Partner at WCAS. “The combination with EnableComp significantly expands Argos’ geographic presence nationally and elevates its technology capabilities. We look forward to partnering with the management team and Primus Capital to continue growing the business organically and through acquisitions, while delivering best-in-class solutions to our clients.”

“We are thrilled to partner with the Argos team and to leverage WCAS’ deep experience working with health systems to support the company’s growth,” noted Caroline Dechert, Principal at WCAS. “By facilitating efficient claims processing, Argos ensures providers are paid fairly for their services and patients are protected from improper bills, while enabling providers to re-invest in care delivery.”

Over the past four decades, WCAS has successfully invested approximately $10 billion of equity in over 90 healthcare companies through its 13 private equity funds. WCAS’s current portfolio includes market-leading healthcare businesses such as CenterWell, Leiters, MMIT, Shields Health Solutions and US Radiology Specialists.

About Argos Health
Argos Health is a revenue cycle partner specializing in the resolution and recovery of complex claims. The company works with hospitals, health systems, and physician groups to increase revenue recovery across workers' compensation, motor vehicle accident, out-of-state Medicaid, and Veterans Affairs claims, as well as ERISA appeals. Argos Health has been ranked #1 in the Complex Claims Solution Vendor category in the last three Black Book Hospital CFO Surveys and is a top-ranked KLAS vendor. Argos Health was named to the 2021 Deloitte Technology Fast 500, which recognizes 500 of the most innovative, fastest-growing companies across the technology, media, telecommunications, life sciences, fintech, and energy tech sectors in North America.
To learn more, visit: http://www.complexclaims.com.

About EnableComp
EnableComp partners with over 800 healthcare providers to manage Veterans Administration, Workers’ Compensation, and Motor Vehicle Accident/TPL claims. Related services cover day 1 outsourcing, A/R management, and zero balance recovery. EnableComp also offers solutions for commercial and government denials in addition to complex claims. Clients are positioned to ensure maximum and timely reimbursement of their complex claims while improving overall yield, cash acceleration, and decreasing the cost to collect. EnableComp is among a small group of companies to make the Inc. 5000 list of the fastest-growing private companies in the United States for the last eight years. https://www.enablecomp.com/

About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: technology and healthcare. Since its founding in 1979, the firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. The firm has raised and managed funds totaling over $27 billion of committed capital. For more information, please visit http://www.wcas.com.

Kristin Schroeder Joins Welsh, Carson, Anderson & Stowe as Operating Partner on Talent Team

Firm
12/16/2021

Kristin Schroeder Joins Welsh, Carson, Anderson & Stowe as Operating Partner on Talent Team

Kristin Schroeder Joins Welsh, Carson, Anderson & Stowe as Operating Partner on Talent Team

New York, NY, December 16, 2021 – Welsh, Carson, Anderson & Stowe (WCAS), a leading private equity firm focused exclusively on the technology and healthcare industries, announced today that Kristin Schroeder will join the Firm’s Technology Talent Team as an Operating Partner.

Ms. Schroeder has 15 years of talent experience spanning executive search, corporate recruiting, and talent advisory. Most recently, she served as a Senior Director at Bain & Company, where she led the Private Equity and Financial Services verticals in the Americas for the Bain Executive Network. Over the last two years, she was a key architect of Bain's LeadershipLink solution which translates portfolio company value creation plans into leadership talent strategies. Ms. Schroeder will join WCAS’s Technology Talent Partner, Brian Kasser, to work with WCAS’s technology portfolio companies to build best-in-class leadership teams.

“We are thrilled to welcome Kristin to WCAS as a member of our Technology Group’s Talent Team,” said Mike Donovan, Head of the Technology Group and General Partner at WCAS. Brian Kasser continued: “I have known Kristin for many years and am very pleased she is joining the WCAS team. She is a talented recruiter and will help us on our mission to continue to establish repeatable talent best practices that develop portfolio executives and ensure we consistently have leaders in place who deliver value.”

Ms. Schroeder said, “I am very much looking forward to joining the WCAS Talent Team, and partnering with Brian, the investment team, and our management teams to build leadership talent strategies for the technology portfolio.”

Prior to joining Bain & Company in 2017, Ms. Schroeder spent eight years in the Private Equity and Global Banking & Markets practices at Russell Reynolds Associates, a global executive search and talent assessment firm. Her clients included several of the world’s largest global banks, regional banks, private equity firms (from large buyout firms to smaller growth equity firms), and other financial services institutions. Earlier in her career, she was a member of the recruiting team at The Blackstone Group. Ms. Schroeder earned an M.A. in Social Organizational Psychology from Columbia University, Teachers College and a B.A. in Psychology, highest honors and Phi Beta Kappa, from Lehigh University.

About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: technology and healthcare. Since its founding in 1979, the firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. The firm has raised and managed funds totaling over $27 billion of committed capital. For more information, please visit www.wcas.com.

Welsh, Carson, Anderson & Stowe and Resurgens Orthopaedics Form Partnership to Build the Premier Orthopaedic Practice in the Nation

Healthcare
12/09/2021

Welsh, Carson, Anderson & Stowe and Resurgens Orthopaedics Form Partnership to Build the Premier Orthopaedic Practice in the Nation

Atlanta and New York, December 9, 2021 – Welsh, Carson, Anderson & Stowe (“WCAS”), a leading private equity firm focused exclusively on the healthcare and technology industries, and Resurgens Orthopaedics, one of the nation’s largest orthopaedic practices, today announced the formation of a new venture focused on building the premier physician-owned orthopaedic platform in the country.

Since its founding over 35 years ago, Resurgens Orthopaedics has grown into the largest orthopaedic group in Georgia, providing comprehensive specialty care and ancillary services addressing all musculoskeletal needs. Today, Resurgens Orthopaedics has nearly 100 physicians and approximately 50 advanced practice providers across 24 clinic locations serving nearly 800,000 patients annually in Atlanta.

The new company will be led by Alex Bateman as Chief Executive Officer. Bateman is a seasoned healthcare executive with decades of operating experience, including senior leadership roles at United Surgical Partners International (“USPI”), a former WCAS portfolio company, and DaVita. He currently serves as the Chief Executive Officer of Resurgens Orthopaedics.

“We are excited to be building a new physician-owned company dedicated to delivering exceptional clinical care in orthopaedics and are thrilled to have the support of a highly experienced investor such as WCAS,” said Bateman. “We look forward to partnering with other like-minded, entrepreneurial orthopaedic practices around the country.”

Sean Traynor, General Partner at WCAS, said, “As one of the largest and most respected orthopaedic practices in the country, Resurgens Orthopaedics is the perfect founding partner for our new venture. Resurgens Orthopaedics’ commitment to best-in-class clinical quality together with our resources and capital investment will enable the company to deliver exceptional care to more patients nationally. We are thrilled to partner with their team of outstanding providers.”

WCAS has deep experience building industry leading companies in partnership with physicians, including: US Radiology Specialists, US Anesthesia Partners, US Acute Care Solutions, US Oncology and USPI, among others.

Harris Williams acted as exclusive financial advisor to Resurgens Orthopaedics, with Bass Berry & Sims serving as legal counsel. Sidley Austin served as legal counsel to WCAS.

About Resurgens Orthopaedics
Resurgens Orthopaedics, one of the nation’s largest orthopaedic practices, has 24 offices throughout metro Atlanta, serving the residents of Georgia, the Southeast and beyond. Resurgens Orthopaedics provides comprehensive operative and non-operative musculoskeletal care in a single location, from injury diagnosis and treatment to rehabilitation and imaging services. With almost 100 physicians, Resurgens Orthopaedics provides specialized expertise and broad experience in the areas of sports medicine, joint replacement, neck and back surgery, foot and ankle surgery, shoulder and elbow surgery, non-operative spine care, hand surgery, arthroscopic surgery, epidural steroid injection, general orthopaedics and trauma care. For more information, please visit www.resurgens.com.

About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: healthcare and technology. Since its founding in 1979, the firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. The firm has raised and managed funds totaling over $27 billion of committed capital. For more information, please visit www.wcas.com.

Ncardia Secures $60+ Million to Enhance and Expand Leading iPSC Offerings

Healthcare
11/16/2021

Ncardia Secures $60+ Million to Enhance and Expand Leading iPSC Offerings

Media Contacts

Roger Friedensen
Kiniciti
+1 (919) 349-3206partnering@kiniciti.com
Stefan Braam
Ncardia
+31 (0)71 33 222 30support@ncardia.com

Ncardia forms strategic partnership with Kiniciti to build GMP capabilities to support iPSC cell therapy platforms and human cell-based in vitro discovery services

Gosselies, Belgium and New York, N.Y. (Nov. 16, 2021) – Ncardia, a leader in developing stem cell-based solutions for drug discovery and cell therapy, announced that it has secured more than $60 million in capital through a strategic partnership with Kiniciti, a U.S.-based investment platform focused on strengthening the cell and gene therapy ecosystem worldwide. Kiniciti is backed by Welsh, Carson, Anderson & Stowe (WCAS), a leading private equity firm investing in healthcare and technology, and Biospring Partners. The transaction gives Kiniciti a control stake in Ncardia to support growth and enhance capabilities spanning discovery to clinical programs to commercial production.

A leader in contract research, development and manufacturing of human-induced pluripotent stem cell-based solutions (iPSC), Ncardia’s capabilities include bio-reactor-based scalable manufacturing of iPSC derived cells, assay development, disease modeling, and cell-based screening.

“We are thrilled to welcome Kiniciti as our strategic investment partner, “said Alain Parthoens, Ncardia’s Chairman. “Kiniciti is uniquely suited to help Ncardia expand globally and to support our planned investment into GMP capabilities for our iPSC-based cell therapy platforms.”

“Combining Ncardia’s revolutionary, differentiated science with our ability to build global companies and supporting ecosystems will create significant value for therapeutic customers,” said Geoff Glass, CEO of Kiniciti. “We’re excited to make Ncardia the centerpiece of an ecosystem that we will build to ensure that cell therapies claim their rightful place in advancing human health. Through this partnership, Ncardia’s customers will benefit from the company’s expanded cGMP capabilities in cell therapy and more robust offerings in discovery services.”

Ncardia has leveraged its diverse capabilities through a platform comprising multiple technologies and services to accommodate projects for various therapeutic modalities at any stage of development.

“With this partnership, we can enhance our technology platforms with Kiniciti’s capital and deep expertise to create a strong and successful global iPSC leader,” said Ncardia Co-founder and CEO Stefan Braam, PhD. “We’ll do that on the drug discovery side by building additional human cellular models with the capability to predict whether drugs are safe and efficacious much earlier in the development process. In cell therapy, we’re going to help our customers with novel manufacturing technology that will create robust iPSC-based allogenic platforms in the immuno-oncology field.”

While comparatively new in the cell therapy space, human iPSC initiatives have garnered considerable interest because of the incredible potential they hold for cell therapy companies. iPSC technology gives scientists the ability to reprogram a given skin or blood cell into a stem cell, which in turn can be differentiated into any target cell type of interest. That cell then can be further enhanced with custom cell engineering and edits to match customers’ needs.

“A guiding principle in this partnership is to expand access to, and drive down the cost of, cell therapies for patients in need,” Mr. Glass said. “The only way that happens is by building robust, industrialized and scalable platforms. And that is precisely what we will accomplish through our partnership with Ncardia. We’re very excited to collaborate with Stefan and his team of experts, and we look forward to fulfilling iPSC’s potential to deliver better therapies to patients around the world.”

About Ncardia
Ncardia is a human iPSC technology company that operates worldwide with facilities, offices, and staff throughout Europe and North America. Ncardia is built on the belief that stem cell technology will help bring better therapies to patients faster. The company’s goal is to enable biopharmaceutical companies in drug discovery and cell therapy to accelerate their development processes through the integration of human iPSC technologies. For more information, visit www.ncardia.com.

About Kiniciti
Kiniciti, a platform company of leading private equity firm Welsh, Carson, Anderson & Stowe (WCAS) and Biospring Partners, invests in and partners with companies that have the potential to transform and strengthen the cell and gene therapy ecosystem. With a highly tailored, collaborative, and flexible investment and strategic support model, Kiniciti aims to ensure the promise of cell and gene therapeutics is delivered quickly and safely to patients worldwide. The company’s leadership team includes professionals experienced in investing in and building successful companies across the life sciences sector. For more information, visit www.kiniciti.com.

About Welsh, Carson, Anderson & Stowe
WCAS is a leading private equity firm focused on two target industries: technology and healthcare. Since its founding in 1979, the firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. WCAS has deep experience in acquiring founder-led businesses and corporate carve-outs. The firm has raised and managed funds totaling over $27 billion of committed capital. For more information, please visit www.wcas.com.

Kiniciti Raises Additional Capital from Biospring Partners to Fund Its Global Platform Serving the Cell & Gene Therapy Industry

Healthcare
11/10/2021

Kiniciti Raises Additional Capital from Biospring Partners to Fund Its Global Platform Serving the Cell & Gene Therapy Industry

Media Contacts

Roger Friedensen
Kiniciti
partnering@kiniciti.com
Karen Leung
Biospring Partners
karen@biospring.com
Jon Rather
WCAS
jrather@wcas.com
Greg Lau
WCAS
glau@wcas.com

Investment Marks The Rapidly Growing Market Opportunity In Cell & Gene Therapy

New York, N.Y. (Nov. 10, 2021) – Kiniciti, a Welsh, Carson, Anderson & Stowe (“WCAS”) platform company that invests in cell and gene therapy innovation, announced today that Biospring Partners has joined WCAS as an investor in Kiniciti. Dr. Michelle Dipp, Biospring’s Managing Partner, will serve on Kiniciti’s Board of Directors.

Kiniciti was founded earlier this year to empower partner companies with the resources, expertise, and capital to help accelerate the advancement, manufacturing, and adoption of cell and gene therapies (“CGT”). Kiniciti will invest in non-therapeutic companies supporting CGT innovation, which have the potential to transform the cell and gene therapy ecosystem and deliver the promise of CGT to impact patients’ lives. Principal focus areas for investment include companies with: transformational capabilities in cell engineering and gene-editing; cell sources and other value-added starting materials; process science and scale-up tools and services; production technologies; and, source-to-patient delivery.

“We’ve had the pleasure of getting to know the Biospring team this year, and we’re excited to welcome them as value-add investors,” said Geoff Glass, CEO of Kiniciti.

“Biospring brings well-established, and highly complementary, expertise and network that will help us continue to grow Kiniciti,” said Nicholas O’Leary, WCAS General Partner.

“Cell and Gene Therapy is one of the fastest growing therapeutic classes, and we believe that it represents the future of medicine over the next decade. We are excited to back the Kiniciti team, who are at the forefront of industrializing technologies and manufacturing for biopharmaceutical companies discovering novel CGT therapies,” said Michelle Dipp, Managing Partner at Biospring Partners.

About Kiniciti
Kiniciti, a platform company of leading private equity firm Welsh, Carson, Anderson & Stowe (WCAS) and Biospring Partners, invests in and partners with companies that have the potential to transform and strengthen the cell and gene therapy ecosystem. With a highly tailored, collaborative, and flexible investment and strategic support model, Kiniciti aims to ensure the promise of cell and gene therapeutics is delivered quickly and safely to patients worldwide. The company’s leadership team includes professionals experienced in investing in and building successful companies across the life sciences sector. For more information, visit www.kiniciti.com.

About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: technology and healthcare. Since its founding in 1979, the firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. WCAS has deep experience in acquiring founder-led businesses and corporate carve-outs. The firm has raised and managed funds totaling over $27 billion of committed capital. For more information, please visit www.wcas.com.

About Biospring Partners
Biospring Partners is a growth equity firm that invests in healthcare technology. Founded in 2020, Biospring leverages its deep experience in the life sciences and technology industries to support companies that are driving innovation across the healthcare industry and beyond. For more information, visit www.biospring.com.

Welsh, Carson, Anderson & Stowe Names Julie Dodd and Kate Hastings as New Technology Operating Partners

Firm
10/19/2021

Welsh, Carson, Anderson & Stowe Names Julie Dodd and Kate Hastings as New Technology Operating Partners

Media Contacts

Jon Rather
WCAS
212 893-9570jrather@wcas.com
Greg Lau
WCAS
212 893-9586glau@wcas.com

Welsh, Carson, Anderson & Stowe Names Julie Dodd and Kate Hastings as New Technology Operating Partners

New York, New York, October 19, 2021 – Welsh, Carson, Anderson & Stowe (WCAS), a leading private equity firm focused exclusively on the technology and healthcare industries, announced today that it has named new Operating Partners, Julie Dodd and Kate Hastings, in the Technology Group.

Ms. Dodd is an accomplished software executive with significant experience in rapidly scaling and optimizing all levels of operations across service, product, talent and finance. Ms. Dodd was most recently Chief Operating Officer of Ultimate Software, a high growth cloud-based HR application development company. During her thirteen-plus years at Ultimate, Ms. Dodd helped grow the business from $150 million to $1.5 billion in revenue before merging the business with Kronos during 2020 in a $22 billion deal.

Ms. Hastings is a seasoned technology executive, who previously worked at LinkedIn for over six years and most recently served as Vice President, Sales Productivity. At LinkedIn, she led a team of over 400 across customer insights, customer experience, sales learning & development and sales technology. Prior to LinkedIn, Ms. Hastings served as Managing Vice President at Gartner and Engagement Manager at McKinsey & Co.

Mike Donovan, WCAS Head of Technology and General Partner, said: “We are excited that Julie and Kate are joining our team as Operating Partners. They are talented executives, who will work closely with us to evaluate new investment opportunities and partner with our management teams to build leading technology companies. Julie and Kate’s operating expertise will enable them to help drive value creation.”

Over the past four decades, WCAS has successfully invested $12.5 billion of equity in 107 technology companies through its 13 private equity funds.

About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: technology and healthcare. Since its founding in 1979, the firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. WCAS has deep experience in acquiring founder-led businesses and corporate carve-outs. The firm has raised and managed funds totaling over $27 billion of committed capital. For more information, please visit www.wcas.com.

Dr. Paul Taheri, Former CEO of Yale Medicine, Joins Welsh, Carson, Anderson & Stowe as Clinical Partner

Firm
09/28/2021

Dr. Paul Taheri, Former CEO of Yale Medicine, Joins Welsh, Carson, Anderson & Stowe as Clinical Partner

Dr. Paul Taheri, Former CEO of Yale Medicine, Joins Welsh, Carson, Anderson & Stowe as Clinical Partner

New York, NY, September 28, 2021 – Welsh, Carson, Anderson & Stowe (WCAS), a leading private equity firm focused exclusively on the healthcare and technology industries, announced today that Dr. Paul Taheri will join the Firm on a full-time basis as Clinical Partner in WCAS’s Resources Group.

Dr. Taheri has been a part-time senior advisor to WCAS for the past two years. He now joins WCAS full-time following a distinguished healthcare career. He most recently served as the CEO of Yale Medicine and Deputy Dean for Clinical Affairs at the Yale School of Medicine. As WCAS’s Clinical Partner, Dr. Taheri will work with our healthcare team and portfolio companies to ensure that our clinical quality, risk and compliance programs are best-in-class. He will also collaborate closely with fellow WCAS partners Tom Scully and Adaeze Enekwechi at the intersection of healthcare quality/outcomes, research and public policy.

Dr. Taheri originally joined Yale Medicine in 2013 and drove strong growth throughout his tenure, doubling revenue from $602 million during 2013 to $1.2 billion during 2021 while increasing the number of clinicians from ~1,500 to over 2,500. Under his leadership, Yale Medicine promoted the integration of clinical research in the ambulatory enterprise. Dr. Taheri was also a champion of the Yale Center for Clinical Investigation’s Cultural Ambassadors program, a partnership with the community that promoted setting research priorities, devising multicultural patient-centric approaches to clinical research, and enabling diverse participation in clinical trials.

“We are thrilled to welcome Paul to WCAS in this newly expanded role as Clinical Partner,” said Brian T. Regan, Head of the Healthcare Group and General Partner at WCAS. “Paul drove remarkable expansion and transformation in healthcare delivery and clinical standards at Yale Medicine. His skills, relationships and leadership will be incredibly valuable to our portfolio companies and a meaningful differentiator for WCAS.”

Dr. Taheri said, “I am looking forward to joining the WCAS team. I’ve spent my career working to improve healthcare delivery, and during this time of intense transformation in the system, I am very excited to be working with such a talented group of individuals across diverse healthcare companies, with a unified goal – optimizing healthcare for patients.”

Dr. Taheri joined Yale from the University of Vermont (UVM), where he was President and CEO of the UVM Medical Group in Burlington, and Senior Associate Dean for Clinical Affairs, as well as a professor of surgery. Before that he was Division Chief of Trauma, Burn and Critical Care, and then Vice Chair of Surgery at University of Michigan in Ann Arbor. Dr. Taheri is also the past chair of the Group on Faculty Practices for the Association of American Medical Colleges and an examiner for the American Board of Surgery. He has lectured broadly on various business topics, including cost of care, physician leadership and system optimizations.


About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: healthcare and technology. Since its founding in 1979, the firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. The firm has raised and managed funds totaling over $27 billion of committed capital. For more information, please visit www.wcas.com.

Welsh, Carson, Anderson & Stowe Completes the Acquisition of Argos Health

Healthcare
09/23/2021

Welsh, Carson, Anderson & Stowe Completes the Acquisition of Argos Health

Media Contacts

Jon Rather
WCAS
212-893-9570JRather@wcas.com
Greg Lau
WCAS
212-893-9586GLau@wcas.com

New York, New York, September 23, 2021 – Welsh, Carson, Anderson & Stowe (“WCAS”), a leading private equity firm focused exclusively on the healthcare and technology industries, announced today that it has acquired Argos Health, a rapidly growing provider of complex claims revenue cycle services to some of the country’s leading health systems. Argos Health works with hospitals, health systems, and physician groups to drive reimbursement and increase claims recovery through their core services of workers' compensation, ERISA appeals, motor vehicle accident, US Department of Veterans Affairs and other military claims, and additional complex cases.

Brent McCarty, Argos Health Chief Executive Officer said, “Joining with WCAS will allow us to expand our reach at a time when revenue recovery services have never been more critical for the healthcare industry. We are excited to find such a strong partner to support our next stage of growth, given WCAS’s 40-plus year history of growing healthcare companies and deep relationships with healthcare systems. In addition, WCAS brings strong technology capabilities to drive increased automation as we scale going forward.”

“We believe Argos Health has the potential to become a first-of-its-kind Specialized Revenue Integrity platform to help providers recover hard-to-capture payments of all types,” said Ed Sobol, General Partner at WCAS. “We have known Brent McCarty for a long time, having worked with him previously when he served as President and COO of Accuro Healthcare, a former WCAS portfolio company. We are thrilled to partner with the Argos team to scale the platform organically and through acquisitions, while helping hospitals improve collections and re-invest in care delivery.”

“Argos Health is a natural fit for WCAS given our extensive experience partnering with management teams to build leading healthcare companies,” Caroline Dechert, Principal at WCAS, added, “We are enthusiastic about supporting Argos to accelerate its growth and add capabilities to further enhance its value proposition across a broad range of healthcare providers.”

Over the past four decades, WCAS has successfully invested approximately $10 billion of equity in over 90 healthcare companies through its 13 private equity funds. WCAS’s current portfolio includes market-leading healthcare businesses such as CenterWell, InnovAge, MMIT, Shields Health Solutions and U.S. Anesthesia Partners.

About Argos Health
Argos Health is a revenue cycle partner specializing in the management and resolution of complex claims. The company works with hospitals, health systems, and physician groups to drive reimbursement and increase claims recovery through their core services of workers' compensation, motor vehicle accident, out-of-state Medicaid, ERISA, US Department of Veterans Affairs and other military claims, and additional complex cases. Argos Health has been ranked #1 in the Complex Claims Solution Vendor category in the last three Black Book Hospital CFO Surveys and is a top-ranked KLAS vendor. To learn more, visit: http://www.complexclaims.com.


About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: technology and healthcare. Since its founding in 1979, the firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. The firm has raised and managed funds totaling over $27 billion of committed capital. For more information, please visit http://www.wcas.com.

Walgreens Boots Alliance Makes Majority Investment in Shields Health Solutions, Expanding Position in Fast-Growing Specialty Pharmacy Market

Healthcare
09/22/2021

Walgreens Boots Alliance Makes Majority Investment in Shields Health Solutions, Expanding Position in Fast-Growing Specialty Pharmacy Market

Media Contacts

Morry Smulevitz
Walgreens Boots Alliance - Media Relations USA
847-315-0517
Jim Cohn
Walgreens Boots Alliance - Media Relations USA
224-813-9057
Gerald Gradwell and Jay Spitzer
Walgreens Boots Alliance - Investor Relations
847-315-2922
Crystal Chuckel
Shields Health Solutions
262-309-2488

Agreement accelerates Shields’ health system-based platform to improve outcomes and lower healthcare costs, gives Walgreens provider-focused solution for further expansion

DEERFIELD, Ill. & BOSTON, September 21, 2021 - Walgreens Boots Alliance, Inc. (Nasdaq: WBA) and Shields Health Solutions today announced that WBA, through its wholly-owned subsidiary, Walgreen Co., is making a majority investment in Shields, an industry leader in integrated, health system-owned specialty pharmacy care. WBA’s investment signifies another step the company is taking to accelerate innovative healthcare models for future growth, providing a platform to further develop health system partnerships and coordinate care for those with complex, chronic conditions.

The approximately $970 million investment will support the continued growth of Shields’ health system-based specialty pharmacy strategy, and builds on a minority equity investment that WBA announced in July 2019. The new investment gives WBA approximately 71 percent ownership of Shields, with an option to acquire the remaining equity interests in the future. Shields’ other equity holders will also have the option to require WBA to purchase the remaining equity interests, under the agreement.

“Delivering pharmacy and healthcare services in the local community is one of many ways WBA is working to improve access and health outcomes, as well as to lower the total cost of care,” said Roz Brewer, CEO, Walgreens Boots Alliance. “We’re continuing to make strategic investments in pharmacy and healthcare solutions that can build on our core pharmacy business, and further expand our healthcare reach in communities. The Shields model has shown to improve patient care, and will be complementary to our existing specialty pharmacy offering, further expanding our capabilities to best meet the needs of health system partners and patients.”

Over the last two years, Shields has rapidly expanded its platform, representing more than 1 million specialty patients across more than 30 disease states, with more than 70 health system partners nationwide.

“Shields pioneered the integrated, health system specialty pharmacy approach that has quickly gained traction in the industry. In doing so, we have consistently delivered exceptional growth and value through a model that research shows leads to better outcomes and quality of life,” said Lee Cooper, CEO, Shields Health Solutions. “WBA’s further investment in Shields is a validation of our proven growth strategy, and we are pleased they will be an even more powerful driver in helping us to broaden and deepen our differentiated model. We will remain focused on driving improved clinical and economic outcomes for our stakeholders: our valued health system partners, our patients most in-need, and our care-focused and talented team.”

Following the completion of the majority investment, Shields will continue to operate as it does today, managed under current executive leadership and as a distinct brand and entity.

The companies will also explore opportunities to scale the Shields business model by adding complementary provider-based services to the portfolio over time. All of Shields’ current investors, including private equity firm Welsh Carson, Anderson & Stowe (WCAS) and founder and Board Chairman Jack Shields, will remain shareholders.

“Our partnership with the Shields Health Solutions management team, Jack Shields and WBA has been outstanding,” said Tom Scully, General Partner, WCAS. Brian Regan, Head of the Healthcare Group and General Partner, WCAS, added, “WCAS has extensive and deep relationships with leading health systems and Shields represents a tremendous example of our ability to successfully partner with them to scale a business.”

The transaction is subject to the expiration or termination of applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and other customary closing conditions and is expected to close by the end of the second quarter of WBA's 2022 fiscal year. Shields’ financials will be consolidated by WBA, with the transaction projected to be modestly accretive in its first full year after completion.

Centerview Partners acted as financial advisor for Shields Health Solutions. Ropes & Gray LLP acted as lead legal advisor for Shields, along with Goodwin Procter LLP and K&L Gates LLP. Sidley Austin LLP acted as lead legal advisor for WBA, along with Weil, Gotshal and Manges and Reed Smith.

About Walgreens Boots Alliance
Walgreens Boots Alliance (Nasdaq: WBA) is a global leader in retail pharmacy, impacting millions of lives every day through dispensing medicines, and providing accessible, high-quality care. With more than 170 years of trusted healthcare heritage and innovation in community pharmacy, the company is meeting customers' and patients' needs through its convenient retail locations, digital platforms and health and beauty products.

Including equity method investments, WBA has a presence in more than 25 countries, employs more than 450,000 people and has more than 21,000 stores.

WBA’s purpose is to help people across the world lead healthier and happier lives. The company is proud of its contributions to healthy communities, a healthy planet, an inclusive workplace and a sustainable marketplace. WBA is a Participant of the United Nations Global Compact and adheres to its principles-based approach to responsible business. WBA is included in FORTUNE's 2021 list of the World's Most Admired Companies.* This is the 28th consecutive year that WBA or its predecessor company, Walgreen Co., has been named to the list.

More company information is available at www.walgreensbootsalliance.com.

*© 2021, Fortune Media IP Limited. Used under license.

About Shields Health Solutions
At Shields, improving lives and elevating performance are at the heart of everything we do. That's why more health system leaders trust Shields to help them elevate and scale clinical, operational and financial performance. Not just within specialty pharmacy, but throughout the entire health system. Working alongside your team, Shields leverages its proven collaborative care model; integrated care technologies; and dedicated teams to produce the superior outcomes your patients deserve and the financial results your health system demands. Together, we elevate performance where it matters most — expanding payer and drug access; improving therapy management and care coordination; delivering unsurpassed patient experiences; and generating the net operating income you need to accelerate growth. Learn more about how Shields elevates outcomes and performance at shieldshealthsolutions.com.

Cautionary note regarding forward-looking statements

All statements in this report that are not historical including, without limitation, those regarding the closing and anticipated effects of the transaction, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “likely,” “outlook,” “forecast,” “preliminary,” “pilot,” “project,” “intend,” “plan,” “goal,” “target,” “aim,” “continue,” “ “believe,” “seek,” “anticipate,” “upcoming,” “may,” “possible,” and 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, known or unknown, that could cause actual results to vary materially from those indicated or anticipated. These risks, assumptions and uncertainties include those described in Item 1A (Risk Factors) of our Annual Report on Form 10-K for the fiscal year ended August 31, 2020 and in other documents that we file or furnish with the Securities and Exchange Commission. If one or more of these risks or uncertainties materializes, or if underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. All forward-looking statements we make or that are made on our behalf are qualified by these cautionary statements. Accordingly, you should not place undue reliance on these forward-looking statements, which speak only as of the date they are made.

We do not undertake, and expressly disclaim, any duty or obligation to update publicly any forward-looking statement after the date of this release, whether as a result of new information, future events, changes in assumptions or otherwise.

(WBA-GEN)

WCAS Signs the Principles for Responsible Investment

Firm
08/06/2021

WCAS Signs the Principles for Responsible Investment

Media Contacts

Jon Rather
WCAS
212-893-9570JRather@wcas.com
Greg Lau
WCAS
212-893-9586GLau@wcas.com

New York, New York, August 6, 2021 – Welsh, Carson, Anderson & Stowe (WCAS), a leading private equity firm focused exclusively on the healthcare and technology industries, is pleased to announce that the Firm has signed the United Nations-supported Principles for Responsible Investment (PRI). The PRI is the world’s leading proponent of responsible investment, and its signatories represent a global group of investors that pledge to make an effort to incorporate the implications of Environmental, Social and Governance (ESG) factors into their investment and ownership decisions.

WCAS’s commitment to sustainability is driven by the Firm’s leadership team and resulted in the adoption of a formal Environmental, Social and Corporate Governance (“ESG”) policy in 2013. Over time, WCAS has built its ESG program and continues to enhance its ESG initiatives.

“We are delighted to welcome WCAS on board as a PRI signatory,” commented Fiona Reynolds, CEO of the PRI. “As a leading private equity firm focused on healthcare and technology, it is great to see WCAS’s commitment to supporting ESG initiatives across its portfolio. We look forward to working together in the future.”

WCAS Managing Partner D. Scott Mackesy said: “We signed the UN-supported PRI because we believe that encouraging ESG policies and processes will benefit current and future generations. Joining such an esteemed organization underscores the importance of ESG considerations at our Firm and portfolio companies. We look forward to working with the PRI on our future ESG endeavors.”

About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: healthcare and technology. Since its founding in 1979, the Firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. WCAS has raised and managed funds totaling over $27 billion of committed capital. For more information, please visit www.wcas.com

About the Principles for Responsible Investment:
The PRI works to understand the investment implications of environmental, social and governance (ESG) factors and to support its international network of investor signatories in incorporating these factors into their investment and ownership decisions. The PRI acts in the long-term interests of its signatories, of the financial markets and economies in which they operate and ultimately of the environment and society as a whole. Launched in New York in 2006, the PRI has grown to more than 4,000 signatories, managing over US $121 trillion AUM.
For more information on the PRI visit www.unpri.org

Welsh, Carson, Anderson & Stowe Announces the Formation of Valtruis, a Newly Formed Value-Based Care Portfolio Company, with Initial $300 Million Commitment

Firm
08/03/2021

Welsh, Carson, Anderson & Stowe Announces the Formation of Valtruis, a Newly Formed Value-Based Care Portfolio Company, with Initial $300 Million Commitment

Media Contacts

Valtruis
info@valtruis.com
Jon Rather
WCAS
jrather@wcas.com
Greg Lau
WCAS
glau@wcas.com

New York, New York, August 3, 2021 – Welsh, Carson, Anderson & Stowe (“WCAS”), a leading private equity firm focused exclusively on the healthcare and technology industries, announced today that it is launching Valtruis, a unique portfolio company that will invest in and partner with healthcare companies whose mission is to realign and transform U.S. healthcare along the principles of value-based care. WCAS is committing an initial $300 million to this platform.

Leveraging WCAS’s 40-year track record and deep relationships across the healthcare ecosystem, Valtruis is building a set of proprietary capabilities that benefit and accelerate healthcare innovation through Valtruis’ partner companies.

Valtruis’ founding leadership team includes Managing Partners Anna Haghgooie, Tracy Bahl and Karey Witty, who collectively have been influential in growing numerous disruptive and market-leading healthcare businesses as both operators and investors throughout their respective careers.

  • Ms. Haghgooie was most recently Managing Director of the Blue Venture Fund and Sandbox Industries, where she worked with numerous notable healthcare services and technology companies, including four from start-up.

  • Mr. Bahl previously served as President and CEO of OneOncology, a network of leading community oncology practices across the U.S. Prior to OneOncology, Mr. Bahl served as EVP of Health Plans for CVS Health; Executive Chairman of Emdeon and CEO of Uniprise, a UnitedHealth Group Company.

  • Mr. Witty served most recently as COO of Envision Healthcare, a provider of physician and advanced practice services to healthcare facilities in the U.S. He also previously served as CEO of Corizon Health, EVP and CFO of naviHealth (a former WCAS portfolio company), CFO of HealthSpring and CFO of Centene Corp.

David Caluori, General Partner at WCAS, said, “We are very excited to announce the formation of Valtruis and are thrilled to work with Anna, Tracy and Karey to partner with transformative companies across the U.S. healthcare ecosystem. We believe Valtruis is well positioned to leverage WCAS’s longstanding relationships and history of building market-leading healthcare businesses alongside tremendous operating talent and expertise to deliver a differentiated resource to emerging companies looking to accelerate the adoption of value-based care.”

Anna Haghgooie, Valtruis Managing Partner, added “For over 40 years, WCAS has partnered with healthcare businesses to grow, innovate, and deliver value. We look forward to continuing that tradition with Valtruis, supporting companies that are focused on long-term growth and the drive to reduce costs, expand access and increase quality with our capital and expertise.”

Over the past four decades, WCAS has successfully invested approximately $10 billion of equity in over 90 healthcare companies through its 13 private equity funds. WCAS’s current portfolio includes market-leading healthcare businesses such as CenterWell and InnovAge.

About Valtruis
Valtruis, a WCAS portfolio company, provides a unique platform that invests in and partners with disruptive leaders whose mission is to align and transform healthcare through what is truly value-based care. Founded on a commitment to accelerate meaningful change, Valtruis brings the functional expertise, access to capital and an expansive network that advance our partners’ evolution from early-stage development to industry-leading enterprises. Together, Valtruis and its partner companies will break through the systemic barriers in the healthcare industry to reduce costs, expand access, increase quality and radically improve the patient experience. Learn more at www.valtruis.com.

About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: technology and healthcare. Since its founding in 1979, the firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. The firm has raised and managed funds totaling over $27 billion of committed capital. For more information, please visit www.wcas.com.

Anna Haghgooie Joins Welsh, Carson, Anderson & Stowe As An Operating Partner in the Firm’s Healthcare Group

Healthcare
07/07/2021

Anna Haghgooie Joins Welsh, Carson, Anderson & Stowe As An Operating Partner in the Firm’s Healthcare Group

Anna Haghgooie Joins Welsh, Carson, Anderson & Stowe As An Operating Partner in the Firm’s Healthcare Group

New York, New York, July 7, 2021 – Welsh, Carson, Anderson & Stowe (WCAS), a leading private equity firm focused exclusively on the healthcare and technology industries, announced that Anna Haghgooie has joined the firm as an Operating Partner in the healthcare group.

Ms. Haghgooie has over 15 years of experience partnering with entrepreneurs and operators to drive innovation in healthcare. Most recently, Ms. Haghgooie was a Managing Director of the Blue Venture Fund and Sandbox Industries, where she served on the board of directors of Quilted Health, Somatus, ZeOmega, Contessa, Axial Healthcare, Origin, SonarMD, PWN Health, ExactCare, naviHealth (a WCAS XI former portfolio company), and Change Healthcare. Anna earned a bachelor’s degree from the University of Michigan and an MBA with honors from the University of Chicago Booth School of Business. Anna is a Fellow in the Health Innovators Fellowship at the Aspen Institute.

David Caluori, WCAS General Partner, said: “We have known Anna and followed her successes building next generation healthcare companies for many years. Anna’s focus on enhancing the development of value-based care and transforming the way patients experience healthcare will be of tremendous benefit to WCAS as we continue to expand our relationships with innovative and growth stage companies across the healthcare ecosystem. Anna is a great fit with our values and culture, and we are fortunate to have her on the WCAS team.”

Anna Haghgooie added, “I am thrilled to join the WCAS team. Helping healthcare businesses grow, innovate, and deliver value has been WCAS’s focus for over 40 years and is also my passion. I look forward to working with the WCAS team on this mission and being part of their collaborative culture.”

Over the past four decades, WCAS has successfully invested approximately $10 billion of equity in over 90 healthcare companies through its 13 private equity funds. WCAS’s current portfolio includes market-leading healthcare businesses such as CenterWell, CareSource, and InnovAge.

About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: healthcare and technology. Since its founding in 1979, the firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. WCAS has deep experience in acquiring founder-led businesses and corporate carve-outs. The firm has raised and managed funds totaling over $27 billion of committed capital. For more information, please visit www.wcas.com.

Welsh, Carson, Anderson & Stowe to Acquire Absorb Software from Silversmith Capital Partners

Technology
04/20/2021

Welsh, Carson, Anderson & Stowe to Acquire Absorb Software from Silversmith Capital Partners

Welsh, Carson, Anderson & Stowe to Acquire Absorb Software from Silversmith Capital Partners

STRATEGIC INVESTMENT FROM WCAS TO ACCELERATE ABSORB’S GROWTH

CALGARY and NEW YORK, April 20, 2021 – Welsh, Carson, Anderson & Stowe (“WCAS”) has entered into a definitive agreement to acquire Absorb Software (“Absorb”), recognized globally as one of the fastest growing, industry-leading providers of cloud-based learning and performance management software to businesses, higher education, government and non-profit agencies around the world. The investment achieves a greater than US$500 million valuation for the Calgary-based software company. Mike Owens, Founder and Chief Executive Officer of Absorb, along with other members of management will remain substantial shareholders in the Company.

Absorb is a rapidly growing provider of cloud-based Learning Management System (“LMS”) software serving over 23 million users across more than 1,400 global clients in 34 countries. Absorb’s platform is designed to set new standards in both eLearning software and support. By empowering amazing learning experiences, Absorb LMS engages learners, fuels content retention, and helps organizations better train, retain, and manage both internal employees and external stakeholders such as customers, channel partners, franchisees, and membership associations. WCAS’s acquisition of Absorb aligns well with the firm’s long history of investing in market-leading technology and growth-oriented companies, given Absorb has won several industry awards and consistently achieved >30% bookings growth.

WCAS is excited to partner with management to pursue a strategy of accelerating organic growth, investing in product innovation and strategically pursuing M&A. This strategy builds on Absorb’s market leadership and outstanding history of innovative product expansion, including the 2019 release of Absorb Infuse, delivering contextual learning experience in the flow of work, the 2020 release of Absorb Create, an intuitive course authoring tool and the 2021 release of Absorb Intelligence, a suite of artificial intelligence tools to enrich and simplify the learner experience.

Mike Owens, Absorb’s Chief Executive Officer, said “The current market demand and long-term outlook for best-of-breed eLearning solutions is extraordinary, and Absorb is proud to be leading the pack. This new investment speaks volumes to the increasing value of Absorb's platform. I’m thrilled about the momentum we established with our initial investment from Silversmith, and this new partnership with WCAS will accelerate our growth and fuel innovation as we invest heavily in our product and drive expansion throughout the entire organization.”

“Absorb is led by a strong management team with a highly differentiated LMS platform that has been changing the way organizations deploy training and engagement with both internal and external stakeholders,” said Ryan Harper, General Partner of WCAS. “We believe the Company is uniquely positioned to continue its rapid market share capture and product leadership to establish Absorb as the clear next generation leader in LMS.”

“Silversmith has had a great partnership with Absorb since serving as the company’s first institutional investor in 2017,” said Jim Quagliaroli, Managing Partner of Silversmith Capital Partners. “It was gratifying to see the significant investments made in sales and marketing result in accelerated organic growth, and we applaud the company’s ability to successfully integrate four accretive acquisitions. We congratulate Mike and the Absorb team, and wish them continued success in their next stage of growth.”

The transaction is expected to close in the second quarter, after customary regulatory reviews.

Advisors
WCAS was advised by Kirkland & Ellis LLP. Absorb and Silversmith were advised by Shea & Company and Choate Hall & Stewart LLP.

About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: technology and healthcare. Since its founding in 1979, the firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. WCAS has deep experience in acquiring founder-led businesses and corporate carve-outs. The firm has raised and managed funds totaling over $27 billion of committed capital. For more information, please visit www.wcas.com.

About Absorb Software
Absorb Software is a learning technology company based in Calgary, Alberta, Canada, with global offices in London, Dublin, Shanghai, Sydney, Boston, and Tampa. Absorb LMS, the company's flagship product, is an industry-leading and award-winning Learning Management System trusted by businesses, governments, healthcare providers, educators and non-profit organizations around the world. The company's line of results-driven eLearning products also includes Absorb Infuse, the first true in-the-flow learning experience, and Absorb Create, a cloud-based course builder offered as both a standalone product and a seamless Absorb LMS integration. For more information, please visit www.absorblms.com.

About Silversmith Capital Partners
Founded in 2015, Silversmith Capital Partners is a Boston-based growth equity firm with $2.0 billion of capital under management. Silversmith’s mission is to partner with and support the best entrepreneurs in growing, profitable technology and healthcare companies. Representative investments include ActiveCampaign, Appfire, Centauri Health Solutions, DistroKid, Impact, Iodine Software, LifeStance Health, MediQuant, Panalgo, Unily, Validity, and Webflow. The partners have over 75 years of collective investing experience and have served on the boards of numerous successful growth companies including ABILITY Network, Archer Technologies, Dealer.com, Liazon, Liberty Dialysis, MedHOK, Passport Health, SurveyMonkey, and Wrike. For more information about Silversmith, please visit www.silversmith.com.

Contacts:

ABSORB
Jill Adams
617-721-9069
jill.adams@absorblms.com

SILVERSMITH
Kate Castle
617-670-4345
kate@silversmith.com

WCAS Announces Senior Management Appointments

Firm
02/24/2021

WCAS Announces Senior Management Appointments

WCAS Announces Senior Management Appointments

New York, New York, February 24, 2021 – Welsh, Carson, Anderson & Stowe (WCAS), a leading private equity firm focused exclusively on the technology and healthcare industries, announced today that Anthony de Nicola has been elevated to Chairman of WCAS and Scott Mackesy will serve as the Firm’s Managing Partner. WCAS also announced the appointments of Michael Donovan as Head of the Firm’s Technology Group and Brian Regan as Head of the Firm’s Healthcare Group. In addition, Eric Lee was named as the Firm’s Head of Diversity and Inclusion in addition to continuing his role as a Senior Partner in the Technology Group.

Mike Donovan, Brian Regan and Eric Lee have all been members of the Firm’s Management Committee for over six years and will continue in those roles.

  • Mike Donovan, who joined WCAS in 2001, has led some of WCAS’s most important technology investments and serves on the WCAS portfolio company boards of QuickBase, Intoxalock, GovCIO, TrueCommerce and Alert Logic.

  • Brian Regan, who joined WCAS in 2002, has led the successful build out of WCAS’s healthcare provider partnerships models. He serves on the WCAS portfolio company boards of U.S. Anesthesia Partners, US Radiology Specialists, US Acute Care Solutions, Springstone, Abzena, Kiniciti and Shields Health Solutions.

  • Eric Lee, who joined WCAS in 1999, serves on the WCAS portfolio company boards of Avetta, Clearwater Analytics, Green Street and Revel Systems and has led several of the WCAS’s successful technology investments.

Scott Mackesy said, “We are excited about these important leadership appointments, which represent a natural evolution of our Firm and an important step in positioning WCAS for the future. Mike, Brian and Eric have been senior leaders at the Firm for many years and are excellent investors, who have made tremendous contributions to the Firm. They are very well-respected throughout the Firm and among our limited partners.”

Anthony de Nicola added, “WCAS is an exceptional firm and, for more than four decades, has been one of the world’s leading investors in technology and healthcare. We believe the Firm is incredibly well positioned given our deep industry relationships and we look forward to continuing to build world-class companies and deliver outstanding returns for our investors.”

Over the past four decades, WCAS has successfully invested $12 billion of equity in over 100 technology companies and $10 billion of equity in over 90 healthcare companies.

About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: technology and healthcare. Since its founding in 1979, the Firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. WCAS has raised and managed funds totaling over $27 billion of committed capital. For more information, please visit www.wcas.com

Tracy Bahl Joins Welsh, Carson, Anderson & Stowe As An Operating Partner in the Firm’s Healthcare Group

Healthcare
01/20/2021

Tracy Bahl Joins Welsh, Carson, Anderson & Stowe As An Operating Partner in the Firm’s Healthcare Group

Tracy Bahl Joins Welsh, Carson, Anderson & Stowe As An Operating Partner in the Firm’s Healthcare Group

New York, New York, January 20, 2021 – Welsh, Carson, Anderson & Stowe (WCAS), a leading private equity firm focused exclusively on the healthcare and technology industries, announced today that Tracy Bahl has joined the firm as an Operating Partner.

Tracy Bahl has served in several leadership positions over his almost 40-year career. Mr. Bahl most recently served as President and Chief Executive Officer of OneOncology, a company dedicated to serving all those living with cancer through a network of leading community oncology practices across the United States. Prior to OneOncology, Mr. Bahl served as Executive Vice President of Health Plans for CVS Health; Executive Chairman of Emdeon, an industry leading healthcare information and transaction services company; Special Advisor at General Atlantic; Chief Executive Officer of Uniprise, a UnitedHealth Group Company; and held various executive positions at CIGNA HealthCare.

David Caluori, WCAS General Partner, said: “Throughout his career, Tracy has been at the forefront of healthcare transformation. We are excited that he is joining WCAS as an Operating Partner. Tracy brings extensive experience across a range of healthcare subsectors that are increasingly intertwined as value-based care and other healthcare innovations gain commercial adoption in the marketplace. His deep knowledge and operating expertise will be invaluable as we assess new investment opportunities and enhance our existing portfolio companies.”

Tracy Bahl added, “I look forward to working with Dave and the rest of the WCAS team. The WCAS healthcare franchise is uniquely positioned as a strategic partner within the healthcare ecosystem and I am delighted to collaborate with the firm and its network of companies and executives to develop differentiated solutions within the healthcare marketplace.”

Over the past four decades, WCAS has successfully invested approximately $10 billion of equity in over 90 healthcare companies through its 13 private equity funds.

About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: healthcare and technology. Since its founding in 1979, the firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. The firm has raised and managed funds totaling over $27 billion of committed capital. For more information, please visit www.wcas.com.

George Mashini Joins Welsh, Carson, Anderson & Stowe As An Operating Partner in the Firm’s Technology Group

Technology
01/15/2021

George Mashini Joins Welsh, Carson, Anderson & Stowe As An Operating Partner in the Firm’s Technology Group

George Mashini Joins Welsh, Carson, Anderson & Stowe as An Operating Partner in the Firm’s Technology Group

New York, New York, January 15, 2021 – Welsh, Carson, Anderson & Stowe (WCAS), a leading private equity firm focused exclusively on the technology and healthcare industries, announced today that George Mashini has joined the firm as an Operating Partner.

Mr. Mashini has over 15 years of technology leadership experience. Most recently, he was Chief Revenue Officer and Chief Technology Officer at Quick Base, a WCAS portfolio company offering a leading low-code development platform. As Chief Revenue Officer at Quick Base, he led a complete transformation of the company’s go to market program including rebuilding the sales team, which resulted in a significant increase in bookings and more than doubling in the number of enterprise accounts. While serving as Chief Technology Officer, he revamped Quick Base’s cloud platform, which drove strong expansion in enterprise adoption.

Prior to Quick Base, Mr. Mashini served as President of Hexagon AB’s platforms division, where he primarily focused on the development of IoT technologies and the global go to market of those technologies across several industries. He was also Chief Executive Officer of Catavolt, Inc., a global provider of enterprise mobility solutions, which he successfully scaled and sold to Hexagon AB.

Mike Donovan, WCAS General Partner, said: “We have worked with George for many years at Quick Base. We are pleased that he is now joining WCAS given his deep experience in enterprise software. He will work closely with our Technology team to evaluate potential investments and partner with our portfolio companies to maximize value creation.”

George Mashini added, “I have partnered with WCAS for several years while working at Quick Base and I am excited to join the team given the firm’s long and successful track record of building world class technology and healthcare companies.”

Over the past four decades, WCAS has successfully invested over $11 billion of equity in 105 technology companies through its 13 private equity funds.

About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: technology and healthcare. Since its founding in 1979, the firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. The firm has raised and managed funds totaling over $27 billion of committed capital. For more information, please visit www.wcas.com.

Welsh, Carson, Anderson & Stowe Names Nick O’Leary As A General Partner

Firm
12/07/2020

Welsh, Carson, Anderson & Stowe Names Nick O’Leary As A General Partner

Welsh, Carson, Anderson & Stowe Names Nick O’Leary As A General Partner

New York, New York, December 7, 2020 – Welsh, Carson, Anderson & Stowe (“WCAS”), a leading private equity firm focused exclusively on the healthcare and technology industries, announced today that it has named Nick O’Leary as a new General Partner.

WCAS has successfully built many enduring healthcare companies over the past four decades, having invested approximately $10 billion of equity in over 90 healthcare companies through its 13 equity funds.

Mr. O’Leary is a General Partner in the Healthcare Group. He joined WCAS in 2015, and previously worked at JLL Partners, where he focused primarily on healthcare investments. Earlier in his career, he worked in the Mergers and Acquisitions group at Merrill Lynch. Mr. O’Leary graduated from Washington and Lee University.

Tony de Nicola and D. Scott Mackesy, WCAS Managing Partners, said: “It is with great pleasure we announce that Nick O’Leary has been promoted to General Partner at WCAS. Nick has made great contributions to the Firm over his tenure and, equally importantly, embodies the culture and the character we look for at WCAS.”

About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: technology and healthcare. Since its founding in 1979, the Firm's strategy has been 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 deep experience in acquiring Founder-led businesses and corporate carve-outs. The Firm has raised and managed funds totaling over $27 billion of committed capital. For more information, please visit www.wcas.com.

Mike Butler Joins Welsh, Carson, Anderson & Stowe As An Operating Partner in the Firm’s Healthcare Group

Firm
11/23/2020

Mike Butler Joins Welsh, Carson, Anderson & Stowe As An Operating Partner in the Firm’s Healthcare Group

Mike Butler Joins Welsh, Carson, Anderson & Stowe As An Operating Partner in the Firm’s Healthcare Group

New York, New York, November 23, 2020 – Welsh, Carson, Anderson & Stowe (WCAS), a leading private equity firm focused exclusively on the healthcare and technology industries, announced today that Mike Butler has joined the firm as an Operating Partner.

Mike Butler has over 30 years of experience across a range of senior executive roles in the healthcare industry. He was formerly President of Providence, where he helped to create the third largest health system in the U.S., increasing revenue from $2 billion when he joined in 1998 to $25 billion today. Mike also served as Providence’s CFO and COO, with accountability for ambulatory and hospital operations, finance, strategy, technology, digital innovation, clinical institutes, population health and people development. Butler graduated from California State University Fullerton.

Brian Regan, WCAS General Partner, said: “We have known Mike for several years through our strategic partnership with The Health Management Academy and are excited that he is now joining WCAS. Our Firm has a long history of partnering with leading health systems. We’re confident that Mike will bring new ideas and insights to complement those efforts, as well as provide our portfolio companies with the benefit of his judgment and experience.”

Mike Butler added, “I am energized to partner with WCAS’s team of talented, committed professionals and portfolio company leadership teams that share our entrepreneurial spirit. It is an honor to join an organization that has a legacy of excellence, unwavering team culture and strong results.”

Over the past four decades, WCAS has successfully invested approximately $10 billion of equity in over 90 healthcare companies through its 13 private equity funds.

About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: healthcare and technology. Since its founding in 1979, the firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. WCAS has deep experience in acquiring founder-led businesses and corporate carve-outs. The firm has raised and managed funds totaling over $27 billion of committed capital. For more information, please visit www.wcas.com.

GovernmentCIO Acquired by Welsh, Carson, Anderson & Stowe

Technology
11/02/2020

GovernmentCIO Acquired by Welsh, Carson, Anderson & Stowe

GovernmentCIO Acquired by Welsh, Carson, Anderson & Stowe

Strategic Investment Forms Leading Platform in Federal IT Services Industry

WASHINGTON, D.C., Nov. 2, 2020 -- GovernmentCIO announced today that Welsh, Carson, Anderson & Stowe ("WCAS"), a leading technology-focused private equity firm, has completed a strategic majority investment in the Company, a leading provider of high-end technology and digital solutions to the federal health IT services market. WCAS's investment in GovernmentCIO will support continued organic growth in its existing customer footprint, adjacent customers and expansion into new customers and capability areas through a focused acquisition strategy.

GovernmentCIO is a rapidly growing provider of advanced technology solutions and digital services to the federal government. In the 10 years since its founding, GovernmentCIO has become a leading prime contractor supporting the mission of federal health agencies, including the Department of Veterans Affairs and the Department of Health and Human Services. In April, GovernmentCIO was recognized by Inc. 5000 as one of the fastest growing companies in the government services industry. GovernmentCIO was founded in 2010 by Brian Moran, a veteran of the U.S. Navy, who will remain with the company as the President of Strategic Operations and retain a significant minority interest.

Mike Donovan, General Partner, WCAS stated, “GovernmentCIO’s positioning in the healthcare market and depth of capabilities around enduring technology priorities provides a great platform to accelerate the business into additional areas of the federal technology market.”

Joining the GovernmentCIO platform and partnering with WCAS are Jim Brabston, a former senior executive with Stanley Inc. and Camber Corporation, and Joe Cormier, a former senior executive with Camber Corporation, Sotera Defense and ManTech. Brabston will serve as GovernmentCIO’s chief executive officer and Cormier will be EVP & chief financial officer. Together with GovernmentCIO's current management team, who will continue in their leadership roles, the company will possess decades of experience successfully expanding into new federal IT markets.

"Our partnership with WCAS allows us to invest in our technical capabilities and customer relationships to further differentiate our value proposition in the market and take GovernmentCIO to the next level of growth and scale,” Moran said. “We look forward to working closely together with WCAS, Jim and Joe to build upon our success to date."

About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: technology and healthcare. Since its founding in 1979, the firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. WCAS has deep experience in acquiring founder-led businesses and corporate carve-outs. The firm has raised and managed funds totaling over $27 billion of committed capital. For more information, please visit www.wcas.com.

Contacts:

GovernmentCIO Media & Research
Michael Hoffman
202-924-2744
mhoffman@governmentcio.com

Related Links
http://www.governmentcio.com
http://www.wcas.com

Clearwater Analytics Announces New Investment From Leading Growth Investors Permira, Warburg Pincus, Dragoneer and Durable Capital

Technology
10/12/2020

Clearwater Analytics Announces New Investment From Leading Growth Investors Permira, Warburg Pincus, Dragoneer and Durable Capital

Market-Leading Clearwater to Leverage New Partners to Drive Growth into New Markets, Including Europe and Asia-Pacific; Continue Its Aggressive Investment in R&D and Innovation; and Pursue Transformative M&A Opportunities

Welsh, Carson, Anderson & Stowe to Remain Majority Shareholder

BOISE, Idaho, October 12, 2020 — Clearwater Analytics, the market-leading SaaS provider of investment accounting and analytics, announced today that it will receive a new investment led by investment firms Permira, Warburg Pincus, Dragoneer Investment Group and Durable Capital. Welsh, Carson, Anderson & Stowe (WCAS), which first invested in Clearwater in 2016, will remain the Company’s majority shareholder, and Sandeep Sahai will continue as Clearwater’s Chief Executive Officer.

Clearwater Analytics helps thousands of leading corporations, insurance companies and asset managers by providing unified, highly-compliant, and powerfully-automated investment accounting, reporting, and analytics. The new investor group will further Clearwater’s innovative leadership and strong organic growth as it brings its solutions to the global marketplace and enable transformative M&A opportunities in the years ahead.

Each day, the Clearwater solution serves more than $4 trillion in assets for clients that include some of the most respected companies in the world including: American Family Insurance, Arch Capital, Aureum Re, Cisco, CopperPoint Mutual Company, C.V. Starr & Co., Facebook, J.P. Morgan, Knights of Columbus Insurance, Oracle, Selective Insurance, Sirius Group, Sompo International, Starbucks, Unum Group, WellCare Health Plans, and Wilton Re. Investment professionals in 49 countries trust Clearwater to deliver timely, accurate, and auditable data, accounting and analytics solutions that are mission-critical to their businesses.

Sandeep Sahai, Chief Executive Officer of Clearwater Analytics, said, “Our new partnership with Permira, Warburg Pincus, Dragoneer, and Durable, builds upon our very strong relationship with WCAS and continues the momentum Clearwater has achieved as the innovative leader in the investment accounting and analytics market. We remain 100% focused on bringing our clients the best solutions and service quality in the world. We look forward to benefitting from all of our partners’ deep domain expertise, global resources, and growth capital as we continue to extend Clearwater’s international reach and advance our solution set for our valued clients.”

Eric J. Lee, Clearwater’s Chairman and a WCAS General Partner, said, “Clearwater’s strong growth has been built on its fundamental commitment to client success, quality and innovation. Every decision the Company makes starts with these principles. Despite the challenging backdrop in 2020, Clearwater has won significant new client mandates as it pursues its vision of becoming the world’s most trusted and comprehensive technology platform for investment accounting and analytics. We are incredibly grateful for, and proud of, our partnership with Sandeep Sahai and the Clearwater team and are pleased to welcome this group of world-class growth investors to support the Company’s pursuit of global market leadership.”

Andrew Young, Principal and Fintech lead at Permira, added, “At Permira, we look to partner with companies with differentiated technology solutions serving large market opportunities, and Clearwater is a perfect fit. We look forward to supporting Clearwater’s continued growth in a number of large vertical markets worldwide. With one of the highest Net Promoter Scores among all SaaS companies, the company’s strong focus on its clients is clear. We are excited to help enable Clearwater’s vision of becoming the world’s most trusted and comprehensive technology platform for investment accounting and analytics.”

“We are very excited about Clearwater’s long-term prospects and its plan to continue its expansion into new markets and geographies,” said Cary Davis, Managing Director, Warburg Pincus. “The senior Clearwater team, led by Sandeep Sahai, has established the company as the true market leader and we are excited to help write the next chapter in Clearwater’s growth,” added Chandler Reedy, Managing Director, Warburg Pincus.

Goldman Sachs & Co. LLC and Credit Suisse served as financial advisors and Kirkland & Ellis LLP acted as legal advisor to Clearwater Analytics. Warburg Pincus was advised by Simpson Thacher & Bartlett LLP.

About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: healthcare and technology. Since its founding in 1979, the firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. WCAS has deep experience in acquiring founder-led businesses and corporate carve-outs. The firm has raised and managed funds totaling over $27 billion of committed capital. For more information, please visit www.wcas.com.

About Permira
Permira is a global investment firm. Founded in 1985, the firm advises funds with a total committed capital of approximately US$50 billion (€44 billion) to make long-term investments in companies with the objective of transforming their performance and driving sustainable growth. The Permira funds have made over 250 private equity investments in four key sectors: Technology, Consumer, Services, and Healthcare. Permira employs over 250 people in 14 offices across Europe, North America, and Asia. For more information visit www.permira.com.

About Warburg Pincus
Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than $56 billion in private equity assets under management. The firm’s active portfolio of more than 190 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 19 private equity funds, which have invested more than $86 billion in over 910 companies in more than 40 countries. The firm has been an active investor in the SaaS, data, fintech and insurance sectors globally, with investments in companies such as Ant Financial, Arch Insurance, Avalara, Avaloq, FIS, Interactive Data Corporation (IDC), Primerica, Reorg Research, Varo Money, Wall Street Systems, among others. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information please visit www.warburgpincus.com.

About Dragoneer Investment Group
Dragoneer is a San Francisco-based, growth-oriented investment firm with over $12 billion in long-duration capital from many of the world’s leading endowments, foundations, sovereign wealth funds, and family offices. Dragoneer has a history of partnering with management teams growing exceptional companies characterized by sustainable differentiation and superior economic models. The firm’s track record includes public and private investments across industries and geographies, with a particular focus on technology-enabled businesses. Dragoneer has been an investor in companies such as Airbnb, AmWINS, Ant Financial, AppFolio, Atlassian, ByteDance, Datadog, DoorDash, Duck Creek, Farfetch, Livongo, Nubank, PointClickCare, ServiceNow, ServiceTitan, Slack, Snowflake, Spotify, Square, Twilio, Uber, UiPath, and others.

About Durable Capital Partners
Launched in November 2019, Durable Capital Partners LP (“DCP”) manages a public/private equity hybrid investment strategy with approximately $11 billion in AUM. DCP was founded by Henry Ellenbogen, who spent 18 years at T. Rowe Price, where he was Portfolio Manager of the Media & Telecom Fund (2005 - 2009) and the New Horizons Fund (2010 - March 2019). Henry was also T. Rowe Price’s Chief Investment Officer for U.S. Equity Growth. DCP’s investment philosophy is grounded in sourcing compounders in both the private and public markets. DCP manages a concentrated portfolio with a focus on both early stage growth and durable growth equities.

Information about Clearwater Analytics
Additional information about Clearwater Analytics can be found at www.clearwater-analytics.com. LinkedIn: https://www.linkedin.com/company/clearwateranalytics | Twitter: @cwanalytics

Karey Witty Joins Welsh, Carson, Anderson & Stowe As An Operating Partner in the Firm’s Healthcare Group

Healthcare
09/17/2020

Karey Witty Joins Welsh, Carson, Anderson & Stowe As An Operating Partner in the Firm’s Healthcare Group

Karey Witty Joins Welsh, Carson, Anderson & Stowe As An Operating Partner in the Firm’s Healthcare Group

New York, New York, September 17, 2020 – Welsh, Carson, Anderson & Stowe (WCAS), a leading private equity firm focused exclusively on the healthcare and technology industries, announced today that Karey Witty, a highly accomplished healthcare executive, has joined the firm as an Operating Partner.

Karey Witty has over 30 years of experience across a range of senior executive roles in the healthcare industry. Most recently, Karey was the Chief Operating Officer at Envision Healthcare. He has also served as CEO of Corizon Health Inc., EVP and CFO of naviHealth (a former WCAS XI portfolio company), CFO of HealthSpring, CFO of Valitas Health Services, and CFO of Centene Corp. Karey graduated from Middle Tennessee State University.

Tom Scully, WCAS General Partner, said: “We know Karey very well, and are thrilled to have him join our healthcare team. We spent many years working with him at naviHealth, where he was a crucial member of the executive leadership team. His extensive network, experience with physician services and post-acute care businesses, and expertise providing excellent patient care, will be a perfect fit for the WCAS portfolio.”

Dave Caluori, WCAS General Partner, continued: “We are excited to have Karey join the WCAS team. He is a great friend, as well as a seasoned team-builder and thoughtful collaborator. We know he will fit in well with WCAS’s partnership-oriented culture.”

Karey Witty added, “I am looking forward to working with WCAS’s talented team of healthcare professionals and their portfolio company executives. It is a pleasure to work alongside a team that values talent as a core component of their growth model. I’m honored to join a firm with such a deep track record in healthcare, and with a strong reputation for companies that improve the care delivery model.”

Over the past four decades, WCAS has successfully invested $10 billion of equity in 90 healthcare companies through its 13 private equity funds. WCAS’s current portfolio includes market-leading healthcare businesses such as InnovAge and Partners in Primary Care.

About Welsh, Carson, Anderson & Stowe

WCAS is a leading U.S. private equity firm focused on two target industries: healthcare and technology. Since its founding in 1979, the firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. WCAS has deep experience in acquiring founder-led businesses and corporate carve-outs. The firm has raised and managed funds totaling over $27 billion of committed capital. For more information, please visit www.wcas.com.

Pete Hess Joins Welsh, Carson, Anderson & Stowe As An Operating Partner in the Firm’s Technology Group

Technology
07/24/2020

Pete Hess Joins Welsh, Carson, Anderson & Stowe As An Operating Partner in the Firm’s Technology Group

Media Contacts

Jon Rather
WCAS
212-893-9570JRather@wcas.com
Greg Lau
WCAS
212-893-9586GLau@wcas.com
Fran Higgins
WCAS
212-893-9504FHiggins@wcas.com

Pete Hess Joins Welsh, Carson, Anderson & Stowe As An Operating Partner in the Firm’s Technology Group

New York, New York, July 24, 2020 – Welsh, Carson, Anderson & Stowe (WCAS), a leading private equity firm focused exclusively on the technology and healthcare industries, announced that Pete Hess has joined the firm as an Operating Partner in the technology group.

Mr. Hess has over 26 years of experience across a range of senior executive roles in financial technology and broader software sectors. Most recently, Mr. Hess was the Chief Executive Officer at Khoros. Previously, Mr. Hess spent over 22 years at Advent Software, where he ultimately became President and Chief Executive Officer. Mr. Hess received his Bachelor of Arts from Princeton University.

Eric J. Lee, WCAS General Partner, said: “We have known Pete and followed his successes for a number of years. He brings deep experience building market-leading software companies, extensive knowledge of the financial technology and software industries, and a wonderful community of relationships built over 25 years. Pete is a great fit with WCAS’s values and culture, and we couldn’t be more excited to welcome him to the team.”

Pete Hess added, “WCAS has an exceptionally long and successful track record in financial technology and as a great partner to their portfolio companies. I look forward to working with the WCAS technology team to implement the firm’s strategy of partnering with management teams to grow their businesses. I am thrilled to join a team that values long-term relationships at the portfolio company and customer levels.”

Over the past four decades, WCAS has successfully invested over $11 billion of equity in 105 technology companies through its 13 private equity funds. WCAS’s current portfolio includes market-leading software and technology services businesses such as Avetta, Clearwater Analytics and Quick Base.

About Welsh, Carson, Anderson & Stowe

WCAS is a leading U.S. private equity firm focused on two target industries: technology and healthcare. Since its founding in 1979, the firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. WCAS has deep experience in acquiring founder-led businesses and corporate carve-outs. The firm has raised and managed funds totaling over $27 billion of committed capital. For more information, please visit www.wcas.com.

WCAS Celebrates Its 40th Anniversary

Firm
12/02/2019

WCAS Celebrates Its 40th Anniversary

Media Contacts

Jon Rather
WCAS
212-893-9570jrather@wcas.com
Greg Lau
WCAS
212-893-9586glau@wcas.com



In 2019, we proudly celebrated our 40th Anniversary. Much has changed over the past four decades, both in our industry and at WCAS, but we are proud that the culture of respect and integrity originally set by our Founders remains strong at the Firm today. From the beginning, relationships have been core to our success, and we are truly grateful to everyone who has helped along the way: our longstanding Limited Partners; our exceptional portfolio company management teams and employees; and our many beloved past and present WCAS colleagues.

We are incredibly proud of the organization we’ve built in the first 40 years, and we are excited to continue building WCAS for the next 40 years and beyond.

Welsh, Carson, Anderson & Stowe Names Three New Operating Partners in the Firm’s Technology Group

Technology
10/10/2019

Welsh, Carson, Anderson & Stowe Names Three New Operating Partners in the Firm’s Technology Group

Media Contacts

Jon Rather
WCAS
212-893-9570jrather@wcas.com
Greg Lau
WCAS
212-893-9586glau@wcas.com

Welsh, Carson, Anderson & Stowe Names Three New Operating Partners in the Firm’s Technology Group

New York, New York, October 10, 2019 – Welsh, Carson, Anderson & Stowe (WCAS), a leading private equity firm focused exclusively on the technology and healthcare industries, announced today that it has named new Operating Partners, Tim Clifford, Emanuele “Manny” Conti and John Fay.

Mr. Clifford brings over 30 years of technology leadership experience to WCAS in a variety of software subsectors including cloud computing, human capital management, education technology, enterprise resource planning and big data analytics. Mr. Clifford was most recently President and CEO of Frontline Education, a leader in school administration software. Previously, he was a senior executive at Automatic Data Processing and the Co-Founder and CEO of Workscape, one of the first web-based HR software providers, which was ultimately acquired by ADP. Mr. Clifford received his Bachelor of Science from Northeastern University.

Mr. Conti joins WCAS with more than 25 years of leadership experience in software, business information and technology-enabled services. Most recently, he was the CEO of Opus Global, a regulatory and risk management software (SaaS) company enabling Fortune 1000 companies to manage the on-boarding and risk assessment of customers and vendors. Prior to Opus, he was the CEO of Kroll Inc. and before that, President of the North America and International divisions of Dun & Bradstreet. Earlier in his career, he had management roles at Qwest Communications, Ernst & Young and General Motors. Mr. Conti received a Bachelor of Science from Bowling Green State University and his M.B.A. from the University of Chicago Booth School of Business.

Mr. Fay has 30 years of experience in the supply chain/logistics and financial technology industries. Most recently, he was the CEO of INTTRA, the world’s largest logistics e-commerce network. Prior to INTTRA, he worked at Newedge, S.A. as a Senior Managing Director in roles including Global Head of Commodities, Currencies and Fixed Income and CEO, Americas. He also served as Co-CEO and Co-President of Instinet LLC from 2001-2007. Earlier in his career, he worked at Goldman Sachs, Morgan Stanley Dean Witter & Co. and CW Amos & Co. Mr. Fay received a Bachelor of Science from Mount St. Mary’s College and his M.B.A. from the NYU Stern School of Business.

Anthony J. de Nicola, WCAS President & Managing Partner, said: “Tim, Manny and John are talented leaders with distinguished records of achievement within the technology space. We expect to tap into their deep domain expertise and operating knowledge to identify compelling investment opportunities and partner with our management teams to help build leading technology companies. We are thrilled they are joining our team.” Tim, Manny and John will work closely with Technology General Partners Mike Donovan, Ryan Harper, Chris Hooper and Eric Lee and the broader Technology team at WCAS.

Over the past four decades, WCAS has successfully invested over $11 billion of equity in 104 technology companies through its 13 private equity funds.

WCAS partnered with executive search firms, Spencer Stuart and Bespoke Partners for Mr. Clifford’s and Mr. Conti’s placement, respectively.

About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: technology and healthcare. Since its founding in 1979, the firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. WCAS has deep experience in acquiring founder-led businesses and corporate carve-outs. The firm has raised and managed funds totaling over $27 billion of committed capital. For more information, please visit www.wcas.com.

Lee Cooper Joins Welsh, Carson, Anderson & Stowe As An Operating Partner in the Firm’s Healthcare Group

Healthcare
10/07/2019

Lee Cooper Joins Welsh, Carson, Anderson & Stowe As An Operating Partner in the Firm’s Healthcare Group

Media Contacts

Jon Rather
WCAS
212-893-9570JRather@wcas.com
Greg Lau
WCAS
212-893-9586GLau@wcas.com

Lee Cooper Joins Welsh, Carson, Anderson & Stowe As An Operating Partner in the Firm’s Healthcare Group

New York, New York, October 7, 2019 – Welsh, Carson, Anderson & Stowe (WCAS), a leading private equity firm focused exclusively on the healthcare and technology industries, announced today that Lee Cooper, an accomplished healthcare executive, has joined the firm as an Operating Partner.

Mr. Cooper joins WCAS following over 25 years of experience at GE, where he successfully led several business units. Most recently, Mr. Cooper was the President & CEO of GE Healthcare Systems, U.S. and Canada. In this role, he oversaw GE Healthcare’s core businesses of Imaging, Ultrasound, Life Care Solutions, Enterprise Digital Solutions and Services and partnered with care providers, healthcare systems and governments to improve healthcare quality, access and affordability. Earlier in his career, he held multiple Chief Commercial Officer roles, including for GE Corporate, GE Energy Management and GE Capital, America. He also started GE Capital’s Enterprise Client Group in 2005. Mr. Cooper received his Bachelor of Arts from Ohio Wesleyan University.

Brian Regan, WCAS General Partner, said: “We are excited for Lee to join the WCAS team. Lee is a hands-on leader, and his experience building collaborative teams that deliver value to customers will be highly beneficial to our healthcare portfolio. Lee’s emphasis on culture as the foundation of success closely aligns with WCAS’s philosophy.”

Lee Cooper added, “I am thrilled to work with WCAS’s talented team of healthcare professionals and their portfolio company executives. I look forward to partnering with a firm that views a commitment to operational excellence and long-standing relationships as the core of its value creation model.”

Over the past four decades, WCAS has successfully invested over $9 billion of equity in 89 healthcare companies through its 13 private equity funds.

About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: technology and healthcare. Since its founding in 1979, the firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. WCAS has deep experience in acquiring founder-led businesses and corporate carve-outs. The firm has raised and managed funds totaling over $27 billion of committed capital. For more information, please visit www.wcas.com.

Welsh, Carson, Anderson & Stowe Names Three New General Partners

Firm
10/01/2019

Welsh, Carson, Anderson & Stowe Names Three New General Partners

Media Contacts

Jon Rather
WCAS
212-893-9570jrather@wcas.com
Greg Lau
WCAS
212-893-9586glau@wcas.com

Welsh, Carson, Anderson & Stowe Names Three New General Partners

New York, New York, October 1, 2019 – Welsh, Carson, Anderson & Stowe (“WCAS”), a leading private equity firm focused exclusively on the healthcare and technology industries, announced today that it has named three new General Partners, David Caluori, Ryan Harper and Frances Higgins. In July, WCAS XIII, L.P., which was oversubscribed, closed at its hard cap of $4.3 billion, making it the largest partnership in the Firm’s 40-year history.

Mr. Caluori is a General Partner in the Healthcare Group. He is re-joining WCAS, having previously worked at the Firm for nine years. Most recently, he was at General Atlantic as a Principal focusing on healthcare investments. Earlier in his career, he worked in healthcare investment banking at Piper Jaffray and Jefferies. Mr. Caluori graduated from Brown University.

Mr. Harper is a General Partner in the Technology Group. He re-joined WCAS in 2018, having previously worked at the Firm for five years. Prior to re-joining WCAS, Mr. Harper was a Partner at Hudson Hill Capital. In addition, he served in executive roles at INTTRA and Prelude Fertility. Earlier in his career, Mr. Harper was in investing roles at Summit Partners and Diamond Castle and worked at UBS Investment Bank. Mr. Harper graduated from the University of Texas at Austin and received an M.B.A. from Harvard Business School.

Ms. Higgins is a General Partner in the Fundraising and Investor Relations Group. She joined WCAS in 2007 and previously worked at JPMorgan Chase and Morgan Stanley. Ms. Higgins graduated from Georgetown University and received an M.B.A. from the Stanford Graduate School of Business.

WCAS Managing Partners Anthony J. de Nicola and D. Scott Mackesy said: “It is an exciting time for our Firm, and we are thrilled to add to our talented team of General Partners. Dave, Ryan and Fran each bring extensive experience and professionalism to their respective positions. We are delighted that both Dave and Ryan re-joined WCAS. They are both seasoned investment professionals with outstanding skills, backgrounds and experiences, and we look forward to their contributions to our portfolio. We are equally thrilled to be promoting Fran, who has been a senior member of our Fundraising and Investor Relations team and has built many of our important and valued Limited Partner relationships.”

About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: technology and healthcare. Since its founding in 1979, the Firm's strategy has been 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 deep experience in acquiring Founder-led businesses and corporate carve-outs. The Firm has raised and managed funds totaling over $27 billion of committed capital. For more information, please visit www.wcas.com.

Shields Health Solutions Receives Equity Investments From Welsh, Carson, Anderson & Stowe And Walgreen Co.

Healthcare
07/31/2019

Shields Health Solutions Receives Equity Investments From Welsh, Carson, Anderson & Stowe And Walgreen Co.

Media Contacts

John Fitzsimmons
Shields
781-566-5066jfitzsimmons@shieldsrx.com
Jon Rather
Welsh, Carson, Anderson & Stowe
212-893-9570JRather@wcas.com
Jim Cohn
Walgreens
224-565-1967 jim.cohn@walgreens.com

Transaction Comes as Shields Looks to Expand Unique and Integrated Specialty Pharmacy Model

STOUGHTON, MASS., NEW YORK, NY, and DEERFIELD, ILL. – July 31, 2019 – Shields Health Solutions, Welsh, Carson, Anderson & Stowe (“WCAS”) and Walgreen Co. (“Walgreens”) today announced the parties have entered into a definitive agreement through which WCAS and Walgreens will make equity investments in Shields. Terms of the agreement were not disclosed.

Shields, the nation’s leader in patient-centric, integrated, hospital-owned specialty pharmacy care is taking on the investments as Shields continues to accelerate its national expansion. Shields currently partners with a network of more than 30 leading health systems nationwide to create on site, health system-owned specialty pharmacy programs, providing tightly integrated care management across more than 30 complex specialty disease states, including oncology, neurology, rheumatology and diabetes.

“These investments are an extraordinary validation of what we have been able to achieve with our vision for integrated specialty pharmacy care that puts health systems, patients, and care professionals at the center of our mission,” said Jack Shields, founder and chief executive officer. “Our specialty pharmacy programs are exclusively focused on delivering the best care to the patient populations that need it most. Our integrated specialty pharmacy program enables health systems to offer a more comprehensive care model for their patients—improving outcomes and lowering total cost.”

Through the agreement with WCAS, a health care and technology-focused private equity firm and Walgreens, one of the nation’s largest drugstore chains and a trusted provider of pharmacy services, Shields plans to also expand into new disease states and integrated service and technology offerings.

Mr. Shields added: “We are excited to have found our ideal partners with WCAS’ industry knowledge from decades of investing in established growth stage healthcare companies, and Walgreens’ nationwide pharmacy operating experience. Together we can accelerate our growth and expansion, bringing the Shields model to more health systems across the nation and helping to serve the complex patient populations of today and tomorrow.”

Tom Scully, WCAS general partner and former administrator of the Centers for Medicare and Medicaid Services (CMS), said: “Jack and the Shields team have created a unique patient service model that is incredibly effective in supporting patients who are prescribed specialty pharmacy drugs and biologics. Shields hospital partners love the Shields staff and their excellent results, and we are excited to be part of the Shields team. Walgreens has also been a great partner in this process—and brings a wealth of knowledge and resources to this business. We are fired up by the opportunity to work with both our new partners to build a great specialty services company.”

“Specialty pharmacies play a critical role in ensuring a true continuum of care for patients with complex, chronic conditions,” said Alex Gourlay, Walgreens president. “New and different care offerings, such as the model Shields has developed, can be instrumental in helping to meet the changing needs of patients, payers and providers. Together with Shields and WCAS, we’re committed to working to create end-to-end solutions that can complement our existing specialty pharmacy footprint and further improve patient care.”

The transaction is expected to close in the third quarter, after customary regulatory reviews.

Centerview Partners acted as financial advisor, and Goodwin Procter LLP and Pepper Hamilton LLP acted as legal advisors for Shields Health Solutions. Ropes & Gray LLP acted as legal advisors for WCAS and Sidley Austin LLP acted as legal advisors for Walgreens.

About Shields Health Solutions
Shields Health Solutions is a specialty pharmacy integrator and care provider, partnering with hospital leaders on every aspect of specialty pharmacy creation, growth and management. Shields provides the fastest, lowest risk model for health systems to create or grow a hospital-owned specialty pharmacy program. Started in 2012, Shields partners with health systems to provide on-site pharmacy and care professionals, a purpose-built specialty pharmacy technology platform, access to nearly all limited distribution drugs (LDDs) and most (health insurance) payors in the nation. Shields provides ownership of all specialty pharmacy assets in a health system’s name.
Through a differentiated care model that “plugs into” centralized infrastructure and provides high-touch pharmacy liaisons on-site, Shields delivers superior value and a best-in-class experience to health systems, patients, payers, and manufacturers. This results from unparalleled medication adherence (92%), quicker time to therapy (<48 hours), improved patient satisfaction (85 NPS), decrease in re-admissions, lower medical spend, and fewer adverse events. For more information, see http://www.shieldshealthsolutions.com/.

About Walgreens
Walgreens (walgreens.com), one of the nation's largest drugstore chains, is included in the Retail Pharmacy USA Division of Walgreens Boots Alliance, Inc. (NASDAQ: WBA), the first global pharmacy-led, health and wellbeing enterprise. Approximately 8 million customers interact with Walgreens in stores and online each day, using the most convenient, multichannel access to consumer goods and services and trusted, cost-effective pharmacy, health and wellness services and advice. As of Aug. 31, 2018, Walgreens operates 9,560 drugstores with a presence in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands, along with its omni-channel business, Walgreens.com. Approximately 400 Walgreens stores offer Healthcare Clinic or other provider retail clinic services.

About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: technology and healthcare. Since its founding in 1979, the Firm's strategy has been 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 deep experience in acquiring Founder-led businesses and corporate carve-outs. The Firm has raised and managed funds totaling over $27 billion of committed capital. For more information, please visit www.wcas.com.

Welsh, Carson, Anderson & Stowe Raises $4.3 Billion in Oversubscribed Thirteenth Private Equity Fund

Firm
07/30/2019

Welsh, Carson, Anderson & Stowe Raises $4.3 Billion in Oversubscribed Thirteenth Private Equity Fund

WCAS XIII Will Focus on WCAS’s Proven Strategy of Building Leading Technology and Healthcare Companies

New York, New York, July 30, 2019 – Welsh, Carson, Anderson & Stowe (“WCAS”), a leading private equity firm focused exclusively on the healthcare and technology industries, announced today that it has completed fundraising for WCAS XIII, L.P. (“WCAS XIII” or the “Fund”). The Fund, which was oversubscribed, closed at its hard cap of $4.3 billion, exceeding its $3.5 billion target. Limited Partners’ capital totaled $4.0 billion and the WCAS General Partners and affiliated entities committed approximately $300 million. New investors contributed over $700 million of capital. WCAS XIII’s re-up rate from WCAS XII investors was over 95% and the six largest investors in WCAS XIII increased their commitments from WCAS XII by 25%.

WCAS XIII will focus exclusively on investing in healthcare and technology companies, primarily based in the United States, consistent with the strategy the Firm has executed successfully over the past 40 years. Since the Firm’s founding, WCAS has raised over $27 billion of committed capital and has invested in over 85 healthcare and 100 technology companies. In investing WCAS XIII, WCAS will seek to partner with proven management teams to acquire growing companies and drive value through operating improvements as well as organic and strategic M&A growth initiatives.

As of March 31, 2019, WCAS XII, a 2015 vintage year fund, generated a net internal rate of return (“net IRR”) of 27% and a net Distributions to Paid-In Capital (“net DPI”) of over .5 times to investors adjusted for an April 5th distribution. According to the latest data from Cambridge Associates, WCAS XII is a top quartile fund for net IRR, net DPI and net Investment Multiple. Since 2013, the WCAS Partnerships have invested $5 billion of capital and distributed $14 billion.

WCAS President and Managing Partner Anthony J. de Nicola, said: “We are gratified to have received such strong support from our Limited Partners for WCAS XIII. This new fund will pursue our long-established strategy of investing in two of the fastest-growing industries in the U.S., technology and healthcare. We continue to see excellent opportunities for our talented Investment Professionals and highly experienced Operating Partners to acquire and actively support outstanding management teams in building their extraordinary companies.”

WCAS Managing Partner D. Scott Mackesy said: “As the Firm celebrates its 40-year anniversary, we are grateful for the strong relationships we have cultivated within the LP community as well as with our management teams. These relationships are the foundation of the Firm’s culture and are critical to WCAS’s enduring success in building businesses.”

WCAS’s Focus on Healthcare and Technology Investments

Within healthcare, WCAS XIII will continue to target companies in subsectors including: healthcare providers, specialty facilities, payor services and healthcare information technology.

Recent healthcare investments by the Firm include:
• Kindred at Home, the largest home health, hospice and personal care operator in the U.S.;
• MMIT, a provider of specialized market data and analytics to pharmaceutical and managed care companies; and
• InnovAge, a provider of high-quality senior care programs and services.

Recent healthcare investment realizations by the Firm include:
• Concentra, a provider of occupational health and urgent care services in the U.S.;
• U.S. Anesthesia Partners, a provider of anesthesia services, owned send operated in partnership with physicians; and
• United Surgical Partners International, a provider of outpatient surgery through ambulatory surgery centers and surgical hospitals.

Within technology, WCAS will continue to target services companies in business-to-business subsectors, including: payment technology, software and data analytics, financial technology, IT infrastructure, mobility and security & compliance solutions.

WCAS’s recent technology investments include:
• Avetta, a provider of cloud-based contractor risk management and compliance software to enterprise clients;
• Clearwater Analytics, an integrated data and software solution for investment portfolio accounting, reporting and analytics; and
• Intoxalock, a provider of vehicle-based Ignition Interlock Devices.

Recent technology investment realizations by the Firm include:
• Quick Base, a cloud-deployed no-code enterprise application development platform; and
• Asurion, a provider of handset protection and customer support services.

About Welsh, Carson, Anderson & Stowe

WCAS is a leading U.S. private equity firm focused on two target industries: technology and healthcare. Since its founding in 1979, the Firm's strategy has been 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 deep experience in acquiring Founder-led businesses and corporate carve-outs. The Firm has raised and managed funds totaling over $27 billion of committed capital. For more information, please visit www.wcas.com.

Quick Base to Receive Majority Investment from Vista Equity Partners

Technology
01/14/2019

Quick Base to Receive Majority Investment from Vista Equity Partners

Quick Base to Receive Majority Investment from Vista Equity Partners

Partnership and Investment Will Spur Continued Acceleration of Growth

CAMBRIDGE, Mass. – January 14, 2019 – Quick Base, the leading SaaS platform for building powerful, integrated, customized business applications, today announced it has signed a definitive agreement to receive a majority investment by Vista Equity Partners (“Vista”), a
leading investment firm focused on software, data and technology-enabled businesses. Quick Base’s current investor, Welsh, Carson, Anderson & Stowe (“WCAS”), will retain a significant investment in the company.

Quick Base is a market leader in the customized application building space, with more than 5,400 customers, serving businesses of all sizes across every industry. Quick Base delivers a significant return on investment for customers, empowering users with the ability to create
their own solutions that can streamline processes, track and analyze real-time data and create efficiencies in their own work and their company’s operations.

"At Quick Base, we are passionately pursuing a near limitless opportunity to disrupt and democratize IT and enterprise software,” said Rick Willett, CEO of Quick Base. “Every day we’re empowering people closest to the work to customize, automate and enhance their processes. Vista shares our vision and our passion, and we could not be more excited to partner with their team to further accelerate our growth."

Business professionals, across all functions, use Quick Base to easily and quickly build business applications with no prior database, programming or development skills required. Through a highly secure platform, Quick Base easily integrates with existing systems and has the power to also be leveraged by sophisticated software developers.

“At its core, software is a tool that turns good ideas into scalable and actionable solutions,” said Robert F. Smith, Founder, Chairman and CEO of Vista Equity Partners. “By empowering every employee, no matter his or her technical background, to build applications that suit their business needs, Quick Base’s platform helps build a stronger workforce, and smarter workplaces.”

“We have taken great pride in helping Quick Base reach its current position at the top of the high productivity app development space,” said Mike Donovan, General Partner with WCAS. “We welcome Vista as a majority investor and we look forward to the experience and expertise that they bring to this partnership.”

Rothschild & Co served as the financial advisor to Quick Base, and Kirkland & Ellis served as legal advisor. Evercore served as the financial advisor to Vista and Greenberg Traurig served as
legal advisor. To learn more about this partnership, please visit: https://www.quickbase.com/about-us/faqs

About Quick Base

Quick Base provides a cloud-based platform that empowers problem solvers to quickly turn ideas for better ways to work into apps that make their organizations more efficient. For 20 years, people of all technical and non-technical backgrounds have been using the Quick Base platform to create solutions that streamline processes, capture real-time data, and improve company operations while working in concert with existing IT systems. Headquartered in Cambridge, MA, Quick Base has thousands of customers spanning all industries and company sizes. For more information, please visit: www.QuickBase.com

About Vista Equity Partners

Vista Equity Partners is a U.S.-based investment firm with offices in Austin, Chicago, New York
City, Oakland, and San Francisco with more than $46 billion in cumulative capital commitments.
Vista exclusively invests in software, data, and technology-enabled organizations led by worldclass
management teams. As a value-added investor with a long-term perspective, Vista
contributes professional expertise and multi-level support towards companies to realize their
full potential. Vista’s investment approach is anchored by a sizable long-term capital base,
experience in structuring technology-oriented transactions, and proven management
techniques that yield flexibility and opportunity. For more information, please
visit www.vistaequitypartners.com.

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 17 limited partnerships with total capital of over $26
billion. 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. For more information, please visit http://www.wcas.com/.

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

Technology
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.