Avista Capital adds to healthcare M&A with clinic operator
Private equity firm Avista Capital Partners has completed the acquisition of National Spine & Pain Centers LLC (NSPC) from Sentinel Capital Partners.
NSPC operates 68 interventional pain management (IPM) clinics across seven states. The target, headquartered in Rockville, Maryland, provides administrative and support services to IPM practices that treat pain from spinal, musculoskeletal and neural origins. NSPC, which Sentinel backed in 2011, services the mid-Atlantic and Northeast U.S region. Financial terms of the deal were not disclosed.
Avista Capital, headquartered in New York, has more than $5 billion in assets under management. The firm targets the energy, health care, communications, industrial and consumer sectors. Avista has previously backed: Telular Corp. (Nasdaq: WRLS), Basic Energy Services Inc., InvestorPlace Media, and Spartan Offshore Drilling.
New York-based PE firm Sentinel has been active with new deal activity. The firm backs businesses that have up to $65 million in Ebitda across the aerospace and defense, business services, consumer, distribution, food and restaurants, healthcare and industrial sectors. In 2016, the firm bought consumer home show organizer Marketplace Events; marketing training company Corporate Visions; auto parts maker Driven Performance Brands; and Total Military Management, which provides relocation services to U.S. military and government personnel.
The healthcare sector has recently been home to a wave of many deals. Middle-market deals involving healthcare, medical and nursing home facilities include: Global Healthcare REIT Inc.’s purchase of Tulsa, Oklahoma-based nursing facility for $2 million and Vibra Healthcare LLC’s acquisition of two facilities for $20.7 million from Kindred Healthcare Inc. Other deals within the sector features: Court Square Capital Partners acquired dental products distributor NDC from Silver Oak Services Partners, and C.R. Bard Inc. (NYSE: BCR) bought catheter supplier Liberator Medical Holdings Inc.
Moelis & Co. (NYSE: MC) and Houlihan Lokey Inc. (NYSE: HLI) served as financial advisers to NSPC, while Kirkland & Ellis LLP acted as legal counsel. Ropes & Gray LLP acted as legal counsel to Avista Capital.