Genstar Capital backs healthcare tech firm Bracket, following eighth PE fundraise
Middle-market private equity firm Genstar Capital has purchased Bracket Global LLC., a clinical trial technology provider, from Parthenon Capital Partners. Financial terms of the deal were not disclosed.
Bracket is a medical research support service provider based in Wayne, Pennsylvania. The target offers data collection and storage, manages clinical trials, and provides training and certification services for healthcare clients worldwide. Bracket employs more than 700 employees and has nine offices across the U.S., Europe and Asia. Jefferies Group LLC (NYSE: JEF) served as financial adviser to Bracket, in addition to Cain Brothers & Co. LLC.
Genstar is a San Francisco-based private equity firm that backs middle-market businesses with at least $10 million in Ebitda. Genstar has been quite active lately. The firm closed a $3.95 billion middle-market fund in March and recently backed electrical parts designer Power Products. Genstar focuses on the industrial technology, healthcare, software and financial services sectors.
Founded in 1998, Parthenon is a middle-market private equity investment firm that has managed funds with more than $3.5 billion in capital commitments. The firm targets industries such as financial services, healthcare services and business services. Parthenon has offices in Boston and San Francisco.
Healthcare technology deals have been quite robust lately. Recent deals include: Riverside Partners’ purchase of Medical Reimbursement of America; the Riverside Co.’s investment in Medical Payment Exchange Inc., a Maryland-based claims management provider to the healthcare industry; and Equian’s acquisition of AfterMath Claim Science Inc., a company that provides post-payment recovery services that aim to eliminate medical claim payment errors through data mining technology.