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January 27, 2010 -- Hospital Impact has been ranked one of the top 50 healthcare blogs by Wikio.
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by Tony Chen
Is it me or has there been a tidal wave of healthcare-related private equity and investment deals recently?
Here are the highlights of recent healthcare private equity & privatization activities:
- HCA went private for $21B - the biggest LBO in history at the time.
- USPI went private for $1.8B - by far, they are the largest surgery center operator in the country
- Texas Pacific Group, a private equity firm, bought HealthSouth's surgery division for $945M
- Many speculate that we aren't done yet. I'm betting on LifePoint as the next big deal to break - this would be ~$2.5B deal.
On the M&A side of things, there's been quite a bit of activity
- Triad & CHS $7.1B Merger (which really could count as a privatization)
- CVS bought MinuteClinic for $180MM or so. I think this signals a strategic bet from CVS management - they think that healthcare is the product/service differentiator they've been looking for to drive the next wave of in-store traffic growth.
- Hospitals also continue to buy each other out - there has been a lot of activity of late. 2006 was a banner year with 57 hospital transactions. Since the bottom-out of 2003, hospitals continue to be active. Turned-around or desperate-for-a-turnaround hospitals are the most attractive targets.
- Maybe the hottest area (but under the radar) is senior care - more are opening and many are being bought out at record prices. There's less red tape, a lot of market fragmentation, and baby boomers flooding the gates.
I won't even get into the other sectors of healthcare, except to say that CVS bought Caremark for $26.5B and Pharma companies announced 10 deals in February worth $7.5B. It's a good time to be a dealmaker.
What all of this tells me is this:
* We shouldn't be surprised as this is a cyclical phenomena. I've heard experts talk of the 10-year cycle, and right now we are on the upswing.
* I don't think this is specific to healthcare, though healthcare is one of the hottest sectors right now for VCs.
* The outsiders (the financiers) and the insiders (hospital leadership) are looking at the same businesses. But the outsiders see more value in these businesses. Is the hospital industry going through a strategy make-over?
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01/03/10 @ 01:37 Thank you so much for this post, it was very insightful!
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Safety TipHospital facilities built today do not include asbestos, but many older buildings still have asbestos components in them. Steam pipes, boilers and furnace ducts were often insulated with an asbestos blanket or asbestos paper tape because of their fireproof and insulating properties. Resilient floor tiles were made from vinyl asbestos. Asbestos cement was employed in roofing, shingles and siding materials. The hazard of this carcinogen increases when the fibers become airborne, and untrained contractors can inadvertently increase risks by cutting, tearing, sawing, scraping, or sanding asbestos materials. Elevated asbestos levels can occur in hospitals where old materials are damaged or disturbed. It is best to leave undamaged asbestos material alone if it is not likely to be disturbed. Inhaling asbestos fibers is known to cause mesothelioma and other diseases. Be sure to use an experienced asbestos removal contractor when you need to get rid of old materials that might contain asbestos. |
