PE Today: Gryphon, GTCR and Thompson Street Expand PortCos

Read the top headlines from Tuesday, April 5, 2022 below:

Gryphon Investors, GTCR Rebrand, Expand Dermatology Platform

Private equity firms Gryphon Investors and GTCR have rebranded their co-owned dermatology platform company to AQUA, and have also announced a new acquisition to expand the business. In a press release Tuesday (April 5), the two businesses that merged to form the platform company in 2021, Water’s Edge Dermatology and Riverchase Dermatology, announced the rebrand and added that AQUA has also acquired Intracoastal Dermatology to expand. In a statement, Riverchase founder and board member of AQUA Dr. Andrew Jaffe said AQUA will add new locations “to expand patient access” with the latest acquisition.

Thompson Street’s Isto Biologics Acquires TheraCell

Isto Biologics, the cell-based therapies and regeneration technology platform company owned by private equity firm Thompson Street Capital Partners, said in a press release it has acquired regenerative medicine company TheraCell. Financial details of the transaction were not disclosed. TheraCell will support Isto’s expansion across sports medicine, as well as spine and orthopedics surgical and clinical care solutions. The expansion also provides Isto with access to TheraCell’s TheraFuze DBG technology, which will be integrated into Isto’s existing services line.

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Riverside Partially Exits Hospital Claims Solutions Provider Revecore

Riverside Partners has announced the partial exit of complex claims solution provider Revecore, according to a press release. The Boston-based private equity firm said GrowthCurve Capital has acquired Revecore, marking Riverside’s fourth exit for its Riverside Fund V. Despite the acquisition, Riverside said it will continue to retain equity in Revecore, while two of its general partners will also remain on the company’s board.

In a statement, Riverside general partner David Belluck recalled the trajectory of Revecore’s growth, beginning with Riverside’s initial investment in Bottom Line Systems in 2016. That was followed by the acquisition of Medical Reimbursements of America, the establishing of a new CEO, expansion of the company’s business development team, and other growth initiatives. Revecore now offers services for underpayments, denial prevention and complex claims reimbursement tools for workers’ compensation, motor vehicle accident, and Veterans Affairs claims for hospitals across the U.S.

“We are now very excited to partner with GrowthCurve to support the company in its next chapter of growth,” he said.