PE Today: Healthcare Tech, Recapitalization, and Green Bonds
THL strengthens healthcare investment, Calera recapitalizes F&I Sentinel, and Lateral's NewLife raises green bond financing in today's PE roundup.
Catch up on the top headlines from Monday, February 28, 2022 below:
Thomas H. Lee Partners Adds to Healthcare Technology Investments
Private equity firm Thomas H. Lee Partners is expanding its healthcare portfolio with an investment in Qventus, which provides artificial intelligence-powered software for healthcare companies. The growth investment, announced in a press release Monday (Feb. 28), comes from THL’s Automation Fund and was co-led by healthcare improvement company Premier, Inc., as well as several other new and existing backers.
Thomas H. Lee Partners director Kearney Shanahan said in a statement that the investment in Qventus comes as the business is expanding its footprint within care operations automation, pointing to the company’s “clear and measurable return-on-investment to hospitals and health systems” as a key factor that drove the investment.
Calera Capital Recapitalizes Automotive Compliance Company F&I Sentinel
Calera Capital has announced in a press release Monday that it is partnering with F&I Sentinel to recapitalize the company. F&I Sentinel provides finance and insurance compliance solutions for the automotive finance industry, financiers as they face increasing regulatory scrutiny of their F&I product sale and financing operations.
Paul Walsh, Calera’s senior managing director, said in a statement that the company “represented a terrific opportunity to invest behind a market-leading business” within this space. Financial terms of the deal were not revealed.
Lateral Portfolio Company NewLife Raises Sustainability Bond Financing
NewLife Forest Restoration, a sustainable forest products business majority owned by private equity firm Lateral Investment Management, closed a $200 million “sustainability-linked” bond financing, the companies announced Monday. NewLife will deploy the capital to fuel manufacturing and forest restoration initiatives.
According to a press release, NewLife’s bond financing is among the first of its kind within the US green bond market. Sustainability-linked bonds include forest restoration targets, the companies explained. Lateral managing partner Richard de Silva said in a statement that “NewLife has reshaped the challenging economics of forest restoration.”
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