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The Bank of England’s Financial Policy Committee (FPC) and the Prudential Regulation Authority (PRA) recently delivered a series of speeches1 raising their concerns about the evolution of privateequity financing and the banking sector’s exposure to the privateequity industry.
antitrust regulators, particularly the Federal Trade Commission, have been stepping up scrutiny of privateequity investments in healthcare. On March 5, the FTC, along with the U.S. Department of Justice and the U.S.
USAP”), and the privateequity firm Welsh, Carson, Anderson & Stowe (“Welsh Carson”), which created USAP, executed a multi-year anticompetitive scheme to consolidate anesthesiology practices in Texas, drive up the price of anesthesia services provided to Texas patients and boost their own profits. Anesthesia Partners, Inc.
The year 2023 will be remembered as a challenging one for privateequity (PE), with complexities to navigate on many fronts. Although overall transaction volume was significantly down, privateequity funds still found. By: Akin Gump Strauss Hauer & Feld LLP
Traditionally, privateequity firms were seen as benign investors from an antitrust perspective. This is changing. In the past 12 months, PE-funded acquisitions have faced progressively more rigorous scrutiny by antitrust authorities. By: Allen & Overy LLP
California’s Senate Appropriations Committee will hold a hearing on California’s privateequity bill, AB 3129, on August 15, 2024. This proposed legislation would expand existing California Attorney General authority to include review and approval authority over most healthcare privateequity transactions.
USAP”) and its privateequity sponsor, Welsh, Carson, Anderson & Stowe (“Welsh Carson”) alleging an anticompetitive scheme to consolidate anesthesiology practices in Texas through a series of systematic roll-ups; price setting arrangements; and a market allocation agreement to dominate the anesthesia market in Texas.
California is looking to take the lead on regulating privateequity deals in the health care space by introducing bill AB 3129, which requires privateequity groups or hedge funds to receive the state attorney general’s approval before purchasing a health care entity.
Privateequity firms can breathe a sigh of relief after a federal judge dismissed claims that threatened to establish a precedent for holding privateequity firms liable for certain actions by their portfolio companies. By: Troutman Pepper
On January 14, 2025, the Department of Justice (DOJ) sued privateequity giant KKR & Co. KKR) for numerous violations of antitrust law, alleging that KKR repeatedly violated its obligations to provide information on its acquisitions as required by the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act). By: Goodwin
As we begin 2024, we have highlighted the issues and trends that privateequity (PE) investors should consider when evaluating transactions in the healthcare sector. W ith various headwinds resulting in down volume in 2023, buyers and sellers alike find themselves asking whether 2024 will see a rebound in deal activity.
Launching a privateequity fund is an exciting yet daunting endeavor; and a General Partner (GP) Advisory Board can be a critical asset in navigating the complexities. Thoughtfully designing and engaging a GP Advisory Board strengthens a privateequity firms capabilities by adding external expertise to the firms internal resources.
As some packed the skis and headed to their favorite slopes this winter season, it is hard not to see the analogies to the healthcare privateequity (PE) transaction market as we ring in the New Year. Much like the Northern Rockies, there should be plenty of dry powder to support a robust dealmaking environment in 2025.
Privateequity is squarely in the cross hairs of regulators; the Department of Justice Antitrust Division, the Federal Trade Commission, and the U.S. Department of Health and Human Services recently announced the launch of a joint inquiry into privateequity ownership in the health care field. By: Ballard Spahr LLP
Privateequity sponsors can exhale: A federal court recently stopped the Federal Trade Commission's (FTC) antitrust action that targeted privateequity sponsor Welsh, Carson, Anderson & Stowe for the healthcare "roll-up" strategy of its anesthesia practice management portfolio company. Anesthesia Partners, Inc.
Privateequity acquisitions in healthcare will likely face increased scrutiny from multiple federal departments, as well as from state antitrust enforcement officials. By: Mayer Brown
The company's spyware, dubbed Graphite, is capable of hacking phones and stealing private communications. 2024 TechCrunch. All rights reserved. For personal use only.
The bill seeks to strengthen oversight of privateequity investment within Massachusetts healthcare sector and enforce stricter penalties for noncompliance with reporting requirements and the state False Claims Act (FCA). 5159), and Governor Maura Healey signed it on January 8, 2025. By: McDermott Will & Emery
On March 5, the Federal Trade Commission (FTC) hosted a public workshop titled “Private Capital, Public Impact: An FTC Workshop on PrivateEquity in Health Care.” The event is part of the agency’s effort to publicize and encourage enforcement targeting privateequity investments in health care.
Venable's PrivateEquity Investment in Healthcare webinar series explores the unique issues and timely developments that shape deals within the industry. Investment in the healthcare industry requires careful consideration, as it involves numerous distinct areas of the law. By: Venable LLP
On August 31, the last day of its 2024 Legislative Session, the California Legislature approved Assembly Bill 3129 (Wood), which provides for notification to and review by the Attorney General of health care transactions involving privateequity groups and hedge funds.
The California legislature is considering a bill that could severely impact the ability for privateequity companies and hedge funds to operate in the California health care industry. By: Polsinelli
On March 5, the FTC convened a workshop with regulators, academics and stakeholders to discuss the impact of privateequity in the healthcare market. The workshop reflects the FTC and DOJ Antitrust Division’s recent focus on privateequity and serial roll-up transactions more broadly as targets for antitrust enforcement.
Among various other healthcare market oversight enhancements, the Act expands the authority of the Massachusetts Attorney General, Center for Health Information and Analysis (CHIA), and Health Policy Commission (HPC) to review and gather data regarding privateequity investment into healthcare providers and healthcare management companies.
Episode 12: Exploring Consolidation and PrivateEquity Investment in Physician Practice Management - In this episode of BRight Minds in Healthcare Delivery, host Eric Tower interviews Robert Aprill, a partner at Physician Growth Partners. Eric and Robert examine privateequity (PE) investment in physician services, including various.
The California Legislature recently passed Assembly Bill 3129 (“AB 3129” or the “Bill”), which, if signed by California Governor Gavin Newsom, would increase oversight of healthcare entity transactions involving privateequity investment. Governor Newsom has until September 30, 2024, to sign or veto the Bill.
Federal Trade Commission (“FTC”) antitrust lawsuit against a private-equity owner of a large anesthesiology practice in Texas demonstrates that the FTC has begun to implement its more aggressive focus on the perceived competitive harms caused by certain “roll-up” acquisition strategies.
Over the last decade, privateequity firms have acquired healthcare companies, hospitals, and clinics at an increasing rate. In fact, in those ten years, privateequity firms have spent roughly $1 trillion on an estimated 8,000 healthcare deals. This trend is only expected to increase through 2024.
McGuireWoods recently held its 20th Annual Healthcare PrivateEquity and Finance Conference (HCPE Conference) in Chicago. The conference drew more than 1,000 professionals from privateequity funds, senior and mezzanine lenders, and investment banks, as well as C-level executives, consultants and principals in the healthcare industry.
A recent government initiative announced on March 5, 2024 signals that more antitrust scrutiny for privateequity firms and asset managers is on the horizon. By: Paul Hastings LLP
Driven by a growing wave of enforcer skepticism toward further healthcare consolidation, some state legislatures have begun to propose “mini-HSR” laws explicitly targeting healthcare transactions involving privateequity firms or sponsors. By: Morgan Lewis
Privateequity investment in health care has grown significantly over the past two decades, and the US government is starting to pay attention. The False Claims Act (FCA) appears to be the first avenue of enforcement, but privateequity firms should be prepared for state. By: K&L Gates LLP
a federal district court granted privateequity firm Welsh, Carson, Anderson & Stowe's motion to dismiss it from the Federal Trade Commission's (FTC) lawsuit alleging an anticompetitive scheme to drive up the price of anesthesia services by orchestrating a decade-long "roll-up" strategy to consolidate anesthesiology practices in Texas.
The Federal Trade Commission’s (FTC) push against privateequity roll-ups has hit a snag. Judge Hoyt found that the FTC had not adequately alleged that Welsh Carson “is violating” or “is about to violate” antitrust laws, as required under.
WindRose Health Investors has announced its acquisition of CardioOne. CardioOne, founded in 2023 and based in Houston, is a management services partner and technology platform designed for independent cardiology practices. By: McGuireWoods LLP
What do privateequity and growth capital investors look for when adding new companies to their portfolio, and what strategies do they apply to help those companies optimize capital? They covered the current privateequity landscape, strategies for creating value, industry trends, various investment structures, and more.
At the end of last year, Holland & Knight predicted that "the current enforcement environment will continue into 2024 and will focus heavily on the healthcare industry, along with privateequity transactions or 'roll-ups.' 15, 2023.)
Episode 7: Exploring the Role of Operating Partners in PrivateEquity In this episode of BRight Minds in Healthcare Delivery, Donna Cooper joins host Eric Tower for a conversation about her career and how her prior experience has influenced her current role as an operating partner. Donna explains the role of an operating partner at….
According to EY’s PrivateEquity Pulse, Q2 2024 was the strongest quarter in two years, with 122 announced transactions at a valuation of $196 billion total enterprise value. This seems to be the case, as we see initial signs of an improving landscape after a stronger Q2. But the US PE market is. By: Woodruff Sawyer
A recently introduced California Assembly Bill (AB 3129), targeting privateequity (PE) physician practice investments, is currently making its way through the legislative process.
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