Cressey & Co nab Waller Lansden chair

Two months after adding former Senate majority leader Bill Frist to its investment team, the Thoma Cressey Bravo spinout has hired healthcare vet and Waller Lansden Dortch & Davis chairman Ralph Davis.

Thoma Cressey Bravo spinout Cressey & Company has added another high profile partner to its growing roster. The healthcare-focussed firm has hired healthcare pro Ralph Davis, chairman of Waller Lansden Dortch & Davis.

Ralph Davis

Davis has been a partner at Waller Lansden since 1995. His practice focusses on mergers and acquisitions, particularly in the healthcare industry, public and private equity and debt financing and general corporate law. Before, he was an associate at Skadden, Arps Slate, Meager & Flom.

“[Davis] has been an important part of our team for a number of years, supporting us on dozens of healthcare transactions,” partner Bryan Cressey said in a statement. “We have come to regard [Davis] as a trusted advisor on a wide range of issues.”

Cressey & Company was launched last October, shortly after the partners of Thoma Cressey Bravo said they would split the firm’s operations in half for its next round of fundraising, with partners Cressey and Peter Ehrich focussed on healthcare, and partners Carl Thoma, Orlando Bravo, Lee Mitchell and Scott Crabill focussed on the software and services sectors.

In addition to Cressey, Ehrich and Frist, Cressey & Co.’s team is comprised of six investment professionals, all of whom appear to be Thoma Cressey Bravo alumni or to have worked closely with C&C’s founders.

Cressey & Company’s most recent hire was former Senate majority leader and practicing physician Bill Frist, whom the firm brought on as a partner in November.

Thoma Cressey Bravo is the third  firm to split in the past few months. In November the partners of US venture capital firm Sevin Rosen decided to split, with the California partners leaving to pursue “other investment paths” while the Texas partners raise the firm’s tenth fund on their own.

California middle market firm Fox Paine & Co. said today that it will now operate as Paine & Partners, following the out of court settlement of a lawsuit brought by Saul Fox against co-founder Dexter Paine. In 2005 the two agreed that Paine would invest the firm’s third fund, while Fox devoted his efforts to “non-fund opportunities”, but last September Fox claimed in the lawsuit that during the intervening two years Paine had tried to “drive Fox from the firm”, while trying to enrich himself and Fox Paine Capital Fund III at the expense of Fox and the firm’s management company.