New York private buyout firm Welsh, Carson, Anderson & Stowe has agreed to invest $100 million (€73 million) in growth capital to Florida healthcare provider Solantic.
Solantic provides healthcare services with an emphasis on easy access and affordability for its patients. The company will use the capital to expand its business nationwide. It plans to open 40 clinics by the end of 2009, and to expand further through acquisitions.
Banc of America Securities was the placement agent for the investment.
General partner D. Scott Mackesy led the deal on Welsh Carson’s side.
Healthcare is one of the two main industries in which the firm invests, along with information and business services. In April the firm doubled its money after the sale of cancer and genomics company AmeriPath to Quest Diagnostics for $2 billion.
Welsh Carson is currently investing Welsh, Carson, Anderson & Stowe X, a $4.7 billion equity fund closed in 2005.
The healthcare industry continues to be an area of robust activity. Several private equity firms have recently closed healthcare-focused funds. Earlier this month, Stamford, Connecticut-based Galen Partners closed on $250 million for healthcare information technology/outsourcing, medical devices and specialty pharmaceutical companies. In June New York-based HealthpointCapital Partners’ oversubscribed second fund closed on $420 million. Also in June, Chris Evans, of venture firm Merlin Biosciences, and Tom Hunter, of buyout firm West Coast Capital, raised $991 million to enable Evans’ firm to target mature healthcare companies.
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