Health Evolution Management Co. LLC

Health Evolution Management Co. LLC

Health Evolution Management Co. LLC

Overview
Date Founded

2007

Headquarters

1 Letterman Drive,Suite D3300,San Francisco, CA 94129-1503

Type of Company

Private

Employees (Worldwide)

5

Industries

Private Equity & Venture Capital
Investment Services & Portfolio Management

Company Description

Health Evolution Management focuses on long-term investments in healthcare companies that provide services, technologies and information solutions that improve the delivery, organization and financing of healthcare.The Health Evolution Partners Growth and Buyout Fund is a $500 million fund that invests in late stage healthcare companies. The fund focuses on investments in successful companies that have the potential to become market leaders and to improve value to end users. The fund makes growth and late stage investments in companies that are EBITDA positive or that have a demonstrated pathway to EBITDA growth. Investments may take the form of expansion capital, recapitalizations, buyouts, spin-offs and other forms of late stage financing. Health Evolution Management focuses on companies with sustainable competitive advantages, strong management teams and proprietary healthcare technology and processes. Initial equity investments range from $20 million to $80 million.Health Evolution Management developed the Health Evolution Partners Innovation Network (HEPIN), a $200 million fund supported by a partnership between the firm and a small number of early-stage venture capital funds. Partner funds work with Health Evolution Management to move innovations from idea to proof-of-concept and to develop leading management teams of the future. Health Evolution Management invests directly in portfolio companies and also invests into partnered venture funds.The firm's direct investments in portfolio companies take the form of lead investments and co-investments with HEPIN fund partners. Health Evolution Management may also invest in syndication with other funds. The firm seeks to invest in healthcare services, technology, diagnostics and medical devices that have the potential to establish a leadership position in a niche market, become the foundation for a solution platform or offer an innovation or disruption that can be integrated into an existing solution platform. They prefer to invest in opportunities in which significant engineering, science and regulatory risk does not exist. The firm also prefers to invest in companies operating in large markets with favorable growth trends and supportive regulatory and reimbursement environments. Health Evolution Management plays an active role in their investments taking board seats with all lead investments and at least board observation rights with co-investments. Initial equity investments range from $5 million to $10 million with capital reserved to maintain the firm's pro rata ownership.

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Executives & Employees

Partner

Partner Head of the Portfolio Services Group

Investment Partner

Partner

Partner

Director of Product

Vice President

Senior Advisor, Spectrum Fund

Senior Advisor, Spectrum Fund

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Recent Transactions
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Otto Bock Holding GmbH & Co. KG, Ottobock SE & Co. KGaA purchase Freedom Innovations LLC from Health Evolution Management Co. LLC

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New Mountain Capital LLC purchases Signify Health from Health Evolution Management Co. LLC

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LHC Group, Inc. purchases Halcyon Healthcare LLC from Barings BDC, Inc. /Private Equity, Health Evolution Management Co. LLC

Transaction Advisors
Legal Advisor

Advised onHealth Evolution Management Co. LLC purchases Freedom Innovations LLC from Telegraph Hill Partners

Legal Advisor

Advised onHealth Evolution Management Co. LLC purchases Mollen Immunization Clinics LLC

Advisors & Consultants
Legal Advisor

Partner at Simpson Thacher & Bartlett LLP

Legal Advisor

Former Associate at Kirkland & Ellis LLP

Investments
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Prolacta Bioscience, Inc. provides specialty formulations of human milk for the nutritional needs of premature and critically ill infants. Its products include Prolact+ H2MF, Prolact+4, Prolact+6, Prolact+8, Prolact+10 and Neo20. The company was founded by Elena Taggart Medo in1999 and is headquartered in City of Industry, CA.

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Optimal IMX, Inc. provides radiology optimization services. It offers musculoskeletal, neuro-radiology, orthopedics, urology, and pediatric radiology services. The company is headquartered in Nashville, TN.

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Foundation Radiology Inc. provides diagnostic imaging professional services. It offers imaging solutions, including coverage for various radiology subspecialties. The company was founded Derek Armfield and Brandon Chan in 2006 and is headquartered in Pittsburgh, PA.

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