BayPine Acquires CenExel Clinical Research
Deal News | Apr 24, 2025 | TT Capital Partners LLC
This week's Healthcare M&A Weekly from TT Capital Partners LLC highlights a series of significant mergers, acquisitions, and investments that are shaping the healthcare industry's landscape. BayPine LP has entered a definitive agreement to acquire CenExel Clinical Research, while Cone Health has secured total ownership of HealthTeam Advantage. Consumer Edge announced plans to acquire Earnest Analytics, and Cubhub has acquired TaskMaster Pro to enhance its Medicaid-focused software offerings. The article also covers a strategic partnership between Epiphany Dermatology and Peak Dermatology, and various funding announcements, including hellocare.ai's $47 million growth round led by HealthQuest Capital. In other notable moves, PAX Health acquired Richardson Psychiatric Associates, and PLAUD Inc. acquired medical AI provider StarJar. RadNet and iCAD announced a merger in an all-stock transaction, while Revelstoke Capital Partners completed a recapitalization of AOM Infusion. Investments in AI and digital health feature prominently, with strategic investments into SmarterDx, Thoughtful Automation, and Well. The described transactions are part of ongoing trends pushing the boundaries of integration between healthcare technology and services.
Sectors
- Healthcare
- Private Equity
- Technology
Geography
- United States – The majority of the companies and transactions discussed in the article are based in the United States, highlighting domestic activities and investments in the healthcare sector.
- Canada – Valsoft Corporation Inc., a company involved in one of the transactions, is based in Canada.
Industry
- Healthcare – The article covers major transactions and investments in the healthcare industry, focusing on mergers, acquisitions, and strategic partnerships aimed at innovation and technological integration.
- Private Equity – Several private equity firms are involved in the deals, either as buyers or investors, reflecting the significant role of private equity in driving the healthcare industry's evolution.
- Technology – The integration of technology with healthcare services, including artificial intelligence and digital health solutions, is a key theme throughout the transactions described in the article.
Financials
- $47 M – Funding raised by hellocare.ai in a round led by HealthQuest Capital.
- $30 million – Additional funding secured by Well to expand their AI platform.
- $55 billion – Assets under management by New Mountain Capital, the investor in SmarterDx and Thoughtful Automation.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| TT Capital Partners LLC | PE Firm | Company | TT Capital Partners LLC is the private equity firm that provided the report on healthcare M&A activity. |
| BayPine LP | Bidding Company | Company | BayPine LP is a private investment firm that has agreed to acquire CenExel Clinical Research. |
| CenExel Clinical Research, Inc. | Target Company | Company | CenExel Clinical Research is a network focused on complex therapeutic areas in clinical trials. |
| Cone Health | Bidding Company | Company | Cone Health has purchased full ownership of HealthTeam Advantage. |
| Epiphany Dermatology | Company | Company | An Austin, TX dermatology company with a strategic partnership with Peak Dermatology. |
| Leonard Green & Partners | Backer | Company | An investment firm backing Epiphany Dermatology. |
| Valsoft Corporation Inc. | Bidding Company | Company | A Canadian company specializing in software acquisitions, which acquired American Data. |
| RadNet, Inc. | Bidding Company | Company | A national leader in diagnostic imaging services, entering a merger agreement with iCAD. |
| iCAD, Inc. | Target Company | Company | A company providing AI-powered breast health solutions, merging with RadNet. |
| New Mountain Capital, LLC | Investor | Company | An investment firm with over $55 billion in assets, invested in SmarterDx and Thoughtful Automation. |
| Consumer Edge | Bidding Company | Company | A global leader in consumer alternative data intelligence acquired Earnest Analytics. |
| Thoughtful Automation Inc. | Target Company | Company | An AI-powered revenue cycle automation company receiving investment from New Mountain Capital. |
| hellocare.ai | Company | Company | A virtual care platform raising $47 million in an investment round led by HealthQuest Capital. |
| Well | Company | Company | An AI-driven health engagement company that secured $30 million in additional funding. |