Venture Capital
TA Associates Completes $130 Million Leveraged Recapitalization of American Access Care
Representatives of TA Associates, a leading buyout and private equity firm, announced Thursday the completion of a $130 million minority leveraged recapitalization of American Access Care (AAC), a rapidly growing operator of outpatient vascular access centers serving individuals with end-stage renal disease (ESRD), commonly known as kidney failure. The company is based in Glen Rock, Pennsylvania.
Ongoing dialysis is the predominant life-sustaining therapy for patients with ESRD. Dialysis requires that a patient have a vascular access surgically implanted into the body, typically in the forearm. This vascular access becomes the "lifeline" or critical link between the dialysis patient and the dialysis machine. Because of the frequent dialysis treatments required, access points often malfunction or clot. AAC's services help reduce hospitalizations and incidents of thrombosis, eliminate unnecessary temporary catheters and decrease morbidity. AAC partners with physicians, including interventional radiologists, interventional nephrologists and vascular surgeons, to operate the centers, providing management, billing and marketing services. Founded in 2001, AAC operates 14 facilities throughout the Mid-Atlantic and Northeast.
More than 460,000 individuals in the United States suffer from ESRD, with 330,000 of these patients receiving dialysis. Approximately 500,000 vascular access procedures are performed on these patients each year. ESRD patient growth averaged 6% over the past decade. Growth of 4-6% is expected through 2010, driven by continued increases in diabetes and hypertension, and an aging population. Historically, the procedures have been performed in hospitals, with long wait times and overnight stays common.
TA Associates has 38 years of investing experience, focusing on profitable, growth companies. The firm has extensive expertise in the healthcare sector. TA's healthcare investments include Alma Lasers, CompBenefits Corporation, Gulf South Medical Supply, Invitrogen Corporation, Logistics Health, MQ Associates, One Call Medical, Preferred Payment Systems, Triumph HealthCare and Youth and Family Centered Services.
RSM EquiCo Capital Markets LLC served as sole financial advisor to American Access Care. CIT Healthcare acted as lead arranger and administrative agent for the senior bank facility, and TA Associates' Subordinated Debt Fund provided mezzanine capital. Goodwin Procter and Epstein Becker & Green, P.C. served as legal counsel to TA Associates. Paul Hastings provided legal services to American Access Care.
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Research Triangle Park-Based Aurora Funds Combines with the Trelys Funds to Expand into South Carolina
North Carolina based Aurora Funds announced today that they have expanded into South Carolina through the combination with The Trelys Funds of Columbia. The combination of these two early stage venture capital funds will create a dominant brand in the Carolinas and throughout the Southeast.
As a result of the combination, Adrian Wilson, who co-founded Trelys in 2002 and serves as its Managing General Partner, will join The Aurora Funds as a General Partner and will continue to invest in compelling technologies and management teams from Aurora's new office in Columbia, South Carolina.
The Aurora Funds, based in the Research Triangle Park area of North Carolina, is also an early-stage venture capital firm and has approximately $250 million under management in five funds. It is widely regarded as one of the top early-stage venture capital firms in the Southeast. Its investors include many of the largest private equity investors in the U.S.
The Trelys Funds is fully invested in a portfolio of eight companies in South Carolina, North Carolina and Georgia, and has approximately $22 million under management. Wilson will continue to manage Trelys, which remains an independent entity, with back-office support from the Aurora professional staff. In addition, Wilson will work as a General Partner with Aurora to make new investments with a focus on South Carolina and other Southeastern states.
Wilson and Aurora co-founders Scott Albert and Jeff Clark, both experienced and respected venture capitalists, have invested together since 1998 and have worked together closely during that period. In fact, Aurora is an investor in four of Trelys' eight portfolio investments, and the principals have served together on multiple boards of directors.
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zouk ventures Announces Two Senior Appointments
zouk ventures limited ('zouk'), a London-based venture capital firm focusing on expansion stage technology companies in areas such as renewable energy, energy storage, emission reduction and water, is pleased to announce two senior appointments:
Leading UK entrepreneur Tom Singh joins zouk and the Singh family makes it's largest cleantech fund investment to date through Cleantech Europe
Tom Singh is an active private investor with family interests spanning retail, technology and renewable energy sectors. In recent years Tom has been increasing his focus on sustainability and renewable energy technology, particularly in the areas of solar and biofuels. The Singh family also just participated in the set-up of an Asian solar energy company focusing on rural applications in India.
Tom is founder of the New Look chain of stores, which floated on the London Stock Exchange in June 1998. He later participated in a $1B transaction to take the company private again in association with Apax Partners and Permira Advisers.
Tom also founded Bridges Community Ventures, the UK's first community development venture capital company, in 2002 along with Sir Ronald Cohen of Apax Partners and 3i.
The Singh family committed €15 million (US$19 million) to Cleantech Europe, their largest cleantech fund investment to date.
Alois Flatz, co-founder of the Dow Jones Sustainability Index, joins zouk as a Partner
Alois has over 12 years of cleantech experience and served as a Partner at SAM Group Ltd., an asset management company focused on sustainability investments. As Head of Research, he was responsible for all research activities of the group - independently rated No #1 in the World - as well as for product development. Alois Flatz is also the co-founder of the Dow Jones Sustainability Indexes (DJSI), the world's first, and most recognized, financial sustainability index.
Alois is on the board of BTS Investment Advisors, a specialist financial consultancy and investment boutique focusing on private equity investments in India. The firm advises assets with a value in excess of $800m. In addition, Alois is co-founder of VantagePoint Global an independent, not-for-profit organization dedicated to promoting sustainable investing in the emerging markets.
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Sevin Rosen Funds Names William D. Paiva as Venture Partner
Representatives from Sevin Rosen today announced the addition of Dr. William D. Paiva as a venture partner. Dr. Paiva will aide Sevin Rosen in evaluating new markets and guiding start-ups in their development of technology applications for life sciences.
Paiva, who has extensive experience working with early-stage life science companies and large healthcare organizations, will take a two-tiered approach in his role at Sevin Rosen.
Paiva manages investments for Chisholm Private Capital Partners and the Oklahoma Life Sciences Fund. Prior to Chisholm, Paiva served as a management consultant for the Life Sciences Industry Group at Pittiglio Rabin Todd & McGrath (PRTM) where he consulted with the top five pharmaceutical companies in improving product development, technology management, capital deployment and asset management business processes. Paiva also served as an investment banking associate at JP Morgan in New York, providing strategic and investment banking advisory services to Fortune 100 Health Care companies. Paiva holds a Ph.D. in Molecular Biology from the University of Oklahoma and an MBA from Dartmouth College's Amos Tuck School of Business.
