Hyde Park Capital brokers sale of Tampa health care firm – Tampa Bay Business Journal – The Business Journals

Private equity firms in Los Angeles and New York are teaming up to purchase a Tampa health care company.
Toney Healthcare Consulting has grown substantially since its founding in 2008, and Dr. Sam Toney, the founder and owner-operator of the company, was looking for a strategic partnership to help scale operations.
The search process for a buyer garnered a lot of interest, according to Hyde Park Capital VP Hayden Boles, the lead investment banker on the deal. The Tampa investment banking firm brokered the sale of Toney Healthcare to New York-based Healthcare Enterprise Partners and Centre Partners, which also has offices in New York as well as Los Angeles.
Healthcare Enterprise Partners and Centre Partners are no strangers, Boles said; the two firms had a relationship but hadn’t yet worked together. They bring different types of expertise to the company. Healthcare Enterprise’s established relationships with insurance companies and hospital networks and Centre Partners’ business-building skill set will make the two firms immediately accretive, Boles said.
Toney Healthcare consults insurance companies on health plan utilization and care management or evaluates whether patient treatment plans correspond with health plans efficiently. The consulting is clinically focused and led by physicians, making the company unique, Boles said. The company has a fully remote workforce of 350 employees across 40 states, a model that makes sense for this type of business, Boles said.
“Dr. Toney has relentlessly built this leading company in the health care consulting payer sector since 2008, with an innovative clinical insourcing business model and focus on best practices for value-based health care solutions. It was important to Dr. Toney that we find the right buyer based on not just the economics of the deal, which, of course, are very meaningful, but also the strategic fit for his employees and customers,” Hyde Park Senior Managing Director John Hill said.
The purchase price for Toney Healthcare was not disclosed, but Boles said valuations within the broader health care sector remain at “healthy” levels, although they are down slightly from record purchase prices seen in the past few years. The private market has been somewhat shielded from the recent downturn in the public market, he said.
“All the money that these private equity funds have raised over the past couple of years is still sitting out there,” Boles said, and they’re finding many “A+ assets” in the health care realm.
All health care companies are not equally appealing, however. Boles said the valuations for businesses with reimbursement risk or that treat patients and rely on insurance payments have taken a hit. Investors don’t want to run the risk of regulators changing reimbursement rates, according to Boles.
Founded in 2000, Hyde Park Capital is a boutique investment banking firm that specializes in sell-side M&A for transactions between $25 million and $500 million.
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