Corporate Partnerships

WCAS has an unmatched track record of successful corporate partnerships with publicly traded healthcare companies and other large healthcare corporations.

Consistently Refining The Private Equity Partnership Model

WCAS provides a dedicated, high-touch level of operating oversight, accountability, and resources to the investment, helping our corporate partners achieve both short- and long-term strategic objectives.

Corporates Have Chosen To Partner With WCAS For A Variety Of Reasons, Including:

A corporate is interested in acquiring a high growth or early-stage company but not yet ready to fully integrate the company within their business.

A corporate is not interested in owning 100% of an asset, but wants the ability to acquire a portion of the business while retaining the ability to create value and drive returns.

A corporate is interested in an asset in a growth or ancillary area that is unlikely to have material impact on the earnings of the corporate entity, thus rendering it difficult to incentivize management teams.

The frenetic nature of modern deal processes has made it increasingly difficult to perform thorough due diligence on an expedited deal timeline while remaining competitive in the process.

Strategic Partnership in Action: Shields Health Solutions

In July 2019, WCAS and Walgreens (NASDAQ: WBA) partnered to acquire Shield Health Solutions, an outsourced operator of specialty pharmacies for health systems.

WCAS recruited top-grade management including Lee Cooper, a former WCAS operating partner, as CEO, leveraged its relationships with health systems to help Shields increase its clients to 60+ health systems spanning 700+ hospitals in 43 states, and launched a business transformation project with McKinsey to accelerate growth. In September 2021, Walgreens made an additional investment in Shields before acquiring the remainder of the business in 2022.

Strategic Partnership in Action: Concentra

In June 2015, Select Medical (NYSE: SEM) and WCAS formed a JV to acquire Concentra from Humana.

WCAS brought unique knowledge and relationships, having previously partnered with Select Medical in 4 investments and Concentra in 2 investments. WCAS and Select Medical brought best-in-class operational capabilities to accelerate growth, placed several key leadership and board positions with prior WCAS executives, including CEO & President Keith Newton, and executed the transformative acquisition of U.S. HealthWorks, the second largest provider of occupational health services in the US.

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Select former and current corporate partnerships

CareSource For-Profit and CareSource Non-Profit — Corporate: CareSource (For-Profit MSO)

CenterWell and Humana — Corporate: CenterWell

Concentra and Select Medical — Corporate: Concentra

Harmony Cares and Centene Corporation — Corporate: Harmony Cares

Kindred at Home and Humana — Corporate: Kindred at Home

Liberty Dental Plan and Elevance Health — Corporate: Liberty Dental Plan

naviHealth and CardinalHealth — Corporate: naviHealth

Shields Health Solutions and Walgreens — Corporate: Shields Health Solutions

Corporate: CareSource (For-Profit MSO)

Corporate Partner: CareSource (Non-Profit)

Sector: Payor Services and Risk Based Care

Description: CareSource is a non-profit that operates one of the largest Medicaid-focused health plans in the country. WCAS partnered with CareSource to carve out and invest in CSMS, a for-profit management services organization (MSO)

Corporate: CenterWell

Corporate Partner: Humana

Sector: Payor Services and Risk Based Care

Description: Leading provider of senior-focused, risk-bearing primary care services to Medicare and Medicare Advantage beneficiaries

Corporate: Concentra

Corporate Partner: Select Medical

Sector: Care Delivery

Description: Largest provider of occupational health and urgent care services in the US, providing services such as primary injury care, physical therapy, physical exams and drug testing

Corporate: Harmony Cares

Corporate Partner: Centene Corporation

Sector: Care Delivery

Description: Leading provider of comprehensive, home-based healthcare services for older adults and those with complex medical issues

Corporate: Kindred at Home

Corporate Partner: Humana

Sector: Payor Services and Risk Based Care

Description: Leading provider of home health, hospice, and community care

Corporate: Liberty Dental Plan

Corporate Partner: Elevance Health

Sector: Payor Services and Risk Based Care

Description: Dental benefits manager focused on government-sponsored populations

Corporate: naviHealth

Corporate Partner: CardinalHealth

Sector: Payor Services and Risk Based Care

Description: Leading provider of post-acute care management

Corporate: Shields Health Solutions

Corporate Partner: Walgreens

Sector: Pharma Value Chain

Description: Outsourced operator of specialty pharmacies for health systems

Corporate: USPI

Corporate Partner: Tenet Health

Sector: Care Delivery

Description: Leading platform of ambulatory surgery centers & surgical hospitals

Corporate Partnerships

WCAS has an unmatched track record of successful corporate partnerships with publicly traded healthcare companies and other large healthcare corporations.

Consistently Refining The Private Equity Partnership Model

Corporates Have Chosen To Partner With WCAS For A Variety Of Reasons, Including:

Strategic Partnership in Action: Shields Health Solutions

Strategic Partnership in Action: Concentra

Select former and current corporate partnerships

Corporate: CareSource (For-Profit MSO)

Corporate: CenterWell

Corporate: Concentra

Corporate: Harmony Cares

Corporate: Kindred at Home

Corporate: Liberty Dental Plan

Corporate: naviHealth

Corporate: Shields Health Solutions

Corporate: USPI

Corporate: CareSource (For-Profit MSO)

Corporate: CenterWell

Corporate: Concentra

Corporate: Harmony Cares

Corporate: Kindred at Home

Corporate: Liberty Dental Plan

Corporate: naviHealth

Corporate: Shields Health Solutions

Corporate: USPI

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