Private Briefing: KKR’s Healthcare Deal Spree

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In late July, Scott C. Nuttall, KKR & Co. LP’s (KKR) co-president and co-chief operating officer, noted on an earnings call that the healthcare team “is particularly busy right now on the private equity front.”

Less than a week after his comments, the New York-based private equity firm teamed with Walgreens Boots Alliance Inc. (WBA) to buy pharmacy services company PharMerica Corp. (PMC) in a deal, unveiled Aug. 2, that was valued at $1.4 billion, including debt.

Days later, KKR-backed PRA Health Sciences Inc. (PRAH) , a publicly traded clinical research organization, agreed to buy Symphony Health Solutions Corp. for $530 million upfront plus potential contingent payments in a deal announced Aug. 7.

And on Aug. 8 came a pair of purchases. KKR-backed Air Medical Group Holdings is acquiring Envision Healthcare Corp.’s (EVHC) medical transportation unit, American Medical Response, in a $2.4 billion transaction.

Separately, KKR is buying Covenant Surgical Partners Inc., an acquirer and operator of ambulatory surgery centers and physician practices, from DFW Capital Partners and others for an undisclosed sum.

“Some of them we were working on for well over a year, some of them less time than that,” said Max C. Lin, a director on KKR’s private equity team, of the string of healthcare deals. “The timing happened to work out that these were announced at the same time.”

Lin is part of KKR’s 14-person Menlo Park, Calif.-based healthcare team, led by James Momtazee, which focuses primarily on deals in the Americas.

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Private Briefing: KKR’s Healthcare Deal Spree

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