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NaviMed Capital Announces Expansion of Investment and Operations Teams

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As we grow our firm and find new platform investment opportunities in fast-growing lower middle-market healthcare companies, all of us at NaviMed are very excited to be expanding our team with such high quality and experienced professionals.

NaviMed Capital, a leading healthcare-focused private equity firm based in Washington, DC, today announced the expansion of its team with the addition of two experienced investment professionals as well as an accomplished CFO/CCO.

  • Josh Boylan – Vice President

Mr. Boylan joins NaviMed Capital with more than five years of healthcare private equity investing experience at several well-regarded firms. At NaviMed he will focus on expanding the firm’s investment activity in hospital products, as well as contract development, manufacturing and distribution companies serving the healthcare industry.

At his prior private equity firms, Mr. Boylan was integrally involved in investments in contract manufacturing, pharmaceutical manufacturing and distribution, and hospital products.

Earlier in his career, Mr. Boylan served in the United States Senate as an Economic Policy Fellow focused on Medicare and Medicaid reform. In addition, Mr. Boylan has global healthcare investment banking experience.

Mr. Boylan earned a BS in Economic History from the London School of Economics and Political Science, where he graduated with first class honours.

  • Henry Oelsner – Associate

Mr. Oelsner has several years of private equity and transaction advisory experience. Prior to joining NaviMed Capital, Mr. Oelsner spent two years at a growth-oriented private equity firm focused on investing in leading healthcare, software, and tech-enabled services companies. As part of that role, Mr. Oelsner focused on the firm’s investments in healthcare IT and played an integral role in the acquisitions of several platform investments.

Mr. Oelsner started his career in investment banking where he completed sell-side advisory transactions for growth-focused companies across a range of industry sectors.

Mr. Oelsner graduated with distinction from the University of Virginia’s McIntire School of Commerce, receiving a BS in Commerce with dual concentrations in Finance and Accounting.

  • Rodd Macklin – CFO/CCO

Mr. Macklin has more than 20 year of experience in the private equity industry, principally as a Chief Financial Officer and Chief Compliance Officer. At NaviMed, Mr. Macklin oversees critical operational areas including finance and accounting, investor reporting, and regulatory compliance.

Mr. Macklin’s industry experience includes senior financial roles at several leading private equity firms with aggregate assets under management in excess of $2 billion. Mr. Macklin started his career in public accounting and also has held positions at asset management and investment firms.

Mr. Macklin is a Certified Public Accountant (inactive) and a Chartered Financial Analyst (active). He holds a BS in Mathematics from the College of William and Mary and an MBA from the Wharton School of the University of Pennsylvania.

These three additions join NaviMed’s senior investment team that has a track record of value creation spanning, in the aggregate, dozens of investments and more than $11 billion of enterprise value created over the course of their collective careers, with decades of combined healthcare investing and operating experience.

“As we grow our firm and find new platform investment opportunities in fast-growing lower middle-market healthcare companies, all of us at NaviMed are very excited to be expanding our team with such high quality and experienced professionals,” said Bijan Salehizadeh, Managing Director of NaviMed Capital.

“We believe that the global coronavirus pandemic will increase the already robust demand dynamics in the hospital products industry. We are very pleased to add a professional with Josh’s sector experience as we expand our efforts to target this large opportunity,” said Ryan Schwarz, Managing Director of NaviMed Capital.

“As NaviMed grows, so does the intensity of limited partner relations, financial management and compliance matters. We feel fortunate to be joined by Rodd, who is one of the most experienced private equity CFO/CCOs in the Washington DC region,” said Brian Canann, Managing Director of NaviMed Capital.

About NaviMed Capital
NaviMed Capital is a Washington, DC-based private capital firm focused exclusively on the healthcare industry. NaviMed makes investments in fast growing lower middle-market healthcare businesses. The firm focuses on healthcare services, healthcare IT, hospital products and pharmaceutical services businesses which NaviMed believes are poised to benefit from the reform and technology innovation forces reshaping the healthcare industry. NaviMed targets profitable private companies with up to $10 million of EBITDA and double digit revenue growth. NaviMed seeks investments which it believes can benefit from its deep industry expertise, broad relationship network and the track record of success of its senior investment professionals as healthcare investors and operators. NaviMed’s senior investment team has a track record of value creation spanning, in the aggregate, dozens of investments and more than $11 billion of enterprise value created over the course of their combined careers.

For more information, please visit http://www.navimed.com.

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Private Equity

Tonka Bay Closes Fund IV

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Tonka Bay Equity Partners has closed its fourth fund, Bayview Capital Partners IV LP, with $200 million of capital.

Tonka Bay invests in companies that have between $20 million and $50 million of revenue and EBITDA between $2 million and $8 million. Sectors of interest include highly-engineered manufacturing, value-added distribution, and business services. The firm was founded in 1998 and is based in the Minneapolis suburb of Minnetonka.

The new fund is led by partners Steve Soderling, Shane Slominski, Cary Musech, Peter Kooman, and principal Kam Kielhorn.

“We are thrilled with the response from our investors and fortunate to exceed our initial target,” said Mr. Soderling. “Our consistent and focused investment strategy is to provide patient, personalized and collaborative capital to entrepreneurial private businesses while generating attractive returns for our investors. We believe Tonka Bay has a unique skillset to effectively grow and develop private companies that have not previously had outside investors.”

Tonka Bay’s existing portfolio includes Engineered Specialty Products, a Georgia-based supplier of gauges, thermometers, instruments and accessories to industrial end markets; Fenix Group, a Minnesota-based manufacturer of industrial coatings and specialty concretes; NuSource Financial, a Minnesota-based technology provider of ATM, branch transformation and security services to financial institutions; Quick Cable, a Wisconsin-based maker of battery connectors, cable, and cable assemblies for the energy storage industry; Seaway Plastics Engineering, a Florida-based provider of plastic molded parts for prototype and low-volume production runs in the medical, defense and commercial markets; United Skin Care Specialists, a Minnesota-based dermatology practice acquisition company that provides management services to physicians and practices.

Since its founding in 1998, Tonka Bay has raised over $550 million of capital, invested in 37 portfolio companies, and completed more than 70 add-on acquisitions.

Tonka Bay’s earlier fund, Bayview Capital Partners III LP, closed with $150 million in capital in October 2011.

Private Equity Professional | August 10, 2020

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Source: https://peprofessional.com/2020/08/tonka-bay-closes-fund-iv/?utm_source=rss&utm_medium=rss&utm_campaign=tonka-bay-closes-fund-iv

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Private Equity

Alvarez & Marsal Adds Aerospace and Defense Pro

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Alvarez & Marsal (A&M) has added James Marceau as a managing director in its private equity performance improvement group. Mr. Marceau will be active within A&M’s aerospace, defense and aviation practice and will be based in the firm’s Boston office.

Mr. Marceau has more than 25 years of experience advising US and foreign governments and the US Department of Defense. Additionally, he has worked with original equipment manufacturers, prime contractors, and suppliers across the defense industry. Mr. Marceau has specific expertise in mergers and acquisitions advisory, financial performance improvement, data science and analytics, artificial intelligence, machine learning, business strategy, adaptive manufacturing, and supply chain management

“The industry is facing a whirlwind of vulnerability and uncertainty amidst on-going investment commitment, government requirements, research and development, engineering and innovation challenges,” said Nick Alvarez, managing director and national practice leader of A&M’s private equity performance improvement group. “A&M’s history of leadership, action and results in challenging situations syncs well with our growing aerospace, defense, and aviation practice, as well as the firm’s proven ability to maximize value and drive change.”

“Recent events in commercial aviation, the impact of COVID-19, and challenges across the defense industrial base has led to unprecedented sector uncertainty along with financial and operational challenges,” said Mr. Marceau. “The success of our defense industrial base concerns both shareholder value and national security. This pandemic will progress from a global health crisis to a global financial crisis impacting most sectors for many years to come. Combining my industry experience with A&M’s operational heritage and integrated platform will help our aerospace, defense and aviation clients perform at the highest levels.”

Before joining A&M, and from 2015 to 2020, Mr. Marceau was a partner and member of the board of directors with Cambridge, Massachusetts-based PA Aerospace and Defense which was spun out from London-headquartered PA Consulting in April 2020. Previously, he had served as president and CEO of Hitachi Consulting’s aerospace and defense business.

New York City-headquartered Alvarez & Marsal is a professional services firm that specializes in turnaround management, operational performance improvement and business advisory services. The firm was founded in 1983 and has more than 4,500 employees across four continents.

Private Equity Professional | August 10, 2020

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Private Equity

Carrick Buys Flatiron from WeWork

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Carrick Capital Partners has acquired Flatiron School, an educational provider of on-line coding skills, from WeWork.

New York City-based Flatiron School is an educational institution that teaches software engineering, computer programming, data science, and cybersecurity analytics. The company was founded in 2012 by CEO Adam Enbar and Avi Flombaum and sold to WeWork in 2017.

“We’re excited to have Carrick in our corner as we embark on this next chapter,” said Mr. Enbar. “Our goal at Flatiron is to do whatever we can to fix a broken and expensive educational system that doesn’t always prepare students with the skills they need for successful careers. As we work to redefine what higher education means, and what it can do to lift up a generation of underserved students, it’s important we acknowledge the shortcomings of education in tech, an industry that’s still made up of only 7% Black professionals.”

The acquisition by Carrick follows Flatiron’s July 2020 launch of the John Stanley Ford Fellowship to support the advancement of Black tech professionals. The new fellowship program partners with companies to create apprenticeships that offer on-the-job training, mentorship, and access and opportunities to the tech community and scholarships to Flatiron School programs. John Stanley Ford was IBM’s first Black software engineer – he was hired in 1946 – and he was also America’s first Black system engineer.

“We’re proud of our investment in the future of technology education at Flatiron School,” said Jim Madden, Carrick’s co-founder and managing director. “Diversity in tech starts with increasing access to, and benefit from, skills training, networking, and corporate hiring. We know the John Stanley Ford Fellowship is one step forward along a much-needed path toward change in the industry.”

Carrick invests in software and software-enabled businesses that have revenues of $20 million to $100 million. The firm was co-founded in 2012 by Marc McMorris, a former General Atlantic managing director who led investments in business services and software, and Jim Madden, the founder and chief executive of Exult, a human resources business processing company. Carrick has offices in San Francisco and Newport Beach.

WeWork is a commercial real estate company that provides shared workspaces and services for technology startups. The company was founded in 2010 and is headquartered in New York City.

Private Equity Professional | August 10, 2020

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