New York-based healthcare private equity company WindRose Health Investors in the US has finalised the acquisition of cardiology-focused care delivery enabler CardioOne, headquartered in Houston, Texas, US.
The deal consideration was not made public.
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CardioOne, which was launched last year, helps independent cardiologists transition to value-based care through technology and administrative assistance.
The company provides a comprehensive technology platform, practice optimisation programme, and workforce solution, all designed specifically for cardiologist workflows.
In September 2023, CardioOne formed partnerships with three independent cardiology practices in New Jersey, Florida, and Pennsylvania.
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WindRose collaborated with the executive team of CardioOne for the acquisition and has committed up to $100m of additional funds to facilitate CardioOne’s growth.
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By GlobalDataLeveraging this investment, CardioOne plans to expedite the next phase of its expansion efforts and bolster its service offerings.
The existing management team at CardioOne will retain business leadership and maintain an active shareholding.
CardioOne CEO and co-founder Jasen Gundersen said: “We believe that working with WindRose, which has a history of successfully partnering with companies to help navigate the transition to value-based care, will empower us to continue supporting independent cardiologists while developing additional solutions that maximise each practice’s potential in the shift to VBC arrangements.”
For this transaction, McDermott Will & Emery and Bass, Berry & Sims provided legal advice to WindRose while Kastner Gravelle was CardioOne’s legal advisor.
WindRose managing partner Oliver Moses said: “CardioOne’s unique, physician-aligned model meets the market where it is and positions the company to take advantage of the growing desire among cardiologists to maintain their independence.
“We believe CardioOne delivers a compelling tech-enabled offering to the independent cardiology market and has significant growth potential as the company builds upon its momentum in 2023.”
