Martis Capital

On December 9, 2019, Centria Healthcare (“Centria”) completed a recapitalization with Thomas H. Lee Partners. Centria is one of the nation’s largest providers of Applied Behavior Analysis therapy for children with autism.  The company is also a leading provider of specialized home-based healthcare services including catastrophic injury and rehabilitation care, private duty nursing, and supportive living services. Prior to the sale to Thomas H. Lee Partners, Centria was a portfolio company of Martis Capital since 2016.

Martis Capital announced that it has closed a minority recapitalization with Credible Behavioral Health, Inc. (“Credible”), a leading provider of electronic health record and practice management Software-as-a-Service solutions to the U.S. behavioral healthcare market. Through its investment, Martis will partner with the company’s co-founder, Matt Dorman, who will continue to lead the company as its CEO. Financial terms of the transaction were not disclosed.

Based in Rockville, MD, Credible offers a single, integrated platform and a differentiated feature set, including fully integrated clinical, scheduling, primary care, ePrescribing, inpatient, mobile, and billing modules. The company has 460 Partner Agencies in 36 states.

Martis Capital Management, LLC (“Martis Capital”), the healthcare-focused private equity firm, has closed its third fund, Martis Partners III, LP (“Fund III”) with $545 million in aggregate capital commitments. The fund closed at its fundraising hard cap, with commitments from a diverse group of public and private institutional investors.

Fund III will continue Martis Capital’s strategy of investing in buyout and growth equity opportunities in middle-market companies providing innovative and cost-effective products and services within the services & outsourcing, information technology, and consumer & wellness subsectors of the North American healthcare industry.

In conjunction with the final close of Fund III, Martis Capital is also pleased to announce that Mario Moreno and Owen Davis have been promoted to Partners in the firm, and Vladimir Andonov has been promoted to Director of Business Development.  Both Mario and Owen will be part of the firm’s investment committee.

Metric Point Capital was the exclusive global placement agent, and McDermott Will & Emery LLP served as legal counsel.

Martis Capital is based in Palo Alto, CA and Washington, DC and has raised more than $1.25 billion of capital since 2011. For more information, please email us at info@martiscapital.com.

Rob Greer joined Martis Capital as an Associate in the Palo Alto, CA office. Previously, Rob worked in Investment Banking in the Healthcare group at Bank of America Merrill Lynch.  Rob received a BS in Finance from the Smeal College of Business at Penn State University.

On December 21, 2018, HHA eXchange (“HHA”) completed a recapitalization with Cressey & Company. HHA is a leading provider of healthcare software solutions to the private duty home care industry, serving both home care agencies and their payer community. Prior to the sale to Cressey & Company, HHA was a portfolio company of Martis Capital and McCarthy Capital since their investment in 2014.

Martis Capital has been selected as one of 15 private sector leaders to take part in a yearlong collaboration with the Department of Health and Human Services as part of the newly created “Innovation and Investment Summit” of Deputy Secretary, Eric Hargan.

The group will meet quarterly to discuss the innovation and investment landscape within the healthcare sector, emerging opportunities, and the government’s role in facilitating more investment and accelerated innovation.  The initial meeting will be held in Washington, DC on December 18th.

Additional details can be found here.

Andrea Pekala has joined Martis Capital as CFO & Chief Compliance Officer, and will be based in the Washington, DC office.  Prior to Martis Capital, Andrea was a Principal at The Carlyle Group, serving as the Deputy Head of the Fund Management group, overseeing the administration of Carlyle’s U.S. Growth Buyout and Mexico funds, among others,  and headed up the strategic operations group.   Andrea started her career at PwC.  She received a BS in Accounting from the University of Maryland and is a CPA (currently non-active).

Capricorn Healthcare is pleased to announce that it has rebranded as Martis Capital.  The fund will continue its current strategy of private equity investing in middle-market healthcare companies.

In addition, as part of the rebranding, Martis has a new web address, www.martiscapital.com. Please visit us there to see our new website and learn more about our strategy, team, and portfolio companies.

About Martis Capital

Martis Capital invests in buyout and growth equity opportunities in middle-market companies providing innovative and cost-effective products and services within the services & outsourcing, information technology, and consumer & wellness subsectors of the North American healthcare industry.  Martis Capital manages more than $725 million of capital and is currently investing out of its second fund.  The firm is based in Palo Alto, CA and Washington, DC.

For more information, please email us at info@martiscapital.com.

Joyce Zhang joined Capricorn Healthcare as an Associate in the Washington, DC office. Previously, Joyce worked in Investment Banking in the Healthcare group at Bank of America Merrill Lynch.  Joyce received a BBA from the Goizueta Business School at Emory University with a double major in Mathematics and Economics.

Capricorn Healthcare announced that it participated in the Series E financing of HeartFlow, Inc. (“HeartFlow”), a medical technology company.  As reported by HeartFlow, the financing secured $240 million for the company and was led by Wellington Management and Baillie Gifford & Company.  HeartFlow will use the proceeds from this financing to ramp up commercial expansion of the HeartFlow® FFRct Analysis, continued technology innovation, and additional clinical studies.

Based in Redwood City, CA, HeartFlow offers a non-invasive technology that creates a personalized 3D model of the heart and simulates blood flow to help clinicians diagnose and treat patients with suspected heart disease. To date, the HeartFlow Analysis has been used by clinicians at more than 80 medical institutions around the globe to diagnose and treat more than 15,000 patients.  The Company seeks to transform how cardiovascular disease, the leading cause of death globally, is treated in a more efficient, cheaper, and more accurate way.  Today, more than 185 million people in the US have insurance coverage for the HeartFlow Analysis.