Capital One Financial to acquire healthcare investment bank Edina

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Healthcare investment banking firm Edina TripleTree will be part of Capital One under a deal announced on Friday.

Founded in 1997, the boutique firm has completed more than 200 investment transactions, including mergers and acquisitions, recapitalizations and strategic advisory transactions.

TripleTree Investment Banking Director Justin Roth will continue to lead TripleTree as a wholly-owned subsidiary of Capital One, the McLean, Va.-Based banking holding company which is one of the 10 largest institutions. financial institutions of the United States.

Terms were not disclosed for the deal, which is expected to be finalized in the fourth quarter. TripleTree’s sister company, TT Capital Partners, is not part of the deal.

“As two organizations passionate about the healthcare industry and committed to deep relationships, the cultural alignment between TripleTree and Capital One creates a real opportunity to serve customers in new and more meaningful ways,” said Roth in A press release. “This combination will accelerate TripleTree’s growth trajectory and amplify our reach in the market.”

There is a strong market for healthcare-related mergers and acquisitions, and TripleTree will add attention and experience to Capital One’s existing healthcare business group. According to a report by consulting firm BakerTilly, M&A transactions in the healthcare industry grew 43% in the first half of 2021 compared to the same period in 2020.

TripleTree’s 70 employees, including eight managing directors, will be part of Capital One Commercial Bank, which specializes in mid-market companies in various industries, including 40 healthcare sub-sectors.

“Now more than ever, delivering best-in-class solutions, products and services to our customers is critical. Capital One and TripleTree together are well positioned to help our healthcare clients navigate the external landscape by constantly evolving at every stage of their business, ”said Darren Alcus, Director of Corporate Bank of Capital One, in a press release.

Currently, TripleTree and TT Capital Partners (TTCP) are both branches of TripleTree Holdings.

TripleTree is hired by companies to help sell or recapitalize businesses and has helped companies like TurningPoint Healthcare, a Florida-based specialty care management technology and services company with a recent recapitalization and advised the company to Minneapolis-based health analysis Carrot Health in its August report Acquisition in 2021 by New York-based United Us.

TTCP invests in healthcare services and technology companies. It has over 20 employees and will continue to operate independently, led by Kevin Green, Executive Chairman and Co-Founder, and CEO Dawn Owens.

“We just decided on our ability to continue to grow and maximize how these companies participate in the market, we would be well served by separating them rather than keeping them in the same organization,” Owens said in an interview.

TTCP has made investments in 21 companies through its two growth equity funds, one of which is closed to new investment.

The company specializes in established small businesses that have between $ 10 million and $ 30 million in annual revenues.

“Often, we are the first institutional capital to enter their businesses,” Owens said.

TTCP’s past investments include the St. Paul-based Emily Program, which manages eating disorder awareness, treatment and recovery programs, and Icario, a health technology and data science company, based in Minneapolis.


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