The Comvest Group has sold its 55% stake in Accelerated Care Plus to Hanger Orthopedic Group (NYSE: HGR) as part of a $155 million deal. The firm received $85 million in cash, which represented a 3.5x return on its $24 million investment in June 2007 and a gross IRR of 44%. ACP develops rehabilitation technologies and provides clinical programs for post-acute rehabilitation.
Since the beginning of 2009, PE investors have exited 25 companies in the Healthcare Services industry, according to the PitchBook Platform. With the closing of the ACP deal, 2010 YTD has racked up 13 completed exits, edging past 2009's final exit count of 12, but, while exit activity is only slightly busier than last year, new investments in the industry have exploded with PE investors investing in 138 companies over the same time period. While only 54 deals were completed during 2009, there have been 84 closed deals in 2010. The most popular sector this year has been Clinics/Outpatient Services with almost a third of all Healthcare Services deals.