Foley & Lardner LLP represented Avera Health in the sale of its national telemedicine subsidiary, Avera eCARE, to private equity firm Aquiline Capital Partners. The transaction closed on November 1, 2021, and the company has been renamed Avel eCare.
The acquisition will help Avel eCare build on its clinical and technology resources to scale and enhance its innovative virtual care services to its clients across the U.S., furthering its mission to help ensure that all people, regardless of location, get quality health care where and when they need it. Avera Health will maintain a relationship with Avel eCare as a recipient of telemedicine services.
Avel eCare is one of the largest and most comprehensive virtual care providers in the world – partnering with more than 600 health care systems, rural hospitals, outpatient clinics, long-term care and assisted living facilities, and schools to deliver innovative care across the country.
Deanna Larson, President of Avel eCare stated, “The experience of working with Foley gave an outstanding advantage throughout this entire process. Nate [Lacktman] and the team’s telehealth and broader health care industry expertise were invaluable during this process, and we are grateful for their support.”
Nathaniel (Nate) Lacktman, partner and chair of Foley’s Telemedicine & Digital Health Industry Team, stated, “It has been a privilege to see Avera eCare grow over the years and to witness the lifesaving benefits their telemedicine services have brought to rural and critical access hospitals around the country. This recent transaction will help Avel eCare level up and scale its offerings to more patients in more geographies, and we are delighted to have played a small role in their success.” He continued, “We are committed to helping our clients fulfill their goals of harnessing new technology to reach patients anywhere, delivering care without borders or geographic limitations.”
Bob Sutton, President and CEO of Avera Health, stated, “Avera remains focused on its goals to accelerate growth including digital health, geographic expansion, and investments in its people. Our patients will continue to benefit from the lifesaving care delivered via telemedicine.” The Avera Health system has over 19,000 employees and physicians, serving more than 300 locations and 100 communities in a five-state region.
In addition to Lacktman, the Foley deal team was led by Partner Steven Vazquez, Senior Counsel Hannah Zaitlin, with additional support from Foley lawyers spanning 11 of the firm’s offices.
Foley’s Telemedicine and Digital Health Industry Team helps venture-backed and high-growth companies embrace emerging issues in virtual care, enabling them to provide innovative care for patients in new markets around the block and around the world. Foley is committed to helping entrepreneurs fulfill their goals of harnessing new technology to reach patients anywhere, delivering care without borders or geographic limitations. The firm helps create fully-fledged telemedicine offerings, providing end-to-end legal services by coupling precise strategic guidance with rapid turnarounds to maintain that sense of urgency necessary to launch new initiatives and remain competitive in the marketplace.
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