GTCR has partnered with veteran industry executive Kelly McCrann to form Avryo Health Services, which aims to become a major player in multi-site healthcare services.
Why is this important: McCrann’s 25 years of leadership experience spans the segments of dental care, behavioral health, ambulatory infusion, kidney dialysis and, most notably, eye care.
- The executive led FFL Partners-backed EyeCare Partners in its 2019 sale to Partners Group, commanding what was a $2.2 billion valuation, Sarah previously reported.
- Under his leadership, ECP nearly tripled 700 clinics and outpatient surgery centers, before transitioning to operational director a year ago.
What they say : GTCR co-head of healthcare Sean Cunningham said Avryo is “digging deep” into mental and dental health in particular, but is also exploring opportunities in a handful of other segments.
- Connectivity and patient engagement are at the forefront, he adds: “Whether it’s emergency care, dermatology or eye care, people are trying different models and trying to break the mold. and being a bit more patient-centric instead of just focusing on what works for clinicians and clinics.”
The context: This is the first managerial startup via GTCR’s “Leaders Strategy” that the firm puts into its new Strategic Growth Fundwhich closed at $2 billion in January.
- The fund targets middle-market opportunities requiring an average of $50 million to $200 million in equity over time, but Cunningham says GTCR isn’t limited to that range.
- The fund “will look a lot like funds 7, 8 and 9, but only smaller checks.” GTCR’s latest flagship, Fund XIII, raised $7.5 billion in capital commitments from LP in 2020.