Martin-, Heritage-backed Wellvana raises $64.5MM with SVB Securities assist
Summary
Update 11 March 2023: VNCs continued research reinforces our sense that there has been no direct impact on Wellvana stemming from the SVB Bank failure. Thats why our original article below did not refer directly to the parents troubles.-EditorNASHVILLE-based Wellvana Health LLC reported it has raised $64.5MM equity capital from 13 investors, with SVB Securities, a Silicon Valley Bank affiliate, providing some support of the process.Wellvanas SEC filing today carried the names of Wellvana Co-Founder and Director Charlie Martin (Martin Ventures chairman); Co-founder and Chairman Devin Carty (CEO of Martin Ventures); Wellvana CEO and Director Kyle Wailes; Wellvana CFO Adam Holland; former Martin Ventures CEO and now Senior Advisor Phil Roe; Heritage Group Co-founder Rock Morphis; cardiologist, director and EVP Rao Haris Naseem MD, of the Ft. Worth area; Wellvana EVP and General Counsel Scott Lenz; and, Jon Phillips, who is with First Trust Capital Partners and FTCP affiliate First Health Capital Partners.Just last month, FierceHealth, spurred by Pitchbook data, mentioned Wellvana as part of a "newer wave of VC- or PE-backed care-enablers," which companies were described as likely to be "candidates for PE buyouts as they mature, with health system partnerships being one way to grow quickly..."After companies change between PE owners or are bought out by PE for the first time, they typically accelerate M&A to help with growth. Related data here and here.We note too that the abovementioned First Trust Capital Partners (including the above-mentioned Jon Phillips) joined with Martin Ventures in a SPAC offering, which we reported here in January 2022. He earned his MBA at Northwestern University - Kellogg School of Management, and his pre-medicine bachelors degree at Brown University.In each of its markets, Wellvana creates a clinically integrated network (CIN) that includes collaborating independent physicians.Wellvana negotiates with payers in behalf of each CIN collective, and provides professional services, infrastructure, technology tools and other resources to enhance management of participating clinical practices, in exchange for a share of savings achieved under each CINs agreement with payers. Wellvana is a proven leader in partnering with physicians to successfully navigate this important shift towards sustainable, value-based care structures.