Altaris Analysis

Funds early-stage healthcare technology startups; Acquires and integrates biotech and medical device companies; Builds market-leading companies in diagnostics and regenerative medicine

Altaris Capital Partners is a private equity firm that exclusively focuses on the healthcare industry. Their primary investment strategy involves building market-leading companies that deliver innovation and efficiency to the healthcare system, with the goal of improving access and outcomes for patients. They invest in various sectors within healthcare, including pharmaceuticals, medical devices, healthcare services, and life sciences. Altaris engages in multiple stages of investment, including platform investments and carve-outs, with a significant emphasis on growth-oriented and responsible investing.

Altaris Capital Partners primarily invests in North America and Western Europe, focusing on mid-market companies within the healthcare sector.

Altaris Capital Partners has a diverse portfolio of companies primarily focused on healthcare. Here are some key portfolio companies along with brief descriptions:

1. Acclara: Provides revenue cycle management solutions to hospital systems and healthcare providers throughout the U.S.
2. Alterna: Offers clinically proven over-the-counter (OTC) medicines, including foot therapies and topical analgesics.
3. AGS Health: Specializes in outsourced revenue cycle management services for U.S.-based healthcare providers.
4. Analogic: Develops advanced imaging and power management technologies for medical and security applications.
5. BK Medical: Focuses on intraoperative imaging and surgical navigation technologies, particularly for minimally-invasive surgeries.
6. Brim: Provides acute care management services to community hospitals and acute care providers.
7. Chemical Computing Group: Offers molecular design software for the pharmaceutical and chemical industries, enhancing drug discovery processes.
8. CI Medical Technologies: Manufactures single-use medical device components, serving a network of facilities in North America and Europe.
9. Clearwater: Delivers cyber risk management and regulatory compliance solutions tailored for the healthcare industry.
10. CMP Pharma: Produces specialty pharmaceuticals primarily sold through hospital and long-term care channels.

Altaris Capital Partners has made several notable exits, primarily in the healthcare sector. Key exits include:

1. Paramit: Sold to Tecan Group for $1.0 billion. Paramit is a developer and manufacturer of complex electronic medical devices and life science instruments. The sale was facilitated by Morgan Stanley & Co. LLC and Schiff Hardin LLP.

2. CSafe Global: A company that provides data tracking services for pharmaceuticals. The specific exit method is not detailed.

3. BK Medical: This company designs active imaging systems for surgical applications. The exit method is not specified.

4. Precyse: Focuses on medical records management solutions. The exit method is not specified.

5. M2S: Acquired by Medstreaming, although financial terms were not disclosed.

6. U.S. HealthWorks: Sold to a buyer in a deal that was reported in July 2012, but specific financial details were not disclosed.

The management team of Altaris Capital Partners includes the following individuals and their positions:

• George Aitken-Davies: Co-Founder and Managing Director
• Daniel Tully: Co-Founder and Managing Director
• Aaron Bell: Head of Portfolio Engagement
• Lana Dweik: Head of Capital Markets
• Matteo Foderaro: Managing Director, Pharmaceuticals and Life Sciences
• Nicholas Fulco: Managing Director, Tech-Enabled Services
• Charles Mullens: Chief Financial Officer and Chief Operating Officer
• Garikai Nyaruwata: Managing Director, Pharmaceuticals and Life Sciences
• Jim O’Brien: Managing Director, Medical Devices and Diagnostics

Manages $9B+ equity capital as of June 2025; Invested in over 50 healthcare companies since 2003; Operates 10 active healthcare companies; Acquired Forj Medical; Closed sale of Clearwater; Completed combination of Minarias and Advanced Therapies