Steward Health Care, the Dallas-based for-profit hospital system operating 31 hospitals across eight states, declared bankruptcy in one of the most colossal failures of a hospital chain in American history. Private equity firm Cerberus Capital Management and former CEO Ralph de la Torre reportedly …
Steward Health CareRalph de la TorreCerberus Capital ManagementMedical Properties TrustSenate HELP Committeehealthcarehospitalprivate-equitybankruptcypatient-harm+2 more
The Federal Trade Commission ordered private equity firm JAB Consumer Partners to divest veterinary clinics in four metropolitan areas as a condition of its $1.65 billion acquisition of Ethos Veterinary Health, citing concerns about JAB’s roll-up strategy creating local monopolies in specialty …
Federal Trade CommissionJAB Consumer PartnersJAB Holding CompanyNational Veterinary AssociatesEthos Veterinary Health+1 moreantitrustconsolidationprivate-equityveterinaryhealthcare+4 more
In December 2021, researchers at Harvard Medical School published a landmark study in Annals of Internal Medicine demonstrating that hospitals acquired by private equity firms experienced significant increases in emergency department mortality—7 additional deaths per 10,000 visits (approximately 10% …
Genesis Healthcare, once the largest skilled nursing operator in the United States, narrowly avoids bankruptcy by accepting a $100 million investment from Joel Landau’s private equity firm ReGen Healthcare LLC, which receives 93% equity stake and two board seats in exchange. Genesis’ …
Genesis HealthcareReGen HealthcareJoel LandauDavid GefnerCenters for Medicare and Medicaid Serviceshealthcarenursing-homeprivate-equitybankruptcypatient-harm+2 more
On December 27, 2020, Congress passed the No Surprises Act as part of the Consolidated Appropriations Act of 2021, banning most surprise medical billing beginning January 1, 2022. The legislation addressed a predatory billing practice that generated billions in profits for private equity-backed …
U.S. CongressTeamHealthEnvision HealthcareBlackstone GroupKKR+1 morehealthcareprivate-equityregulatory-capturesurprise-billinglegislative-reform
National Bureau of Economic Research releases landmark study (Working Paper 28474) analyzing patient-level Medicare data from 18,000 nursing facilities over 17 years, finding that private equity ownership increases patient mortality by 10% compared to other nursing homes. The 10% mortality increase …
National Bureau of Economic ResearchPrivate equity firmsCenters for Medicare and Medicaid Serviceshealthcarenursing-homeprivate-equitypatient-harmmortality+2 more
On March 15, 2018, iHeartMedia (formerly Clear Channel Communications) filed for Chapter 11 bankruptcy protection, seeking to restructure more than $20 billion in outstanding debt accumulated from the disastrous 2008 leveraged buyout by Bain Capital and Thomas H. Lee Partners. The bankruptcy filing …
iHeartMediaClear Channel CommunicationsBain CapitalThomas H. Lee PartnersRush Limbaugh+1 moremedia-consolidationbankruptcyleveraged-buyoutprivate-equityconservative-media+3 more
Approximately 1,000 former Great Northern Paper workers in Millinocket and East Millinocket, Maine began receiving bankruptcy settlement checks representing ‘a small fraction’ of the pensions, vacation pay, and severance they spent decades earning at the once-dominant paper mills. …
Brookfield Asset ManagementCate Street CapitalGreat Northern Paper Companycorporate-lootingpension-theftbankruptcy-abuseworkers-rightsdeindustrialization+2 more
House Ways and Means Committee Chairman Dave Camp (R-MI) released comprehensive tax reform draft legislation proposing to raise the tax on carried interest from 23.8% to 35%, effectively closing one of the most notorious tax loopholes benefiting private equity and hedge fund managers. Carried …
Dave CampHouse Ways and Means CommitteeCarlyle GroupCerberus Capital ManagementManaged Funds Associationregulatory-capturetax-policylobbyingprivate-equitycongressional-corruption
Former Senator Evan Bayh (D-IN) joined private equity giant Apollo Global Management as a senior adviser and McGuireWoods as a strategic advisor immediately after leaving the Senate in January 2011. Within months, Bayh also secured positions on five corporate boards: Marathon Petroleum, Berry …
Evan BayhApollo Global ManagementMcGuireWoodsMarathon PetroleumBerry Plasticsrevolving-doorlobbyingcongressional-corruptionprivate-equitycorporate-boards
On July 24, 2008, Bain Capital and Thomas H. Lee Partners completed a historic $26.7 billion leveraged buyout of Clear Channel Communications, the nation’s largest radio broadcaster with over 1,200 stations. The transaction, led by Bain Capital (founded by Mitt Romney in 1984), loaded the …
Bain CapitalThomas H. Lee PartnersClear Channel CommunicationsiHeartMediaMitt Romney+1 moremedia-consolidationprivate-equityleveraged-buyoutregulatory-capturedebt-loading+3 more
Private equity firm Ares Management acquired Aspen Dental in 2006, launching an aggressive roll-up strategy that would help consolidate the fragmented dental industry and establish the template for private equity’s systematic monopolization of healthcare sectors including dental, veterinary, …
Aspen DentalAres ManagementLeonard Green & PartnersAmerican Securitiesantitrustconsolidationprivate-equitydentalhealthcare+4 more
Private equity firms Bain Capital, KKR, and Vornado Realty Trust acquire Toys ‘R’ Us for $6.6 billion in a leveraged buyout, with only 20% ($1.3 billion) from PE firms’ capital while 80% ($5.3 billion) is borrowed debt loaded onto Toys ‘R’ Us itself. This debt burden …
Bain CapitalKKRVornado Realty TrustToys R Usprivate-equityleveraged-buyoutdebt-loadingwealth-extractionretail
Former Senate Majority Leader Tom Daschle (D-SD) joined InterMedia Advisors, a New York-based private equity firm, as a consultant and chairman of its executive advisory board just months after losing his 2004 reelection bid. Simultaneously, Daschle joined the law and lobbying firm Alston & Bird …
Tom DaschleInterMedia AdvisorsAlston & BirdLeo Hinderyrevolving-doorlobbyingcongressional-corruptionhealthcareprivate-equity
Kohlberg Kravis Roberts (KKR) completes the largest leveraged buyout in history, acquiring RJR Nabisco for $25 billion in equity ($31.1 billion including assumed debt) at $109 per share, establishing the template for private equity wealth extraction that will be replicated thousands of times over …