GTCR has partnered with Gregory Lucier to form Corza Health as a new platform company to acquire life sciences and medical technology companies.
GTCR will invest in Corza Health through GTCR Fund XII which closed in October 2017 with $5.25 billion of capital. Mr. Lucier will serve as the chief executive officer of Corza Health and will make a substantial equity investment alongside GTCR.
GTCR partners with executives under its “The Leaders Strategy” to identify, acquire and build companies through add-on acquisitions and organic growth. “We are excited to partner with Greg to build a leading healthcare company as part of The Leaders Strategy,” said Dean Mihas, a GTCR managing director. “Greg has an exceptional track record in the sector, including his leadership as CEO of Life Technologies, transforming the business through organic growth and acquisition. Greg has a longstanding relationship with GTCR, including his role as a director of Cole-Parmer, a previous GTCR Fund XI company. His industry expertise, strategic vision and M&A acumen make him an ideal partner as GTCR commits to build another platform in this attractive segment of healthcare.”
Mr. Lucier has spent more than 25 years in the healthcare industry. From 2003 to 2014, he was the chairman and CEO of Life Technologies, a life sciences company that grew revenue from approximately $700 million to nearly $4 billion under his leadership through a combination organic growth, 20 add-on acquisitions, and a merger in 2008 with Applied Biosystems. The company was later sold to Thermo Fisher Scientific in 2014 for approximately $15 billion. Mr. Lucier most recently served as chairman and CEO of NuVasive, a medical device company specializing in minimally invasive spine surgery that has annual revenues of more than $1 billion.
“I am thrilled to partner with GTCR to build Corza Health into an industry-leading healthcare company,” said Mr. Lucier. “GTCR has deep domain expertise in healthcare, a great track record of creatively building platforms in this space, and a long history of backing experienced CEOs. With our partnership, Corza Health is well-positioned to create a compelling platform in the broader life sciences and medical technology field.”
Brian Berning will join Mr. Lucier as chief financial officer of Corza Health. Mr. Berning most recently served as CFO at GreatCall, a former GTCR portfolio company and a provider of health and personal emergency response services. GTCR sold GreatCall in October 2018 to Best Buy for approximately $800 million.
“GTCR’s formation of Corza Health with Greg and Brian is another excellent example of The Leaders Strategy and builds on our deep sector expertise,” added Ben Daverman, a managing director at GTCR. “Leveraging our track-record and specialized industry focus, we believe there are a number of compelling industry trends that we are excited to capitalize on. We are actively looking for acquisitions, ranging from founder-led businesses to large corporate carve-outs. Greg and Brian provide us a unique position to evaluate and pursue a wide range of assets.”
Since its founding in 1980, GTCR has invested more than $15 billion in over 200 companies. Sectors of interest include business services; technology, media & telecommunications; healthcare, and financial services & technology. GTCR is based in Chicago (www.gtcr.com).
© 2019 Private Equity Professional | March 20, 2019