A portfolio company of Kayne Partners’ Sabrina Chaudhury is set to become part of a publicly traded digital health care company that will be valued at more than $1 billion. Cloudbreak Health, LLC, which Kayne Anderson and Columbia Partners Private Capital backed, has agreed to be acquired by GigCapital2. Cloudbreak is a unified telemedicine and video medical interpretation solutions provider.
GigCapital2 is also merging with UpHealth Holdings, Inc., a digital health care provider. The combined company will be known as UpHealth, Inc., traded on the New York Stock Exchange and valued at $1.35 billion. It will serve four of the fastest growing digital health markets: integrated care management, global telehealth, digital pharmacy and tech-enabled behavioral health.
The combined company is expected to generate more than $190 million in revenue and $24 million in EBITDA. Earlier this year, another company that Sabrina worked with, 4C Insights, Inc., was acquired by Mediaocean. Sabrina, a vice president, joined Kayne Partners last year from Goldman Sachs’ private equity group. In addition to Cloudbreak, Sabrina is working with such other Kayne portfolio companies as Careworx, CreatorIQ, FreightWaves, Proficio, rfXcel, and Source Intelligence.
Kayne Partners is the growth private equity group of Kayne Anderson Capital Advisors, L.P. In 2018, Kayne Partners closed its fourth fund at $385 million. The firm invests between $5 million and $30 million in lower middle market companies in North America that have between $5 million and $40 million of revenue.