WindRose Health Investors Completes Capital Restructuring of Ovation Fertility

New York-based healthcare private equity firm WindRose Health Investors, LLC announced that it has completed the recapitalization of its portfolio company, Ovation Fertility. Ovation Fertility is managed by an investment fund under Morgan Stanley Capital Partners. The specific terms of the transaction were not disclosed.

Ovation is a leading fertility laboratory services provider, with its business encompassing in vitro fertilization (IVF) laboratory services, genetic testing, oocyte and embryo cryopreservation, and other services within the fertility industry. Ovation Fertility collaborates through its IVF laboratories, genetics laboratories, and other affiliated institutions to provide state-of-the-art, evidence-based fertility services, thereby offering couples seeking to conceive the opportunity for successful pregnancy. It is reported that WindRose completed its major investment in Ovation in June 2015.

Alex Buzik, Partner at WindRose, stated, “The recapitalization of Ovation has delivered outstanding outcomes for the company and its affiliated physicians, while also generating substantial returns for our investors. We are proud to have worked alongside Ovation’s leadership team to execute our strategic plan and transition the business to new partners who will continue to support Ovation in providing high-quality clinical care to its patients.”

Nate Snyder, CEO of Ovation Fertility, stated, “WindRose has been an outstanding partner to Ovation Fertility, and we appreciate WindRose’s efforts to improve and grow our business. We are pleased with the momentum achieved over the past four years and will continue to pursue this growth strategy by expanding our network of affiliated physicians across China and strengthening our partner team to deliver first-class fertility services to our patients.”

Steve Rodgers, Managing Director at Morgan Stanley Capital Partners, said, “We are delighted to invest in Ovation Fertility, the premier fertility services provider in the United States. We believe that Ovation boasts a top-tier management team that collaborates with industry-leading physician groups and highly influential laboratories. We look forward to supporting our partner physicians in the years ahead as they deliver the highest quality of medical care and fulfill our shared mission of serving individuals and couples across the United States and around the world.”

Ovation Fertility is a national network of reproductive endocrinologists and scientific thought leaders dedicated to reducing the cost per live birth through more efficient and effective fertility care. Ovation Fertility provides couples hoping to conceive with the opportunity for successful pregnancy through state-of-the-art, evidence-based fertility services. Physicians partnering with Ovation offer patients advanced preimplantation genetic testing. Ovation also provides secure cryopreservation services for oocytes, embryos, and sperm. Its in vitro fertilization (IVF) laboratory services and fertility preservation programs enable more women to freeze their eggs and build families in the future.

WindRose Health Investors, LLC makes equity investments in companies operating within the healthcare services sector. WindRose focuses on companies with profitable business models that can deliver cost-effective solutions. WindRose manages over $1.4 billion in assets. Headquartered in New York City, WindRose invests across the United States.

Morgan Stanley Capital Partners, a subsidiary of Morgan Stanley Investment Management, is a leading middle-market private equity investment platform that has made extensive investments across multiple industries for over 30 years. Morgan Stanley primarily conducts related investments in North America and aims to create value within its portfolio companies.

(Compiled by Zhang Jing)