Carlyle Announces Formation of Atmas Health in Partnership with World-Class Healthcare Executives
New York, New York and Park City, Utah – September 7, 2022 - Global investment firm Carlyle (NASDAQ: CG) announced today the formation of Atmas Health in partnership with long-time healthcare executives Kieran Gallahue, Jim Hinrichs, and Jim Prutow and Carlyle’s Global Healthcare team. Atmas Health, headquartered in Park City, Utah, will focus on acquiring healthcare assets within the medical technology and products, life science tools and diagnostics sectors as part of its strategy to build a market-leading healthcare business. Atmas Health will receive investment from funds managed by Carlyle alongside investment from Kieran Gallahue, Jim Hinrichs, and Jim Prutow.
The team of executives has served in numerous leadership roles within the healthcare industry with significant experience evaluating, acquiring, and leading public and private healthcare companies within several sectors.
Kieran Gallahue is the former Chairman and CEO of CareFusion from 2011 until its sale to Becton, Dickinson and Company (NYSE: BDX) for over $12 billion in 2015. During his tenure at CareFusion, he led key value creation initiatives at the company including portfolio optimization, investments in innovation, and cost improvement. Kieran currently serves on several company boards, including Edwards Lifesciences (NYSE:EW) and Envista (NYSE: NVST). He is also the former CEO and director of ResMed from 2008 to 2011 and previously served on the boards of Intersect ENT, Arena Pharmaceuticals, and Volcano Corporation.
Jim Hinrichs is the former CFO of Alere from 2015 until its sale to Abbott for $8 billion in 2017. As the former CFO of CareFusion from 2010 until its sale in 2015, he worked closely with Kieran on a number of growth and cost improvement initiatives. Jim also currently serves on the board of Outset Medical (NASDAQ: OM), Acutus Medical (NASDAQ: AFIB), Integer Holdings (NYSE: ITGR), and Orthofix (NASDAQ: OFIX).
Jim Prutow has more than 30 years of experience as a healthcare executive and consultant on many successful private equity-backed acquisitions. He is a former Partner at PwC, specializing in M&A transaction diligence and post deal value capture and integration projects. He has collaborated with Carlyle on hundreds of diligence processes across the globe and partnered with Carlyle portfolio companies on numerous value creation initiatives.
“We are excited to pursue complex transactions spanning any number of deal archetypes from buy-and-build to carve-outs to founder-led businesses to take-privates, focusing on assets with strong leadership positions within markets benefiting from long-term secular tailwinds. We believe these are areas in which our collective experiences can be leveraged to build real value,” said Kieran Gallahue. “We look forward to working with the Carlyle team and believe Carlyle’s deep healthcare experience and global resources will open up opportunities to find assets with the right fit.”
“Carlyle is thrilled to be partnering with this team of exceptional executives that has a proven expertise in running healthcare businesses,” said Steve Wise, Carlyle’s Global Head of Healthcare. “We have a long history investing in medical products and instruments, and we believe Atmas Health presents an excellent opportunity to extend that experience. We expect to maximize the potential of this team by leveraging our entire global Carlyle platform to support Atmas in identifying and evaluating opportunities.”
“Atmas Health will draw on the team’s decades of experience and strengths within medical technology, life science tools and diagnostics sectors. This team represents a full suite of C-suite executives capable of addressing strategic, operational, financial, and organizational issues, which we expect will enable us to take a highly differentiated approach to any deal. We believe the Atmas team is uniquely positioned to collaboratively partner with management teams, founders, or corporates to generate value for all parties,” said Robert Schmidt, Managing Director on Carlyle’s Global Healthcare team.
The formation of Atmas Health is a continuation of Carlyle’s long-term global commitment to the global healthcare sector, in which it has deployed over $22 billion of capital. Carlyle’s significant experience investing in medical products, tools, instruments, and contract manufacturing businesses includes Medline, Ortho Clinical Diagnostics, Resonetics, Unchained Labs, amongst others.
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $376 billion of assets under management as of June 30, 2022, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 1,900 people in 26 offices across five continents.
About Atmas Health
Atmas Health is a healthcare partnership founded by proven industry veterans and global investment firm Carlyle. Its focus is on acquiring high-value, patient-focused companies and assets as part of a strategy to build a market-leading healthcare business. Atmas Health is headquartered in Park City, Utah. Further information is available at www.atmashealth.com.