Change Healthcare M&A Head Dan Bise rejoins Tailwind Capital, expanding healthcare efforts

Tailwind Capital is bulking up its healthcare roster, hiring Change Healthcare M&A head Dan Bise as a managing director, according to a person familiar with the matter.

Bise, poised to start at Tailwind later this year, will focus on healthcare, the person said.

The move marks a return to private equity investing after about four-and-a-half years at healthcare technology company Change Healthcare (formerly Emdeon). At Change, Bise most recently led all M&A efforts as SVP of corporate development. Change Healthcare’s owners, McKesson, Blackstone Group and Hellman & Friedman, took the company public earlier this year, raising $640 million.

Bise began his private equity career in 2007 as an analyst at BlackRock Private Equity Partners, joining Tailwind as an associate in August 2010. Bise subsequently spent about two years as a senior associate at Harvest Partners before joining Change in March 2015, according to his LinkedIn.

Bise will work under Tailwind Partner Geoffrey Raker, who leads the healthcare practice group. Partner Brian Berkin is also a senior member on the healthcare team.

Tailwind’s healthcare portfolio includes Benevis, Cumberland Consulting Group, DermaRite, Edenbridge Pharmaceuticals, Lone Peak Dental Group and Longs Pharmacy Solutions.

Tailwind, led by Co-Founder and Managing Partner Larry Sorrel, invests across the healthcare, business services and industrial services industries. The firm in September 2018 closed its third fund on $1.8 billion of commitments.

The firm targets companies generating $10 million to $50 million-plus Ebitda, with enterprise values of as much as $300 million or more. It typically makes equity investments in the $25 million to $100 million range.

Action Item: Check out Tailwind’s latest Form ADV: