Altaris is an investment firm focused exclusively on the healthcare industry
We target companies that deliver value to the healthcare system
Altaris Acquires Padagis from Perrigo
Altaris Capital Partners, LLC is an investment firm focused exclusively on the healthcare industry. We seek to invest in companies that deliver value to the healthcare system and improve patient outcomes by providing innovative products and services. Since inception in 2003, we have invested in more than 40 companies across our five main investment funds. Altaris has $5.6 billion of equity capital under active management and is headquartered in New York City.
We are committed to conducting business with fairness and integrity. Our reputation as a trustworthy partner and counterparty must be consistently evidenced and reinforced through our actions. We treat everyone with respect. We measure ourselves against high performance targets and work diligently and collaboratively to achieve our goals. These values form the foundation of the Altaris culture and enable the successful execution of our investment strategy.
Altaris was founded as a healthcare-dedicated investment firm in 2003. Since that time, we have raised five, sequentially larger, investment funds and two committed co-investment vehicles.
George E. Aitken-Davies
Co-Founder
George E. Aitken-Davies
Co-Founder
George is a co-founder and managing director at Altaris. Prior to the formation of Altaris, he held various positions in Merrill Lynch’s private equity and healthcare investment banking groups. George received a Masters in Biochemistry from the University of Oxford and completed the research for his dissertation at the Università di Padova, Italy.
George currently serves as a trustee of the Children’s Hospital of Philadelphia and the Senator Foundation.
Daniel G. Tully
Co-Founder
Daniel G. Tully
Co-Founder
Dan is a co-founder and managing director at Altaris. Prior to the formation of Altaris, he held various positions with Merrill Lynch, including serving as the firm’s global head of healthcare equity capital markets, and as a member of Merrill Lynch’s private equity and investment banking groups. Dan received a B.S. in Economics from the University of Pennsylvania, Wharton Undergraduate Program.
Lana L. Dweik
Capital Markets
Lana L. Dweik
Capital Markets
Lana leads Altaris’ capital markets activities, including the structuring and execution of financings for the firm’s portfolio companies. Prior to joining Altaris, Lana was a member of the credit team at Antares Capital where she was responsible for structuring, underwriting, documenting and managing private equity-backed transactions. Lana received a B.A. in Mathematics from Wellesley College.
Nicholas D. Fulco
Healthcare Services
Nicholas D. Fulco
Healthcare Services
Nick is a principal at Altaris and co-leads the firm’s coverage of the healthcare services sector. Prior to joining Altaris, Nick was an investment professional at CCMP Capital Advisors where he completed buyout and growth equity investments in the Healthcare and Consumer/Retail sectors. Nick received a B.A. in International Studies from Boston College.
Ailyn Fun
Investor Relations
Ailyn Fun
Investor Relations
Ailyn is responsible for managing investor relations at Altaris. Prior to joining Altaris, Ailyn was a director of investor relations at Marathon Asset Management. Prior to that, Ailyn was a vice president in J.P. Morgan’s credit sales team and an associate in Lehman Brothers’ fixed income sales team. Ailyn received an MBA from the Wharton School at the University of Pennsylvania and an AB in Economics and International Relations from Brown University.
Charles T. Mullens
Chief Financial Officer
Charles T. Mullens
Chief Financial Officer
Chuck is the CFO and CCO at Altaris. Prior to joining Altaris, Chuck was the Director of Fund Reporting at J.C. Flowers & Co. LLC, where he also served on the firm’s compliance committee. Chuck was previously a senior manager for Deloitte & Touche Overseas Services LLC, where he served as a member of the International Financial Services Group in Dublin, Ireland. Prior to that he was a Manager at Deloitte & Touche LLP, New York, where he worked on large and small private equity clients with a focus on leveraged buyout, venture capital and fund-of-funds.
Chuck is a New York State Certified Public Accountant and received his B.S. in Accounting from the University of Scranton.
Garikai Nyaruwata
Pharma and Pharma Services
Garikai Nyaruwata
Pharma and Pharma Services
Garikai is a managing director at Altaris and leads the firm’s coverage of the pharmaceuticals and pharma services. Prior to joining Altaris, Garikai worked in the private equity and healthcare practices of McKinsey & Company where he completed numerous transaction and corporate strategy engagements. Garikai received an M.S. in Financial Economics and an M.S. in Development Economics from The University of Oxford, where he was a Rhodes Scholar, and a B.S. in Economics from The University of Cape Town.
James D. O’Brien
Medical Devices and Diagnostics
James D. O’Brien
Medical Devices and Diagnostics
Jim is a managing director at Altaris and leads the firm’s coverage of the medical device and diagnostics sectors. Prior to joining Altaris, Jim was a member of the investment banking and equity capital markets groups at Merrill Lynch where he assisted clients in the execution of a number of mergers, acquisitions and corporate finance transactions across various industries. Jim received a B.A. in History from Princeton University.
Steven R. Cagle
Steven R. Cagle
CEO, Clearwater; Executive Chairman, CMP Pharma
Steve Cagle is the CEO of Clearwater and Executive Chairman of CMP Pharma. Steve previously served as president and CEO of Moberg Pharma North America, a subsidiary of Moberg Pharma AB (OMX:MOB), a publicly traded Swedish pharmaceutical company. Prior to its acquisition by Moberg Pharma AB, Steve was president and CEO of Alterna LLC, a consumer healthcare products company. Steve was also an executive team member of Sparta Systems, Inc., a software company that provides enterprise quality and compliance management software to pharmaceutical and medical device companies.
Tim Callahan
Tim Callahan
Operating Partner
Tim Callahan is an operating partner at Altaris and a board member of CMP Pharma and Padagis. Tim has over 25 years of board and operational leadership experience in biopharmaceutical companies, including serving as SVP, Commercial Operations at Actavis Plc (now Allergan), where he led the commercial transformation of the brand division into a multi-billion dollar global specialty business. Previously, he built specialty pharma businesses in commercial leadership roles at Actavis, Watson Pharmaceuticals, and Schein Pharmaceutical. Mr. Callahan has held board roles in public, private, and non-profit healthcare organizations, he has served as a Senior Advisor to McKinsey & Company, and is a current member of the Board of Directors for CMP Pharma and Padagis. Mr. Callahan holds a Bachelor of Science degree in Applied Economics and Business Management from Cornell University.
Shawn Cavanagh
Shawn Cavanagh
Operating Partner
Shawn Cavanagh is an operating partner at Altaris and a board member of Kindeva. Shawn has over thirty years of experience in the pharmaceutical services industry, predominantly with contract development and manufacturing organizations. Previously, Mr. Cavanagh was President, Chief Operating Officer, and member of the Board of Directors at Cambrex Corporation. Mr. Cavanagh has also held leadership roles at Lonza, where he served as President of Lonza Bioscience. He holds a degree in Chemical Engineering from the University of New Hampshire. Mr. Cavanagh serves as the Executive Chairman of Kindeva.
Mary Chaput
Mary Chaput
Board Member, Clearwater; Board Member, Trean Insurance Group
Mary Chaput is co-founder of Clearwater and served as Chief Financial Officer and Chief Compliance Officer. She currently serves on the Board of Clearwater and on the Board and Audit Committee of Trean Insurance Group. Prior to Clearwater, Mary served as Executive Vice President and Chief Financial Officer of Healthways. Mary is a co-founder and currently serves on the Board of the Chaput-Avery Family Foundation whose mission is to assist young women in their pursuit of higher education, preparing them to play increasingly important roles as leaders.
Robert L. Chaput
Robert L. Chaput
Executive Chairman, Clearwater
Bob Chaput is the Founder and Executive Chairman of Clearwater. As a leading authority on healthcare cybersecurity and enterprise cyber risk management, Bob has supported hundreds of hospitals and health systems, including Fortune 100 organizations and other federal government institutions, with cyber risk management. Prior to founding Clearwater, Bob served as Executive Vice President and Chief Information Officer at Healthways, Vice President and General Manager for Technology Consulting at JNJ, and in various IT leadership roles at General Electric.
Bruce C. Friedman
Bruce C. Friedman
Board Member, CMP Pharma
Bruce Friedman is a retired pharmaceutical executive and consultant. He has more than 45 years of experience in the pharmaceutical and diagnostic industries, most recently as Vice President, Technical Operations at Noven Pharmaceuticals. Bruce was a founder of JDS Pharmaceuticals, a specialty pharmaceutical company acquired by Noven Pharmaceuticals in 2007. Previous companies include Pfizer, Carter-Wallace and MedPointe. Bruce has both a Bachelor and a Master’s Degree in Pharmaceutical Sciences from Columbia University.
Randall D. Jones
Randall D. Jones
Board Member, Trean Insurance Group
Randy Jones is a board member at Trean Insurance Group. Randy has served in numerous leadership roles with companies in the specialty P&C insurance marketplace, including as CEO of Maxum Specialty Insurance Group and CEO of Northland Insurance Group. Randy provides consulting services to a range of businesses operating in the surplus lines insurance industry.
Paul Labute
Paul Labute
CEO, Chemical Computing Group
Paul Labute is the founder and CEO of Chemical Computing Group (CCG), a leading provider of Computer Aided Molecular Design software for the life science, chemicals and materials industries. Prior to founding CCG in 1994, Paul worked in several fields including large scale Speech Recognition and Computer-Aided Integrated Circuit Design.
Bill Linder
Bill Linder
CEO, HealthTronics
Bill Linder is the CEO of HealthTronics. Previously, Bill held several senior leadership roles in operations and development at Surgical Care Affiliates (SCA), a leader in outpatient surgical care with more than 230 ambulatory surgery centers across the U.S. Prior to joining SCA, Bill held sales leadership roles with Harden Healthcare and Apria Healthcare.
Bernard E. Lyons
Bernard E. Lyons
Board Member, Paramit
Bernie Lyons is a board member at Paramit. Prior to his retirement, Bernie was the President & CEO of Direct Flow Medical, Inc. and has over 30 years of experience in the medical device industry. Prior to Direct Flow, he served as President and CEO of Vasca, Inc. and CardioClasp, Inc., and held several senior level positions at Boston Scientific. Bernie was also a board member at Creganna, a prior Altaris portfolio company. Today, Bernie is an Executive in Residence with Canon USA and Partners Healthcare Innovation and serves on the board of a number of innovative medical device start-ups.
Jeremy J. Maniak
Jeremy J. Maniak
President and CEO, Minnetronix
Jeremy Maniak joined Minnetronix in 2010, and has assumed various leadership positions during his tenure, including Chief Operating Officer in 2013, President in 2017 and CEO in 2020. Jeremy is a named inventor on ten patents, and has extensive experience in the development and commercialization of medical devices. Before joining Minnetronix, Jeremy held various executive leadership and engineering positions at Leptos Biomedical, Boston Scientific and Guidant.
Aaron Mann
Aaron Mann
CEO, Kindeva Drug Delivery
Aaron is the CEO of Kindeva Drug Delivery, which was carved out of 3M in 2020. Previously, Aaron ran the drug delivery business for 3M and led acquisitions for the Health Care Business Group, completing over $8B in transactions. Prior to 3M, Aaron held executive roles at Phillips-Medisize and Remedi Senior Care, and was a Principal at Bain & Company.
Andrew M. O’Brien
Andrew M. O’Brien
President, Trean Insurance Group
Andy O’Brien is the founder and CEO of Trean Insurance Group. Andy began his insurance career at the E.W. Blanch Company in 1977 where he ultimately served as a General Partner, Executive Vice President and director. He has also served as a director of the Health Care Insurance Facility, First Dakota Indemnity Company and SAFE, Inc.
Billoo Rataul
Billoo Rataul
CEO, Paramit
Billoo Rataul co-founded Paramit in 1990 and has been the chief architect of Paramit’s vision and strategy. Prior to Paramit, Billoo spent five years at LTX-Trillium in both Engineering and Management positions.
William E. Rhodes
William E. Rhodes
Operating Partner
Bill Rhodes is an operating partner at Altaris and a board member of Paramit. Bill is the founding member of Third Day Advisors LLC, a management and strategy advisory firm to life science companies. Bill is also the Senior Executive in Residence at Cornell University’s McGovern Life Sciences Center and a Clinical Instructor with Weill Cornell Medical College’s Department of Healthcare Policy and Research. Prior to Third Day Advisors, Bill held various senior executive roles at Becton Dickinson and Co. (BD). Prior to joining BD, he held various senior executive positions with Pfizer, J&J, Reed and Carnrick Pharmaceuticals and The William James Company.
Tom Ripp
Tom Ripp
CEO, Analogic Corporation
Tom Ripp is the CEO of Analogic Corporation. Before joining Analogic, Tom held several senior leadership positions at L3 Technologies, a leading provider of a broad range of communication, electronic, and sensor systems used on military, homeland security, and commercial platforms.
Gerald D. Sakowski
Gerald D. Sakowski
CEO, CMP Pharma
Gerry Sakowski is the CEO of CMP Pharma. Gerry has over 25 years of experience working within contract services and generic drug development and commercialization. Prior to CMP, Gerry served in various roles at Metrics, Inc., including Senior Vice President and COO. Gerry started his career as a staff scientist at Oneida Research Services and Analytical Business Manager at Applied Analytical Industries (AAI).
Rafael Torres
Rafael Torres
Operating Partner
Rafael Torres is an operating partner at Altaris and a board member of Analogic and HealthTronics. Prior to joining Altaris, Rafael was SVP of Corporate Development & Strategy at Varian Medical Systems (NYSE:VAR), where he led a strategic transformation, including $2 billion of acquisitions and divestitures and the ultimate sale of the company to Siemens Healthineers for $16.4 billion. Prior to Varian, Rafael spent 14 years at GE, where he led the healthcare investing teams at GE Equity and GE Ventures, and was a member of the corporate development team at GE Healthcare. Rafael previously held roles at BCG and Citibank. Rafael received a BA in Economics from Universidad del Pacifico in Lima, Peru, and an MBA from Harvard Business School.
John P. Voskuil
John P. Voskuil
CEO, G&H Orthodontics
John Voskuil joined G&H as CEO in November 2018. Prior to G&H, John held multiple senior leadership positions over a 20-year period at Dentsply Sirona.
Brooks E. West
Brooks E. West
CEO, bk medical
Brooks West became the CEO of bk medical upon its separation from Analogic in September 2018. Brooks joined Analogic in March 2017 as Senior Vice President and General Manager of its ultrasound division. Prior to joining Analogic, Brooks was a Principal and Senior Medical Device Research Analyst at Piper Jaffray, where he covered the medical technology and life sciences sectors.
*Members of the Altaris Operating Network are not employees of Altaris.
We target businesses that we believe address the needs of the healthcare system by improving patient outcomes, eliminating unnecessary costs, increasing efficiency and aligning stakeholder incentives. Our areas of focus span the major verticals of the industry, including companies that operate in the pharmaceutical, medical device, provider services and healthcare insurance subsectors.
Commercial-stage companies with compelling business fundamentals
We look for companies with established business models, differentiated products or service offerings, sustainable competitive advantages, and potential for growth, both organic and through acquisitions.
Corporate carve-outs and partnerships
Many of our investments have been divestitures of non-core assets from, or strategic co-ownership arrangements with, corporate partners and not-for-profit healthcare systems.
Founder and family-backed companies
We have a significant experience working alongside entrepreneurs and with family-owned businesses.
Majority and influential minority investments
We endeavor to customize our approach to meet the unique requirements of each investment opportunity, rather than execute a rigid playbook. We will make both majority and minority investments.
Conservative use of leverage
We exercise prudence in the use of debt financing to ensure that our portfolio companies have the capital structure flexibility necessary to achieve their full potential.
Value added partners
We believe that our industry knowledge and experience enable us to be a valuable partner to our portfolio companies. We seek to harness the extensive Altaris network through efforts such as strengthening management teams, facilitating access to customers, identifying and executing acquisitions, and arranging and managing financings.
Revenue cycle management solutions
Provider of revenue cycle management services to hospital systems and other healthcare providers throughout the United States.
Location: Houston, TX
Clinically proven over-the-counter (OTC) medicines
OTC pharmaceutical products including the Kerasal® brand of podiatrist-recommended foot therapies and JointFlex®, a topical analgesic and NonSpil™ delivery technology for liquid medications.
Sold to MobergDerma
Location: Cedar Knolls, NJ
Revenue cycle management services
AGS Health is a provider of outsourced revenue cycle management (RCM) services to U.S.-based healthcare providers.
Location: Newark, NJ
Advanced imaging and power management technologies
Detection systems and power amplification components for complex imaging and motion applications, including computed tomography (CT), magnetic resonance imaging (MRI), digital mammography, and specialty robotics.
Location: Peabody, Massachusetts
Premium ultrasound devices
Premium medical ultrasound systems used in perioperative and diagnostic procedures, primarily in the urology and general surgery markets. The company’s bk™ brand has a 40-year track record of high image quality and performance.
Location: Peabody, Massachusetts; Copenhagen, Denmark
Acute care management
Provider of outsourced management services to community hospitals and acute care providers.
Sold to IASIS Healthcare
Location: Franklin, Tennessee
Molecular design software for the pharmaceutical, chemical and material industries
Provider of molecular design software for the pharmaceutical, chemical and material industries. CCG’s software platform, the Molecular Operating Environment (“MOE”), streamlines drug discovery and chemical engineering processes by allowing researchers to visualize and predict molecular properties and interactions. MOE is an established market leader with more than 20 years of product development and scientific publications.
Location: Montreal, Canada
Single-use medical device components manufacturer
Contract manufacturer of injection-molded plastic components for precision medical devices serving a blue-chip OEM customer base through a network of facilities in North America and Europe.
Sold to Technimark
Location: Latrobe, PA
Cyber risk management and regulatory compliance solutions
Provider of cyber risk management and regulatory compliance solutions to the healthcare industry.
Location: Nashville, TN
Specialty pharmaceuticals
Specialty pharmaceutical products sold primarily through the hospital and long-term care channels. CMP Pharma’s topical and oral liquid products serve a range of therapeutic markets, including hyperkalemia, tuberculosis, contact dermatitis and metabolic acidosis.
Location: Farmville, NC
Vascular access and delivery device design, development and manufacturing
Innovative designer, developer and manufacturer of delivery and access devices used primarily in cardiology and other vascular minimally invasive surgical procedures.
Sold to Permira
Location: Galway, Ireland
Cold chain packaging solutions for the biopharmaceutical industry
Provider of cold chain packaging solutions that address the global supply chain needs of the biopharmaceutical industry. CSafe Global’s climate-controlled containers are designed to maintain high-value and temperature-sensitive biopharmaceutical cargo at precise temperatures for extended periods of time and in extreme external conditions.
Location: Dayton, OH
Advanced cryoablation technologies
Ultrasound-guided cryoablation systems and probes used primarily in urological and interventional oncology surgical procedures.
Sold to Scion Medical Technologies
Location: Austin, TX
Technology-driven revenue cycle and business office management solutions
Developer and marketer of data-driven technology solutions to help healthcare providers collect receivables more efficiently.
Location: Franklin, TN
Orthodontic products manufacturer
Manufacturer and distributor of orthodontic archwires, brackets, bands, tubes, elastomerics, and other dental consumables.
Location: Franklin, IN
Products and services for the urology industry
Provider of mobile equipment services to the urology industry focused on lithotripsy, laser and cryoablation systems.
Location: Austin, TX
Urology-focused HCIT solutions
Provider of electronic medical records, business intelligence software and data analytics to enable independent urologists to optimize practice operations.
Sold to AmerisourceBergen (NYSE: ABC)
Location: Austin, TX
High acuity healthcare staffing solutions
Staffing company focused on providing high acuity nurses and clinicians to hospitals with short-term staffing needs.
Sold to Thomas H. Lee Partners
Location: Greenwood Village, CO
Provider of regulated waste management solutions
Provider of regulated medical waste services, sharps management solutions, safety and compliance services, and other consulting services to hospitals and other healthcare providers.
Sold to Stericycle (NASDAQ: SRCL)
Location: Cincinnati, OH
International health insurance
Managing general underwriter of specialty medical insurance products, including international travel, stop-loss and medical case management and utilization review services.
Sold to ABRY Partners
Location: Indianapolis, IN
Orthopedic medical device management
Specialty healthcare services company offering an integrated suite of data-driven efficiency tools, care-centered design processes and clinical support services to help healthcare providers control spending on joint replacement procedures.
Sold to Pamplona Capital Management
Location: Scottsdale, AZ
Specialty pharmaceuticals
CNS-focused specialty pharmaceutical company selling Pexeva® and Lithobid® and developing a pipeline of clinical stage products.
Sold to Noven Pharmaceuticals (NASDAQ: NOVN)
Location: New York, NY
Contract developer and manufacturer of complex drug delivery solutions
Drug delivery technologies for pharmaceutical products, including inhalation, transdermal, microsystem, and connected delivery solutions.
Location: St. Paul, MN
Medical technology design, development and manufacturing
Provider of product design, development and manufacturing services to the medical technology industry. Minnetronix is also developing a variety of proprietary platform technologies with clinical breakthrough potential.
Location: Saint Paul, Minnesota
Clinical data and image management services
Provider of clinical information management services to hospitals that are used to measure and improve patient outcomes.
Sold to Medstreaming, LLC
Location: West Lebanon, NH
Outsourced HR and benefits services
Professional Employer Organization providing outsourced human resource services and workers compensation and medical plans to over 4,000 clients and more than 120,000 worksite employees in all 50 states.
Sold to Stone Point Capital LLC
Location: West Palm Beach, FL
Contract manufacturer of injectable pharmaceutical products
Contract manufacturer of sterile injectable prescription drug products with facilities equipped to handle highly potent and cytotoxic active pharmaceutical ingredients.
Sold to AMRI (NASDAQ: AMRI)
Location: Albuquerque, NM
Generic Prescription Pharmaceutical Industry Leader
Padagis is a leader in the generic prescription pharmaceutical industry, with a focus on extended topical dosage forms.
Locations: Allegan, MI; Minneapolis, MN; Duncan, SC; Yeruham, Israel
Manufacturer of orthopedic instruments and surgical devices
Manufacturer of surgical implants and instrumentation for orthopedic procedures. Paragon offers its OEM customers a single source, turnkey solution for outsourced product design, engineering and manufacturing services.
Sold to Beecken Petty O’Keefe & Company
Location: Pierceton, IN
Medical device and life science instrument design and manufacturing
Designer and manufacturer of electronic medical devices and life science instruments for many of the most innovative and fastest growing companies in the world.
Location: Morgan Hill, CA
Global medical technology company focused on anesthesia devices
Manufacturer of anesthesia systems and related respiratory devices that are sold globally through a direct sales force and network of distributors.
Sold to BPL Medical Technologies Private Ltd
Location: Abingdon, UK
Health Information Management solutions
Provider of health information management services and educational content to healthcare providers across the U.S.
Sold to Pamplona Capital Management
Location: Wayne, PA
Care coordination and customer navigation
Provider of consumer-focused healthcare programs to self-insured employers that help members navigate the complex healthcare landscape and result in more cost-efficient consumption of medical services.
Sold to Great Hill Partners
Location: Columbus, OH
Home Care Provider
Franchisor of private-pay, professional home care services to the elderly population, with over 300 locations in 40 states.
Sold to Advocate Aurora Health
Location: Towson, MD
Biomaterials specialist for the life sciences industry
Solesis develops, manufactures and sells critical components for implantable medical devices and single-use technologies for the biopharmaceutical market, including cell and gene therapies.
Location: Perkasie, PA
Quality and compliance management software
Provider of TrackWise™ enterprise quality management software used by the pharmaceutical, biotechnology and medical device industries to enforce manufacturing best practices and regulatory compliance.
Sold to Thoma Bravo, LLC
Location: Hamilton, NJ
Outsourced Clinical services
Provider of outsourced clinical services to healthcare providers across the U.S., focused on surgical procedures requiring perfusion, autotransfusion and intraoperative monitoring.
Sold to American Securities
Location: Nashville, TN
Insurance carrier and services provider
Trean is a specialty insurance company focused primarily on the workers’ compensation market that sells products through its program partners and managing general agencies. The company also provides a variety of services including issuing carrier services, claims administration and reinsurance brokerage. Trean affiliated carrier, Benchmark Insurance Company, is “A” rated by A.M. Best and is licensed to write business in 49 states and the District of Columbia. Trean is listed on the Nasdaq stock exchange (NASDAQ:TIG).
Location: Wayzata, MN
Health improvement solutions
Tivity Health®, Inc. is a leading provider of health improvement, nutrition, fitness and social engagement solutions at scale to improve clinical outcomes, reduce healthcare costs and create opportunities to feel better, work better and live better. Tivity is listed on the Nasdaq stock exchange (NASDAQ:TVTY).
Provider of occupational healthcare services in the U.S.
National provider of workers’ compensation and urgent care services helping employers and payers manage medical costs and lost employee work time.
Sold to Dignity Health.
Location: Valencia, CA
