Harris Williams Advises Ovation Fertility on its Recapitalization by Morgan Stanley Capital Partners

June 17, 2019

Harris Williams, a global investment bank specializing in M&A advisory services, announces that it advised Ovation Fertility (Ovation), a portfolio company of WindRose Health Investors, LLC (WindRose), on its recapitalization by investment funds managed by Morgan Stanley Capital Partners (MSCP), the middle market focused private equity team within Morgan Stanley Investment Management. Ovation is one of the fastest growing and highest quality fertility platforms in the U.S., owning and operating 11 market leading fertility and genetics laboratories that serve physicians across 11 states. The transaction was led by Andy Dixon, James Clark, Nick Owens, Andrew Hoft and Stephen Crawford of Harris Williams’ Healthcare & Life Sciences (HCLS) Group.

“We are thrilled to have represented WindRose, the Ovation management team and Ovation’s physician partners in this transaction. Ovation has developed a highly differentiated model that promotes active collaboration of top scientists and partner physicians to drive leading IVF success rates and improve outcomes for hopeful parents,” said Andy Dixon, a managing director at Harris Williams. “MSCP is the optimal partner to help Ovation continue to expand its national presence while maintaining the company’s strategic vision to deliver the highest quality fertility care.”

“Fertility represents one of the fastest growing and most active sectors in healthcare, and Ovation is leading industry expansion by increasing access and improving outcomes,” said Nick Owens, a director at Harris Williams. “We are honored to have partnered on this transaction with Ovation’s management team, which has done a tremendous job building an innovative and market-leading fertility platform.”

Ovation is a national network of reproductive endocrinologists and scientific thought leaders focused on reducing the cost of live birth through more efficient and effective fertility care. Ovation’s IVF and genetics laboratories and affiliated practices work collaboratively to raise the bar for IVF treatment, with state-of-the-art, evidence-based fertility services that give hopeful parents the best chance for a successful pregnancy. Physicians partner with Ovation to offer their patients advanced preimplantation genetic testing. Ovation also provides donor eggs that come with the world’s first Euploid Embryo Guarantee®, as well as secure frozen egg, embryo and sperm long-term storage; consultative services to help IVF laboratories improve quality and performance; and fertility preservation programs that enable more women to freeze their eggs and build future families.

WindRose makes equity investments in companies that operate within the services sectors of the healthcare industry. The firm focuses on companies with profitable business models and a demonstrated ability to deliver cost-effective solutions. WindRose manages over $1.4 billion in investments and is currently investing out of its fifth fund. The firm is based in New York City and invests in companies throughout the United States.

MSCP, part of Morgan Stanley Investment Management, is a leading middle market private equity platform that has invested capital in a broad spectrum of industries for over three decades. MSCP focuses on privately negotiated equity and equity-related investments primarily in North America and seeks to create value in portfolio companies primarily in a series of subsectors in the business services, consumer, healthcare and industrials markets with an emphasis on driving significant organic and acquisition growth through an operationally focused approach.

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing investment banking, securities, wealth management and investment management services. With offices in more than 41 countries, the firm's employees serve clients worldwide including corporations, governments, institutions and individuals.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).

Harris Williams’ HCLS Group has experience across a broad range of sectors, including medical devices, products and distribution; multi-site and retail healthcare providers; alternate site care; healthcare IT; managed care and cost containment services; outsourced clinical services; and outsourced pharma services. For more information on the HCLS Group and other recent transactions, visit the HCLS Group’s section of the Harris Williams website.

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. awaited). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.