Vistria Group
Vistria Group is a Chicago-based private equity firm, founded in 2013 by Martin Nesbitt and Kip Kirkpatrick.[1] Vistria buys, sells, and manages middle-market companies in medicine, education, and financial services. Vistria Group's holdings include investments in Apollo Education Group, Academic Partnerships, and Help at Home.[2]
By 2021, Vistria Group's funds had grown to a value of $6.5 billion.[3]
History
Vistria Group was founded in 2013 by Martin Nesbitt and Kip Kirkpatrick. Nesbitt is a close personal friend of former U.S. President Barack Obama, Treasurer of the 2008 Obama Presidential Campaign, and Chairman of the Barack Obama Foundation. From 1996 to 1998, Nesbitt was a business partner of Penny Pritzker, a real estate multi-billionaire and President Obama's Secretary of Commerce.[4]
Former United States Deputy Secretary of Education under Barack Obama, Anthony W. Miller and CBS sportscaster Bill Macatee were among those hired in the company's initial year.
In 2014, Vistria's Fund I raised more than $400 million.[5] Investors included The Illinois Municipal Retirement Fund, which made a $5 million commitment.[6] Vistria Group hired Obama White House aide Jon Samuels.[7]
In 2016, Vistria Group teamed up with Apollo Global Management to acquire Apollo Group, the parent company of University of Phoenix, America's largest for-profit college at the time. The acquisition received attention because Vistria's executives were tied to President Barack Obama, and the Obama administration had been involved in regulating for-profit colleges.[8] Anthony Miller was made Apollo Education's board chairperson.[9]
In 2017, Vistria Fund II raised $872 million. In 2018, Vistria Group sold Penn Foster to Bain Capital. Penn Foster is a for-profit education company which includes Penn Foster High School.[10] In 2020, Vistria Fund III closed after raising $1.1 billion.
In 2019, Vistria acquired Academic Partnerships.[11]
In 2020, Vistria invested in Help at Home, a company that "provides at-home and community-based care to the elderly and people with disabilities in 13 U.S. states across the South and Midwest."[12] [13]
In 2021, Vistria Group collected $2.6 billion for its largest fund, Vistria IV.[14][15] In September 2021, Vistria hired Illinois Deputy Governor for Education under J.B. Pritzker, Jesse Ruiz.[16] Vistria also added an office in Dallas, Texas, headed by Bill Macatee. Vistria's current portfolio includes 25 companies. [17][18]
In 2022, Nick Loporcaro, former CEO of Landmark Health, joined Vistria as a senior operating partner for its health care team in Dallas.[19]
Awards
(2021) Mergers and Acquisitions PE innovators in ESG[20]
See also
References
- ↑ "Not your average PE firm". www.kellogg.northwestern.edu. Kellogg Magazine (Northwestern University). Retrieved 30 November 2021.
- ↑ Famakinwa, Joyce. "Home-Based Care Stakeholders Break Down 'Uncertain' Legislative, Regulatory Landscapes". homehealthcarenews.com. Home Healthcare News. Retrieved 18 May 2022.
- ↑ "The Vistria Group Closes Fourth Fund With $2.7 Billion". www.jdsupra.com. JD Supra. Retrieved 27 November 2021.
- ↑ "Martin Nesbitt". The Washington Post.
- ↑ "The Vistria Group closes its third fund at $1.11 billion". www.prnewswire.com. PR Newswire. Retrieved 30 November 2021.
- ↑ Primack, Dan. "Obama's 'best friend' raises millions for private equity fund". fortune.com. Fortune. Retrieved 29 November 2021.
- ↑ Newmyer, Tory. "Exclusive: An Obama friend poaches a White House aide". fortune.com. Fortune. Retrieved 29 November 2021.
- ↑ Stratford, Michael; Hefling, Kimberly. "Bid to buy for-profit college by former Obama insiders raises questions". www.politico.com. Politico. Retrieved 29 November 2021.
- ↑ "NEW OWNERSHIP FOR APOLLO EDUCATION GROUP". www.aztechcouncil.org. Aztech Council. Retrieved 30 November 2021.
- ↑ Dorbian, Iris. "To be able to copy & paste content to share with others please contact us at [email protected] to upgrade your subscription to the appropriate licence". www.pehub.com. PE Hub. Retrieved 30 November 2021.
- ↑ "20200231: Vistria Fund II, LP; Academic Partnerships, LLC". Federal Trade Commission. Retrieved 18 May 2022.
- ↑ Davis, Michelle F; Tan, Gillian. "Health-Care Firm Help at Home Explores IPO This Year". www.bloomberg.com. Bloomberg. Retrieved 18 May 2022.
- ↑ Donlan, Andrew. "Help at Home Enters New York, Adding 10,050 Clients, 12,000 Employees". homehealthcarenews.com/. Home Healthcare News. Retrieved 18 May 2022.
- ↑ "The Vistria Group Closes Fourth Fund With $2.7 Billion". www.jdsupra.com. JD Supra. Retrieved 29 November 2021.
- ↑ Singh, Preeti. "Vistria Group Collecting More Than $2 Billion for Fourth Fund". www.wsj.com. Wall Street Journal. Retrieved 29 November 2021.
- ↑ Hinton, Rachel. "Pritzker's new deputy governor for education vows to work on 'making Illinois the best state in the nation to raise children'". chicago.suntimes.com. Chicago Sun Times. Retrieved 29 November 2021.
- ↑ Leffert, Catherine. "Chicago private equity firm opening Dallas office on heels of recently-closed $2.68B equity fund". www.bizjournals.com. Dallas Business Journal. Retrieved 29 November 2021.
- ↑ Walters, Natalie (28 September 2021). "Chicago-based private investment firm opening office at Old Parkland in Dallas". www.dallasnews.com. Dallas News. Retrieved 30 November 2021.
- ↑ Donlan, Andrew. "Former Landmark CEO Joins The Vistria Group; AccordCare Picks Former Kindred VP for COO". homehealthcarenews.com. Home Healthcare News. Retrieved 18 May 2022.
- ↑ "Vistria Named to 2021 PE Innovators in ESG". www.themiddlemarket.com. Mergers & Acquisitions. Retrieved 30 November 2021.
External links
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