Capital One entered into a definitive agreement to acquire TripleTree, an investment banking advisory platform serving healthcare companies. TripleTree, which is headquartered in Minneapolis and has offices in New York, will join Capital One Commercial Bank’s capital markets group. Justin Roth, head of investment banking at TripleTree, will continue to lead the company.
Capital One is a bank with middle-market specialization in multiple industries, including more than 40 healthcare sub-sectors. In coming together, Capital One and TripleTree will create a differentiated healthcare platform that extends Capital One’s capital markets and corporate banking capabilities to include TripleTree’s M&A advisory and investment banking capabilities.
“Now, more than ever, it’s essential to provide our clients with best-in-class solutions, products and services. Capital One and TripleTree together are well-positioned to help our healthcare clients navigate the ever-changing external landscape at every stage of their business,” Darren Alcus, head of corporate banking at Capital One, said. “As our two organizations join forces, we have the opportunity to expand our market presence, deepen our industry relationships and work collaboratively to identify and pursue new business opportunities to serve our clients’ needs.”
“Capital One and TripleTree have a shared philosophy of providing insights-driven counsel enabled by deep healthcare industry knowledge,” Steve Tulip, head of capital markets at Capital One, said. “Together, we’ll add scale and significant expertise to our capital markets group, benefitting clients in a wide variety of healthcare specialties.”
“As two organizations with a passion for the healthcare industry and a commitment to deep relationships, the cultural alignment between TripleTree and Capital One creates real opportunity to serve clients in new and more meaningful ways,” Roth said. “This combination will accelerate TripleTree’s growth trajectory and amplify our reach in the marketplace, reflecting our 20-year heritage as a leading healthcare investment bank.”
With this transaction, the two businesses comprising TripleTree Holdings will become two separate organizations. TripleTree is joining the capital markets group of Capital One Commercial Bank as a wholly-owned subsidiary, operating under the current TripleTree brand and maintaining its offices in Minneapolis and New York. TTCP Management Services will continue as an independent, Minneapolis-based principal investor focused on healthcare technology and services.
The transaction is expected to close in Q4/21, subject to customary closing conditions. Arnold & Porter Kaye Scholer acted as legal advisor to Capital One in connection with the transaction. Broadhaven Capital Partners acted as financial advisor to TripleTree and Kirkland & Ellis acted as its legal advisor.
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