Capital One has agreed to acquire TripleTree, a leading advisory platform that serves health care companies and it will operate under its brand name.
TripleTree will be joining Capital Markets Group of Capital One Commercial Bank as a wholly-owned subsidiary and will still be under the current TripleTree brand. It will maintain its offices in Minneapolis and New York. Justin Roth, head of investment banking will continue to lead the company.
Capital One’s commercial bank serves 40 healthcare subsectors
Capital One Commercial Bank provides service in over 40 healthcare sub-sectors and with the acquisition, Capital One and Triple Tree will create a different healthcare platform that will extend the bank’s ability into TripleTree’s merger and acquisition (M&A) investment banking capabilities to provide significant outcomes for healthcare clients.
Roth said, “With the two organisations’ passion for 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. 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”.
TTCP Management Services, LLC will continue as an independent principal investor in Minneapolis, which is focused on healthcare technology and services. Kevin Green, executive chairman and co-founder and Dawn Owens, CEO will continue their roles within the business.
Darren Alcus, head of corporate banking at Capital One said, “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”.
The two companies will provide deep knowledge and healthcare expertise to clients
As the two organisations joined forces, they can expand the market presence, deepen industry relationships and work collaboratively to identify and pursue new business opportunities to serve the clients’ needs.
Steve Tulip, head of capital markets at Capital One Commercial Bank said, Capital One and TripleTree have a shared philosophy of providing insights-driven counseling, enabled by deep healthcare industry knowledge. “Together, we’ll add scale and significant expertise to our capital markets group, benefitting clients in a wide variety of healthcare specialties,” Tulip said.
Kevin Green, executive chairman, and co-founder at TripleTree Holdings said they started TripleTree 22 years ago, with a goal of creating something special and unique in the market, a business with sustainability, relevance, and impact. “As these two businesses move into their next chapter, I’m excited to watch that impact continue. With TripleTree joining Capital One Commercial Bank and TT Capital Partners, it is ready to reach new heights under the leadership of a strong team of seasoned professionals”.
Along with Capital One, KeyBank launched a digital bank for doctors, earlier this year as a result of its 2019 purchase of a digital student loan refinancing platform, Laurel Road. The bank is planning to add chequing and retail investments to the platform. It will expand the banking services to pharmacists, physician assistants, nurses and therapists.
Meanwhile, Fifth Third Bank, a regional lender stepped into the healthcare world, as it acquired Provide, which is a digital platform for healthcare practices.
JPMorgan Chase, one of the largest banks has entered the healthcare sector. The bank launched Morgan Health in May, a healthcare venture aimed at innovating employer-sponsored healthcare for the bank's massive employee base and eventually, for all the 150 million Americans receiving health coverage through their jobs.