HedgeCo.Net — Altas Partners and L Catterton have agreed to acquire a majority stake in Fullscript from HGGC and Snapdragon Capital Partners, according to company and sponsor announcements covered by Healthcare IT Today and The Middle Market. Terms were not disclosed. The transaction is expected to close in the fourth quarter, subject to customary approvals.
Fullscript operates a digital platform that helps healthcare practitioners recommend and dispense supplements and related wellness products. The business sits at the overlap of healthcare software, practitioner workflow and consumer health purchasing, a combination that has attracted both healthcare-focused and consumer private equity capital.
Advisors on the deal include Centerview Partners for the company, with Evercore, Morgan Stanley and RBC Capital Markets advising the buyers, according to deal coverage. The banker slate is consistent with a competitive process for a scaled health-tech asset changing hands between financial sponsors.
For HGGC and Snapdragon, the sale crystallizes a sponsor-to-sponsor exit in practitioner-facing health software. For Altas and L Catterton, the majority stake offers a platform that can be grown through additional practitioner adoption, product breadth and potential add-on acquisitions in adjacent wellness and clinical workflow tools.
Allocators will watch whether Fullscript’s next owners emphasize clinical channel expansion or consumer brand leverage. With pricing undisclosed and closing still ahead, the deal is best read as another data point that digital health platforms with sticky practitioner relationships continue to clear in private markets even when public health-tech multiples have been uneven.