Houlihan Lokey Advises Amulet Capital Partners

Houlihan Lokey is pleased to announce that Amulet Capital Partners, LP (Amulet) has made a platform investment in Theoria Management, LLC (Theoria). Houlihan Lokey served as the exclusive financial advisor to Amulet.

Amulet is a middle-market private equity investment firm based in Greenwich, Connecticut, and Walnut Creek, California, focused exclusively on the healthcare sector. Amulet seeks to achieve long-term capital appreciation through privately negotiated investments in healthcare companies, focusing on the segments it believes have the most attractive long-term fundamentals. Amulet currently manages approximately $2.7 billion in assets and is investing out of its third fund, which was oversubscribed and closed in July 2024 with approximately $1.2 billion in capital commitments.

Theoria is an innovative, tech-enabled management services organization delivering high-quality, value-based primary care services to senior living communities across the United States. The company employs a unique, patient-centric model to deliver on-site and virtual care for high-acuity patients residing in skilled nursing, assisted living, independent living, and continuing care retirement communities. Leveraging a proprietary technology system, Theoria coordinates care delivery among providers, patients, and facilities, aiming to expand access, improve quality, and enhance health outcomes for a high-need patient population.

This transaction further strengthens and highlights Houlihan Lokey’s continued leadership in the value-based primary care and post-acute services sectors. Houlihan Lokey’s Healthcare Group is among the largest and most active dedicated healthcare investment banking groups in the world, closing 20+ transactions in the past 18 months. In 2023, the group closed 34 transactions and was ranked by LSEG (formerly Refinitiv) as the No. 1 investment bank for all global healthcare M&A transactions.

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