M&A/Finance Festival

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M&A Market Trends in Healthcare

Karan Garg, Managing Director, Houlihan Lokey
Dan Gill, Managing Partner, Silver Oak Services Partners
David Schuppan, Partner, The Vistria Group 
Phil Smith, Managing Director, Duff & Phelp
Helen Oesch, Managing Director, BMO Capital Markets


Karan Garg
Managing Director / Healthcare Group
 Houlihan Lokey


Mr. Garg is a member of Houlihan Lokey’s Healthcare Group. He has more than a decade of healthcare investment banking and private equity experience, including seven years at Houlihan Lokey. During his career, Mr. Garg has closed more than 50 transactions, including buyside and sellside M&A transactions, as well as private financing and equity raise transactions for public and private companies. He focuses on a wide range of sectors within healthcare services, including dental services and products, outsourced physician services, behavioral health, technology-enabled healthcare services, and clinical laboratories.

Mr. Garg’s notable recent clients include D4C, Altima Dental, North East Dental Management, Absolute Dental, Valley Anesthesiology, RHA Health Services, Interactive Health Solutions, Dental Care Alliance, Deca Dental Group, DentMall, Gentle Dental of New England, ABILITY Network, MedHOK Healthcare Solutions, H.C. Materials, maxIT Healthcare, Calloway Labs, IEE, MWH Global, NextiraOne Group, Celsis, Accumed Home Health, CareFusion Technologies, Select Rehabilitation, and SourceOne Healthcare Technologies.

Prior to rejoining Houlihan Lokey in 2010, Mr. Garg was an Investment Manager with Primus Capital Funds, a middle-market private equity fund, where he structured and executed private equity investments in the healthcare and education sectors. While at Primus, he evaluated investments in home health, long-term care, HCIT, distribution, rehabilitation, practice management, and healthcare-focused for-profit post-secondary education companies.

Mr. Garg received a B.S. in Finance from DePaul University.


Dan Gill
Managing Partner
 Silver Oak Services Partners


Mr. Gill is a founding managing partner of Silver Oak Services Partners, a private equity limited partnership with over $600M of capital under management. He currently sits on 6 boards of directors, including Redwood Dental, Physical Rehabilitation Network (a physical therapy clinic business with over 100 clinics in the western U.S.), the Pediatric Vision and Dental Practice Management platform and has previously been on the board of an additional 17 companies. Mr. Gill previously led investments in several healthcare service providers including Convergent Resources, Dynamic Hospitals, Physician’s Endoscopy, Merit Health Systems Corp. and Home Technology Healthcare.

Prior to the formation of Silver Oak, Mr. Gill was a Founding Partner and Managing Director of Willis Stein & Partners, a private equity limited partnership with approximately.

$3 billion of capital under management. Mr. Gill and four other partners formed the firm in 1995 after successful careers together at CIVC, a subsidiary of Bank of America (formerly Continental Bank). Prior to CIVC, Mr. Gill worked in the Corporate Finance Department of Kidder, Peabody & Co. He currently serves on the board of the Illinois Chapter of The Alzheimer’s Association and The Josselyn Center and is past president of the Board of Trustees of the Illinois chapter of the Leukemia and Lymphoma Society. In addition, he periodically teaches a class to Physician CEO’s at Northwestern University Kellogg School of Management.

Mr. Gill received an M.B.A. from the University of Chicago, Graduate School of Business and holds a B.A. degree in Economics from Bucknell University.


Helen Oesch
Managing Director
 BMO Capital Markets Healthcare Group


Helen is a Managing Director in the BMO Capital Markets Healthcare Group, focusing on pharmaceuticals. She has extensive global experience originating and executing a broad range of strategic advisory and financing assignments for publicly traded, financial sponsor-owned and privately owned companies across the life sciences space. Helen joined BMO Capital Markets from Credit Suisse, where she was a Director in the Healthcare Group. At Credit Suisse, Helen was initially based in London, before moving to New York in 2011. Before Credit Suisse, she held investment banking roles at J.P. Morgan and Merrill Lynch.


David Schuppan
 The Vistria Group


David is a Partner with The Vistria Group, a middle market private equity firm focused on the healthcare, education, and financial services industries with $1.5 billion in AUM. He has been working with leading healthcare teams for over 20 years and, during that time, has advised and / or in invested in dozens of healthcare and healthcare technology businesses.

Prior to joining Vistria, David was one of the Founders and Partner of Cressey & Company, a healthcare provider and healthcare technology focused private equity firm based in Chicago and Nashville and, before that, worked with Thoma Cressey Equity Partners, a healthcare and information technology focused private equity firm that he joined at its inception. David began his career in the healthcare investment banking group of Bear, Stearns & Co. in New York.

David graduated summa cum laude from Indiana University and received his MBA, with honors, from The Wharton School at University of Pennsylvania. He is native of central Missouri and currently lives in Chicago with his wife and three children.


Phil Smith
Managing Director
 Duff & Phelps


Phil Smith joined Duff & Phelps in 2017 as a Managing Director in the Minneapolis office and is part of the Healthcare M&A Advisory practice. He has more than 20 years of healthcare transaction experience as an investment banker and as an executive officer of healthcare operating companies.

Previously, Phil was a Managing Director at BMO Capital Markets (formerly Greene Holcomb and Fisher) where he focused on Healthcare M&A. Prior to joining Greene Holcomb and Fisher, Phil spent 11 years in executive roles, including strategy and business development and CEO. In these capacities and as a consumer of investment banking services, he obtained significant acquisition and strategic partnering experience from the client perspective. Phil has experience serving on boards both as an independent director and as CEO. Previously, Phil was a medical technology investment banker at Piper Jaffray where he gained experience in mergers and acquisitions as well as public equity transactions. M&A transaction parties have included Medtronic, Abbot Labs, Guidant (now Boston Scientific) and GE Healthcare among others.

Phil is a graduate of the University of Florida (BSEE) and the Wharton School of the University of Pennsylvania (MBA).

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