CLEVELAND, August 4, 2021 – Bain Capital Private Equity’s Managing Director Devin O’Reilly explains why his firm sought out its new investment in PartsSource and other investment areas Bain likes in the healthcare space.
We talk about opportunity for investors when it comes to health care and one of the firms that knows how to find opportunity is Bain Capital. They’ve been investing in health care going back to 2003. Let’s bring in their managing director of Bain Capital Private Equity, Devin O’Reilly, because Bain Capital announced this morning an investment in PartsSource. [Devin] help us understand what PartsSource does for those of us who haven’t lived in Cleveland, Ohio before and how, if you ever should engage with a hospital or different kinds of medical devices, you might be dealing with a hospital that’s sourcing via PartsSource.
DEVIN O’REILLY: Yeah, thanks for having me. PartsSource is a really innovative health care IT company that is solving a complex problem that, if you’re a hospital trying to manage a very long list of Med-Tech equipment that you have in your facilities, you’ll have the need for replacement parts and also service technicians that you need to actually service that equipment and perform that maintenance. It’s very complex, because there’s over 3,500 hospitals in the US and thousands of medical Med-Tech equipment companies and even more service providers.
What PartsSource does, is basically provides a B2B marketplace to bring all those parties together and allow hospitals to procure those parts and services in a very efficient and cost-effective manner.