L Catterton & Altas Partners take majority stake in Fullscript

Following a definitive agreement signed in September 2026, Altas Partners and L Catterton finalize the acquisition of a majority equity stake in Fullscript, securing control from the historical financial sponsors HGGC and Snapdragon Capital Partners. This leveraged buyout marks the conclusion of a successful five-year investment cycle for HGGC, which initially backed Fullscript to fund its clinical support capabilities and technological expansion. The execution of this secondary buyout allows Altas Partners and L Catterton to directly deploy fresh programmatic capital to expand the software platform's clinical modules and extend its overall commercial reach across the North American healthcare market. The strategic rationale guiding the investment committees at Altas Partners and L Catterton, represented respectively by partners Paul Emery, Akshay Kumar, Marc Magliacano, and Rajan Shah, centers on the rapid convergence of conventional and functional medicine. By capturing this digital infrastructure asset, Altas Partners and L Catterton intend to establish a dominant independent brand in whole-health care, specifically addressing the growing demand for trusted treatment solutions designed to manage chronic conditions and prevent disease. The injection of institutional capital will directly finance the next phase of corporate growth, enabling Fullscript to deepen its practitioner support networks and scale its proprietary health protocols without internal financial constraints. To orchestrate this complex cross-border transfer of ownership, the involved corporate parties mandated an extensive consortium of specialized financial and legal advisors. Fullscript retained the investment banking firm Centerview Partners to act as its exclusive financial advisor throughout the competitive auction process. Conversely, Altas Partners and L Catterton secured comprehensive buy-side financial advisory services from Evercore, Morgan Stanley & Co. LLC, and RBC Capital Markets. Legal structuring and compliance perimeters for Altas Partners and L Catterton were rigorously managed by McDermott Will & Emery alongside Kirkland & Ellis. On the sell-side, HGGC and Snapdragon Capital Partners received dedicated financial engineering and transaction support from Jefferies LLC and William Blair. The complete share transfer remains strictly conditional upon the receipt of standard regulatory antitrust approvals.

Previously, Fullscript had completed the acquisition of Rupa Health in 2024 as part of its consolidation strategy.