EQT said June 11 that it agreed to sell Press Ganey to a group that includes Leonard Green & Partners, Ares Management Corp and other co-investors. Financial terms weren’t announced by press reports pegged the deal at more than $4 billion. Press Ganey, of South Bend, Indiana, develops and distributes patient satisfaction survey.
EQT VII to sell Press Ganey, a leading provider of safety, quality, patient experience and workforce engagement solutions for healthcare organizations in the US, to a consortium of funds managed by affiliates of Ares Management Corporation, Leonard Green & Partners, and other co-investors
– During EQT’s ownership, Press Ganey has enhanced its position as the key thought leader and partner to US healthcare organizations in helping them transform care and achieve improved financial, operational and clinical performance
– The sale of Press Ganey marks the first portfolio company exit by EQT’s US Private Equity strategy
STOCKHOLM, June 11, 2019 /PRNewswire/ — The EQT VII fund (“EQT” or “EQT VII”) has entered into an agreement to sell Press Ganey (“the Company”) to a consortium of funds managed by Leonard Green & Partners, L.P. (“LGP”), affiliates of Ares Management Corporation (NYSE: ARES), and other co-investors.
Press Ganey is a leading provider of safety, quality, patient experience and workforce engagement solutions for healthcare organizations in the US. The Company serves over 41,000 healthcare facilities, more than 75% of US acute care hospitals and over 2,500 outpatient facilities. EQT VII acquired Press Ganey in a public-to-private transaction in 2016, marking EQT VII’s first direct investment in North America.
Together with the management team, EQT has supported Press Ganey in its journey to transform healthcare through measurement, integrated analytics, and advisory services. During EQT’s ownership, Press Ganey grew revenue organically and completed multiple strategic acquisitions, strengthening Press Ganey’s position in the US healthcare market. With EQT’s support, Press Ganey introduced its integrated suite of transformational solutions and developed PGO 2.0, the Company’s next generation digital platform, enabling cross domain analytics across the continuum of care.
Pat Ryan, Executive Chairman of Press Ganey, said: “The team at Press Ganey has been fortunate to have a fantastic partnership with EQT, and they have played a critical role in our success. We will always be appreciative of their vision, insight and friendship. We look forward to working with our new partners at Ares and LGP as we continue on our successful growth journey and further our mission to reduce patient suffering.”
Eric Liu, Partner at EQT Partners and Investment Advisor to EQT VII, said: “Press Ganey plays an integral role in the US healthcare system and we have been proud to support its mission of delivering safe, high quality care for patients, and supporting the caregivers that serve them. It has been a pleasure to partner with the management team, which has done a fantastic job in continuing to advance thought leadership and product innovation across the industry.”
The transaction is subject to customary approvals and is expected to close in the third quarter of 2019.
Barclays and Goldman Sachs acted as joint financial advisors and Simpson Thacher & Bartlett acted as legal advisor to EQT and Press Ganey.
Partner at EQT Partners
Investment Advisor to EQT VII
US inquiries: Stephanie Greengarten
EQT Press Office
EQT is a leading investment firm with more than EUR 61 billion in raised capital across 29 funds and around EUR 40 billion in assets under management. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 21 billion and approximately 127,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
More info: www.eqtpartners.com
About Press Ganey
Recognized as a leader in performance improvement for nearly 30 years, Press Ganey partners with more than 41,000 healthcare facilities worldwide to create and sustain high-performing organizations, and, ultimately, improve the overall healthcare experience. The company offers a comprehensive portfolio of solutions to help clients operate efficiently, improve quality, increase market share and optimize reimbursement. Press Ganey works with clients from across the continuum of care – hospitals, medical practices, home care agencies and other providers.
More info: www.pressganey.com
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