GI Partners is evaluating the sale of Logibec, one of Canada’s largest healthcare IT providers, according to four people with knowledge of the process.
William Blair is providing financial advice on the sale process, the people said.
Sources placed Logibec’s revenue at approximately C$90 million ($67 million; €60 million), alongside EBITDA in the C$45 million to C$50 million range, excluding capitalized R&D expenses.
While too early in the process to determine a likely valuation, two of the sources speculated a potential transaction could be valued in the C$500 million range to upwards of C$600 million on the high end.
Logibec, led by CEO Marc Brunet, offers technology services including patient management, human capital management, financial and material management, as well as intelligence and analysis.
The company in October bought Knowledge4You Corp, a provider of software for Canadian hospitals and universities to manage medical and nursing educational programs.
GI Partners’ investment in Montreal-based Logibec dates back five-plus years. The San Francisco-based middle market firm bought the company from OMERS Private Equity in January 2015.
In addition to Logibec, GI’s healthcare portfolio includes Generate Life Sciences and Netsmart.
In other notable activity in the Canadian healthcare technology market, UK tech specialist Hg won the auction for Intelerad Medical Systems, taking a majority stake in the highly sought-after medical imaging software company in January. Existing investor Novacap reinvested in connection with the deal.
Financial terms of the deal weren’t disclosed, but the transaction assigned Montreal-based Intelerad at $650 million to $700 million, a source familiar with the deal told PE Hub at the time.
GI Partners declined to comment. William Blair didn’t return requests for comment, while company executives couldn’t immediately be reached on Tuesday.
Action Item: Check out GI Partners’ latest Form ADV: https://bit.ly/2PZxgsf