We’ve got lots of news for you today, starting with another multi-billion-dollar healthcare deal in the works.
Leonard Green & Partners is evaluating a sale of ExamWorks that could ultimately value the provider of independent medical examinations at more than $4 billion, according to sources familiar with the process. The process comes about five years after the West Coast private equity firm bought ExamWorks in a take-private transaction valuing the business at approximately $2.2 billion.
Truist Securities is providing financial advice on the sale process, which involves conversations with a small group of potential suitors, including Carlyle and CVC Partners, which are jointly looking at the company, sources told me. Read my full report here.
Buoyed by strong financing markets, ExamWorks joins a growing list of mega healthcare opportunities expected to produce sponsor outcomes: That includes Pamplona’s Parexel, potentially the Bausch & Lomb eye-health business, and as first reported by WSJ, family-owned medical-supply giant, Medline. Other billion-dollar-plus activity to watch includes TPG Growth’s Medical Solutions… the list goes on.
“I’ve been doing this 25 years and healthcare services [activity/popularity] hasn’t been this good before,” one industry banker told me earlier this week, speaking to the number of quality, financeable opportunities out there.
In new scale tech opportunities to watch… Providence Strategic Growth is preparing to sell Government Brands, a provider of government software and integrated payments, sources familiar with the situation told PE Hub.
The firm hired William Blair to provide financial advice on the upcoming process, which is expected to kick off soon, Milana Vinn writes.
Providence Strategic Growth, an affiliate of Providence Equity focused on investments in lower mid-market technology companies, invested in Government Brands in 2017 out of its PSG Fund III, which closed on $1.3 billion in June 2018.
Read more on PE Hub to find out how much the technology company could command in a potential transaction.
Done deal: Partners Group has emerged as the winning suitor for Axia Women’s Health, PE Hub has learned.
The deal, which has not closed, commanded a total enterprise value of just below $800 million, and is set to provide an exit for existing shareholder Audax Private Equity, a source familiar with the matter said.
Axia’s non-clinical services serve an integrated full-continuum of care in women’s health, a large an growing market viewed as a long-term play on both primary care and value-based care. Axia’s network ranges from OB/GYN physicians and breast health centers to high-risk pregnancy centers and laboratories. Read my story for more on Axia.
That’s it for me! As always, write to me with you comments, questions or tips at email@example.com.