Vista unloads SaaS work management business Wrike, Webster’s Bristol Hospice readies for sale, LightBay snags another healthcare business

Vista is selling Wrike to Citrix Systems for $2.25 billion and LightBay invests in Rancho Family Medical Group.

Morning, hubsters!

Work-from-home: In today’s headline private equity exit, Vista Equity Partners is selling work management software business Wrike to Citrix Systems for $2.25 billion in cash, the buyer said in a Tuesday announcement. Wrike is expected to have approximately 30 percent stand-alone growth to between $180 million and $190 million in unaudited SaaS annualized recurring revenue (ARR1) in 2021, the announcement said.

Vista is seemingly making out well. The PE firm initially bought the company in a 2018 deal valuing Wrike at nearly $800 million, the Wall Street Journal wrote at the time.

“Work today is happening everywhere – at home, in the office and on the road. We believe that in the future, success will go to those companies that can support flexible and hybrid work models and provide a consistent, secure and efficient experience that removes the complexity and noise from work so employees can focus and perform at their best, wherever they happen to be,” Citrix CEO David Henshall said in the announcement.

Next up in hospice: As the virtual J.P. Morgan Healthcare Conference continues throughout the month of January, Webster Equity Partners is poised to soon bring Bristol Hospice to market, according to sources familiar with the firm’s plans.

Bristol, based in Salt Lake City, Utah, is among the last remaining independent hospice platforms of scale available for investment – after Care Hospice and St. Croix Hospice agreed to trade hands in October of last year.

For financial details and more, check out PE Hub’s full report.

Back-to-back: LightBay Capital – the emerging manager founded by two former partners of Ares Management private equity – has clinched a growth investment in Rancho Family Medical Group, a provider of family medical services in Southern California. Read PE Hub’s brief on the deal.

The deal marks the Los Angeles firm’s sixth platform investment since its inception just over three years ago. The deal comes on the heels of LightBay’s acquisition of Femwell Group Health, a physician-led women’s healthcare business based in Miami, PE Hub wrote last week.

The pair of recent transactions show the multiple avenues in which investors are investing behind the growth of value-based care, versus the traditional fee-for-service method of reimbursement. Rancho provides primary care services to Medicare Advantage patients in California – the country’s second-largest market for the fast growing patient population.

That’s it for today’s rundown. Have a great week, and as always, write to me with any tips, comments or just to say hello!

Note to Readers: It’s that time of year … for the 21st time, the editors of PE Hub and Buyouts honor exceptional buyouts with our Deal of the Year Awards.

Winners are chosen in seven categories: Deal of the Year, Large-Market Deal of the Year, Middle-Market Deal of the Year, Small-Market Deal of the Year, Turnaround of the Year, International Deal of the Year, and Secondaries Deal of the Year.

Go here for more information and to read about rules and methodology. Also check out past winners. Last year, New Mountain took the crown with its exit of Equian.

If you have additional questions, email Private Equity Editor Chris Witkowsky at cwitkowsky@buyoutsinsider.com.