PE Deals

Water Street said to bring Premise Health to market

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Water Street Healthcare Partners, Premise Health, healthcare, private equity, merger, M&A
Doctor showing digital tablet to woman. Female patient sitting with health professional. They are against window in hospital. Photo courtesy of Nomad/E+/Getty Images
  • Chicago PE firm formed company through merger transaction in 2014
  • Company manages > 500 employer-sponsored health and wellness centers
  • Water Street brought New Century Health to mkt in 2017

Water Street Healthcare Partners is exploring the sale of Premise Health, the worksite-health and patient-engagement company it formed about four years ago, two sources told Buyouts.

Harris Williams has been retained as sell-side adviser on a sales process, the sources said. A process has not yet launched and marketing materials have yet to be distributed, they said.

Water Street’s investment in Premise Health dates to June 2014. The healthcare-focused PE group created Premise when it simultaneously invested in and merged CHS Health Services and Take Care Employer Solutions, a Walgreen’s subsidiary.

Premise, Nashville, provides primary-care services for its partner employers in the work setting, and offers occupational-health programs and onsite pharmacies, among other things. The company says it manages more than 500 employer-sponsored health and wellness centers across the country

Stuart Clark, who led CHS prior to the formation of Premise, heads up the combined company as CEO.

The provider of employer-sponsored health centers has also expanded into new areas through M&A. Premise most recently added eHealthScreenings, which offers biometric screenings. Previous add-ons included TransformHealthRx and IMWell Health.

An active investor in outsourced payer services, Water Street is also exploring options for New Century Health, a provider of value-based care-management programs for the oncology and cardiology specialties, Buyouts reported in October. Leerink Partners is advising on the sales process.

The Chicago sponsor in October announced the closing of its fourth fund, with more than $860 million of investor commitments.

A Water Street representative declined to comment, while a Harris Williams spokesperson didn’t immediately return a request for comment.

Action Item: Check out the rest of Water Street’s portfolio here: https://waterstreet.com/our-companies/

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