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EQT to sell Press Ganey

The EQT VII fund (EQT VII) is to sell Press Ganey to a consortium of funds managed by Leonard Green & Partners (LGP), affiliates of Ares Management Corporation and other co-investors.

Press Ganey is a provider of safety, quality, patient experience and workforce engagement solutions for healthcare organisations in the US. The Company serves over 41,000 healthcare facilities, more than 75 per cent 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, says: “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, says: “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. 
 

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