Blackstone has agreed to buy TeamHealth (NYSE: TMH), a provider of physician outsourcing services, in a deal valued at about $6.1 billion—coming almost exactly a year after TeamHealth spurned a $5.3 billion takeover from AmSurg (NASDAQ: AMSG). The purchase price of $43.50 per share represents a 33% premium to the company’s closing price on October 3, the day before reports of a possible sale. It’s the second time Blackstone has acquired the company, following a 2005 purchase that led to an IPO in 2009.
The rare take-private acquisition marks an infrequent foray into healthcare services for Blackstone, which is nowhere to be found on a list of the sector’s most active PE investors. Since the start of 2014, firms have conducted 1,270 deals in the space, according to the PitchBook Platform, including 355 so far this year. The healthcare services vertical includes subsectors such as clinic & outpatient services, elder & disabled care and laboratory services.
What does value investing really mean? Q1 2021 hedge fund letters, conferences and more Some investors might argue value investing means buying stocks trading at a discount to net asset value or book value. This is the sort of value investing Benjamin Graham pioneered in the early 1920s and 1930s. Other investors might argue value Read More
So who’s leaving Blackstone in the dust? Here are the seven busiest PE investors in healthcare services since the start of 2014, including add-ons:
1. Audax Group (54)
T-2. Summit Partners (25)
T-2. KRG Capital Partners (25)
4. Great Point Partners (21)
5. Procuritas Partners (18)
T-6. Welsh, Carson, Anderson & Stowe (16)
T-6. Webster Capital (16)
View the full list (PitchBook users)
Article by PitchBook