- Press Ganey Holdings, a consulting firm that provides analytics on patient experience, has agreed to be sold to Swedish private-equity firm EQT for an entreprise value of about $2.35 billion.
- The deal marks the first time EQT has invested in North America, according to the press release.
- Shareholders must approve the transaction before its completion, which is expected to happen during this year's fourth quarter. Press Ganey can request offers from others while in the "go-shop" period.
Consolidation in healthcare has been on the rise and its in part due to major changes in the ways providers have been addressing patient experience. New financial incentives to provide better quality of care and report data to the federal government have driven the need for additional healthcare measurements.
EQT's investment in Press Ganey, which has collaborated with more than 26,000 healthcare facilities, speaks to the weight of the healthcare industry's recent moves for improving patient satisfaction.
“We are very excited about this transaction as it delivers value for our shareholders and allows Press Ganey to accelerate our investment in both acquisitions and product innovation that best serve our clients,” said Press Ganey CEO Patrick Ryan said in a statement. “I have tremendous respect for EQT as a top flight investment firm, and I look forward to partnering with them as we develop new solutions to advance patient-centered care in the United States and internationalize the business in the next phase of our development.”
Press Ganey also provides healthcare organizations with solutions for improving performance. Its second-quarter profit totaled $7.9 million and its sales equaled $91.2 million, The Wall Street Journal reported.