Press Ganey Associates, Inc., a leading provider of safety, quality, patient experience and workforce engagement solutions for healthcare organizations, announced that it has entered into a definitive agreement to be acquired by private equity funds managed by Leonard Green & Partners, L.P. (“LGP”) and affiliates of Ares Management Corporation (ARES).
“We are very excited about our future partnership with Ares Management and LGP. These are two top flight firms that share our passion for supporting health care organizations to ensure that every patient and caregiver has a safe, high-quality experience. They both bring incredible expertise and resources to Press Ganey and we believe will allow us to execute on our vision through investments in product innovation and acquisitions,” said Patrick T. Ryan, Executive Chairman of Press Ganey. “The team at Press Ganey has been fortunate to have a fantastic partnership with EQT, and their firm has played a critical role in our success. We will always be appreciative of their vision, insight, and friendship.”
“Press Ganey is a best-in-class provider of transformational solutions for the healthcare industry and we look forward to supporting them as they develop new innovations that improve patient care,” said Pete Zippelius, Partner, Leonard Green & Partners.
“We are excited to partner with the Press Ganey management team and support the company’s mission to transform the patient experience and to improve the quality and efficiency of our nation’s healthcare system,” said Kevin Ryan, Partner in the Ares Private Equity Group.
“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,” said Eric Liu, Partner at EQT Partners, Investment Advisor to EQT VII. “It has been a pleasure to work with the management team, which has done a fantastic job in continuing to advance thought leadership and product innovation across the industry.”
Barclays and Goldman Sachs are acting as financial advisors to Press Ganey.
Terms of the deal were not disclosed. The transaction is subject to customary approvals and is expected to close in the third quarter of 2019.
About Press Ganey
Press Ganey pioneered the healthcare performance improvement movement more than 30 years ago. Today Press Ganey offers an integrated suite of solutions that enable enterprise transformation across the patient journey. Delivered through a cutting-edge digital platform built on a foundation of data security, Press Ganey solutions address safety, clinical excellence, patient experience, and workforce engagement. The company works with more than 41,000 healthcare facilities in its mission to reduce patient suffering and enhance caregiver resilience to improve the overall safety, quality, and experience of care.
About Ares Management Corporation
Ares Management Corporation is a publicly traded, leading global alternative asset manager with approximately $137 billion of assets under management as of March 31, 2019 and 18 offices in the United States, Europe, Asia and Australia. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles. Ares believes each of its three distinct but complementary investment groups in Credit, Private Equity and Real Estate is a market leader based on assets under management and investment performance. Ares was built upon the fundamental principle that each group benefits from being part of the greater whole. For more information, visit www.aresmgmt.com.
About Leonard Green & Partners, L.P.
Leonard Green & Partners, L.P. is a leading private equity investment firm founded in 1989 and based in Los Angeles. The firm partners with experienced management teams and often with founders to invest in market-leading companies. Since inception, LGP has invested in over 90 companies in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. LGP primarily focuses on companies providing services, including consumer, business, and healthcare services, as well as retail, distribution, and industrials. For more information, please visit www.leonardgreen.com.
EQT is a leading investment firm with more than EUR 61 billion in raised capital across 29 funds and around EUR 40 billion in assets under management. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 21 billion and approximately 127,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership. More info: www.eqtpartners.com.