Press Ganey Sold for $2.35 Billion
NEW YORK – Vestar Capital Partners announced the sale of Press Ganey Holdings, Inc. (NYSE:PGND) today (October 21, 2016). Under the terms of the agreement, Press Ganey shareholders will receive $40.50 in cash for each share of Press Ganey common stock they hold.
The transaction was announced on August 9, 2016 and received approval from Press Ganey shareholders on October 19, 2016. As a result of the completion of the transaction, shares of Press Ganey common stock were removed from listing on the New York Stock Exchange (“NYSE”), with trading in Press Ganey shares suspended prior to the opening of business today.
Barclays and Goldman Sachs served as financial advisors to Press Ganey, and Latham & Watkins LLP and Richards, Layton & Finger, PA served as legal advisors to Press Ganey. Fully committed financing of the transaction was provided by Credit Suisse, Citi and BofA Merrill Lynch.
About Press Ganey
Press Ganey Holdings is a leading provider of patient experience measurement, performance analytics and strategic advisory solutions for health care organizations across the continuum of care. Celebrating 30 years of experience, Press Ganey is recognized as a pioneer and thought leader in patient experience measurement and performance improvement solutions. Our mission is to help health care organizations reduce patient suffering and improve clinical quality, safety and the patient experience. As of January 1, 2016, we served more than 26,000 health care facilities.
About Vestar Capital Partners
Vestar Capital Partners is a leading U.S. middle-market private equity firm currently managing approximately $5 billion in capital. Specializing in management buyouts and growth capital investments, Vestar invests and collaborates with incumbent management teams and private owners to build long-term enterprise value, with a focus on Consumer, Healthcare, and Business and Financial Services. Since Vestar’s founding in 1988, Vestar funds have completed more than 75 investments in companies with a total value of more than $40 billion.