Carlyle, CVC & Hillhouse in the fray for GeBBS
private equity firms including Carlyle Group, Hillhouse Investment and CVC Capital Partners have been shortlisted to acquire ChrysCapital-owned GeBBS Healthcare Solutions, said people familiar with the development. The deal proposes to value the Los Angeles-based healthcare business process outsourcing firm at $800 million. The firms, shortlisted after the initial round, will submit a binding offer by mid-July, said one of the persons, who did not wish to be identified.
ChrysCapital Advisors, India's largest PE fund, owns about 80% in GeBBS, which it acquired in 2018 for $140 million, at a valuation of $175 million. The founders of GeBBS will also part-sell stakes in this round, said the people.
Healthcare Admin Services
Spokespersons at Carlyle and Hillhouse declined to comment, while queries emailed by ET to GeBBS, ChrysCapital and CVC did not elicit a response till press time.
ET first reported on April 15 that ChrysCapital planned to sell its stake in GeBBS and that it had hired US investment bank and capital markets firm Jefferies to run the sale process.
Founded by Vijay Singh in 2005, GeBBS is a leading player in offshore healthcare administrative services, A provider of revenue cycle management solutions, it competes with the likes of Wipro, IBM, Cognizant, Hewlett Packard, IQVIA, Accenture, Sagility, DSM Pharma and Xerox Corp.
GeBBS posted revenue of about $200 million and earnings before interest, taxes, depreciation and amortisation of $50 million for 2023-24, according to people aware of the
