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investmentweek.co.uk / 1 year ago
economictimes.indiatimes.com / 1 year ago
Global buyout funds line up for AGS Health
Blackstone, Hillhouse Investment, TPG Capital, and General Atlantic have submitted non-binding bids to acquire AGS Health, valuing the healthcare IT services firm at around $1 billion, said multiple people aware of the development.
EQT Partners, the Swedish fund that owns AGS Health, has hired JP Morgan and Bank of America to manage the sale process which will be launched by early next year, ET first reported in September 2024. EQT acquired AGS Health in 2019 for $320 million.
Spokespeople at EQT, Blackstone, and General Atlantic declined to comment. Hillhouse and TPG Capital did not respond to email queries.
Bloomberg was the first to report last year about EQT's plans to sell AGS Health.
AGS Health is expected to post $60 million in Ebitda this fiscal year, and annualised revenue of about $150 million. The company provides revenue cycle management (RCM) services to healthcare providers and vendors in the US, with 12,000 employees across multiple offices in India, Manila, and the US. AGS Health serves over 150 customers, including prominent US hospitals and health systems. Its clients include laboratory testing services company Aegis Sciences Corporation, American Addiction Centers, ApolloMD, Auburn Community Hospital, DocuCare LLC, OhioHealth, Richmond University Medical Center and Vanderbilt University Medical Center.
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EQT has a wide portfolio of IT/ITES companies with a strong presence in India. Last year, it acquired GeBBS, a competitor of AGS Healthcare, from ChrysCapital for $860 million.
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